Of all of the things you need to purchase for your big day, most wedding professionals will tell you that wedding insurance is at the top of their list. While wedding insurance comes in several forms, the overall concept is that it protects the host against any financial issues that could arise from extenuating circumstances. But there’s so much more you need to know. Read on to find out whether it’s right for you, and if it’s worth it.
So, does every couple need wedding insurance?
To truly have financial peace of mind on your wedding day, insurance is essential, notes Monica Liang-Allen, an independent agent in New York, New Jersey and Connecticut who specializes in event insurance. While she notes that some venues will ask a couple to have their own wedding insurance, it’s not the only deciding factor. “Many couples will take out a wedding insurance policy so they have extra protection if things go wrong,” she explains.
Having your wedding at home? You should still consider it. Personal liability coverage from a homeowners policy usually isn’t sufficient for large gatherings, notes Liang-Allen. “In some cases, homeowners insurance may have specific exclusions for liability when it comes to having weddings on their property.”
Although wedding insurance has garnered a lot more attention thanks to the pandemic, it’s important to note that most insurance companies still do not cover such circumstances.
“While insurance does not cover pandemic-related cancellations or reschedules, it does cover vendors not showing up and that number has spiked over the last 14 months,” says Joshua Gabrielson, wedding videographer and owner of Wedding Photography & Films™ in Roanoke, Virginia. “In fact, I can recall at least 30 different social media posts over the last year in which couples had a wedding no show because the vendor closed its doors and never gave a refund or informed the couple to begin with.”
Wedding insurance cost
Although the cost of wedding insurance varies, it’s surprisingly inexpensive. “For a million-dollar liability policy, you can expect to pay under $200,” explains Melanie Musson, a wedding insurance expert with USInsuranceAgents.com. “For a comprehensive cancellation policy that covers vendors, venues, cold feet, sickness, and storms, you can expect to pay about $400.”
The different types of wedding insurance policies
There is not just one single type of wedding insurance policy. In fact, there are a few no matter the carrier. Here’s a look at each.
This type of insurance protects you from bearing financial responsibility for accidents that happen at your wedding, such as a guest slipping on the dance floor, explains Musson. “If one of your guests gets angry and starts throwing fine china onto the concrete, liability insurance will pay for the loss to your venue,” she says. Liability insurance, however, does not protect your investment in your wedding. For that you would need cancellation coverage. More on that, below.