These days, weddings can cost as much as $27,000.
This is particularly true when a couple decides to include all the fancy trimmings to make their dream wedding extra special.
However, many couples don’t even think about getting wedding insurance!
What’s interesting about this is if you purchased anything else for that much money (such as a new car), you wouldn’t think twice about insuring it.
If you’re a bit confused about whether or not you need wedding insurance, following is the information you need to help you make your decision, including:
- What wedding insurance covers.
- What wedding insurance does not cover.
- How much wedding insurance costs.
- Where to buy wedding insurance.
What Wedding Insurance Does Cover
- Extreme weather (such as an ice storm or a hurricane) that would prevent the bride and groom, guests and family from arriving at the wedding.
- Vendors not showing up. For example, if the caterer or florist goes bankrupt or doesn’t show up for some other reason,
- Replacing the bride’s wedding dress in the event that it has been damaged or lost, and replacing the groom’s tuxedo for the same reason.
- Military deployment by either the bride or the groom.
- The bride, the groom, or any key wedding participants becoming so ill (or injured) that the wedding has to be postponed.
- The wedding having to be postponed because the bride or groom’s company transfers them to another location.
- If your wedding photos get lost or damaged, or something else goes wrong with the wedding video or photos (such as the photographer or videographer didn’t know what he was doing).
- Personal liability. In the event that someone gets tipsy and trips on the rug at your reception and breaks their wrist, wedding insurance would cover their medical bills, within reason. It will also cover any property damage that the fall may have caused.
- Wedding rings are lost or stolen.
These are just some of the things that a standard wedding insurance policy usually covers. It’s important to read the fine print and discuss the details of the policy with your insurance agent before signing on the dotted line.
While most wedding insurance policies will cover a combination of the things mentioned above, you must be sure that you understand exactly what your specific policy covers. That way, you won’t be caught off-guard on your wedding day should a unique situation arise.
For example, some things require additional coverage — like damage or theft of gifts and travel insurance for your honeymoon.
If wedding insurance isn’t purchased ahead of time, you could be out a lot of money by having to pay for losses (or damages) yourself.
What Wedding Insurance Does Not Cover
- A change of heart. There is one exception to this rule however, because Fireman’s Fund Insurance Company allows couples to add "change of heart" coverage to their wedding insurance policy for a nominal fee. So, adding this type of coverage to your wedding insurance policy can give both parties some peace of mind — just in case something happens and the bride or groom gets cold feet and changes their mind.
- A wedding party member’s existing medical condition. So if your maid of honor has a chronic illness and because of it she misses the wedding and someone else has to take her place, the costs associated with that would not be covered by your wedding insurance.
- If you are already aware of a particular situation that could cause you to have to cancel your wedding when you purchase your wedding insurance. Those instances also are not covered by wedding insurance. In other words, if you knew about it ahead of time, it isn’t covered.
How Much Wedding Insurance Costs
So, how much does a wedding insurance policy cost?
The price for wedding insurance varies from company to company, and from policy to policy. It also depends on the amount of money you are spending on your wedding.
If you’re just having a small wedding with a small group of friends and family, and your wedding costs are about half what a wedding with all the bells and whistles would cost, then you could pay as little as $200 for wedding insurance.
However, if you’re going for a wedding ceremony with all the bells and whistles and your wedding costs $27,000 or more, you could pay as much as $500 for your wedding insurance policy.
The more expensive your wedding is, the more you will pay on your wedding insurance. Some couples have paid as much as $1,000 for wedding insurance once all the additional coverages and optional premiums were added on.
We paid about $180 to insure our $11,000 or so wedd
ing. It was very worth it. It was super easy to register online. Less than a month after taking our deposit our shady ex-venue went out of business, keeping our deposit. I let WedSafe know immediately. I didn’t file right away because there was a chance my old venue would pay me back, I just wanted them to be aware of the potential problem. They opened a file for me. Fast forward 6 months and I have gotten some but not all my money back and was tired of waiting. So I filed the claim. Within 2 weeks I had a refund check in my hand. I ended up returning the check because my old venue finally paid me back. But WedSafe is highly recommended to give you peace of mind for your big day. Source
Should You Buy Wedding Insurance
Without a doubt, things happen. Things that are beyond your control can often be compensated for, if you have wedding insurance.
The top 5 wedding insurance claims are:
#1 Cancellation
#2 Problems with vendors
#3 Damage to wedding gown
#4 Photographs
#5 Problems with the venue
So yes, the need for wedding insurance is quite real.
If you’re still asking yourself whether you really need to buy wedding insurance or not, I would encourage you to take a few minutes to consider the facts. In the end, whether you should devote part of your wedding budget to wedding insurance depends on 3 things:
- Your willingness to take risk. If you’re the type who has a $5,000 deductible health insurance policy or a $1,000 deductible on your car policy, maybe you’re willing to take a risk on your wedding going off as planned.
- The amount at stake, both absolute and relative. As with any type of insurance, the more catastrophic a loss would be, the more you should consider insurance. One person’s catastrophe is another’s inconvenience. To some people, losing a $1,000 venue deposit would be devastating; to others it wouldn’t be a big deal.
- The probability of problems. A hurricane is much more likely to occur in Florida than in Minnesota. Look at exactly what’s covered by the policy you’re considering, then consider the odds of those things occurring.
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I enjoy helping women find clever ways to plan their weddings on a budget. My goal is to help you stay creative and save money at the same time! When I'm not writing, I enjoy spending time with my husband, reading, and creating 3D artwork & Native American beadwork.
