Your wedding day is one of the most special and memorable days of your life. It can also be one of the most expensive which is why you should protect your investment. We obtain insurance for our homes, vehicles, and property that are important to us so it only makes sense that we should have insurance coverage for our wedding.
People spend a lot of money on items that are necessary to make their wedding day special such as a wedding dress, photographer, and venues for the wedding and reception. You want your day to be perfect but sometimes, things can go wrong and it is at those times, you will feel secure knowing you have wedding insurance.
When To Consider Wedding Insurance
Liability At The Venue
If it rains on your wedding day, it can create a hazard by making walkways and other areas slippery, especially if you are having an outdoor wedding. While some venues carry their own liability insurance, some will want proof that you have your own.
For example, the DJ you hired uses bubbles on the dance floor and yes, they are pretty until one of your guests slips on the wet floor caused by these bubbles. Your guest’s leg is obviously broken so you call the ambulance. The guest recovers but files a lawsuit against the DJ and the venue where the reception was held. The wedding guest could come after you also, hence the reason liability insurance as part of your wedding insurance policy is so important. It is always better to be safe than sorry.
Many couples today are choosing to say their “I do’s” in venues less traditional than a church. Many are heading outdoors to tie the knot at locations such as parks, waterfalls, lakes, the beach, or a slew of other outdoor venues. According to Wedsafe.com, it is best to have liability insurance, especially for these types of locations.
With limits available up to $5,000,000, WedSafe was designed after consulting with venues of this type to ensure the coverage fulfills the standard requirements of the outdoor venue industry.
Although rain on your wedding day that causes you to postpone your nuptials will not be covered under a wedding day insurance policy, a natural disaster like a tornado that prevents you and your guests from getting to the venue will be covered. Liability insurance also protects you if one of your guests decides to get drunk and gets into a car accident.
When To Start Your Policy
It is best to obtain your wedding insurance policy early on in the planning process. Many insurers, such as Travelers and Wedsafe offer wedding coverage and even more offer special event insurance which would cover your wedding and reception.
Left At The Altar
While wedding policies normally do not cover the loss of money spent on a wedding when it is canceled because the bride or groom decides not to show up. Some policy will reimburse if the person funding the wedding was not the bride or groom, such as the bride’s parents, but the wedding must be canceled a year before the scheduled wedding day. Not very helpful except maybe in a few cases.
You can add your wedding rings on most homeowners and renters’ insurance policies so it will probably not be necessary to include those in your wedding insurance policy.
Cost of Wedding Day Insurance
According to The Knot, a basic insurance policy that covers loss of photos, videos, attire, presents, rings, and deposits will normally cost anywhere between $155 and $550, depending on the amount of coverage you want. If you just want to obtain general liability insurance, which covers up to $1,000,000 for accidents, you will shell out around $185.
While each policy is different when it comes to wedding insurance, they typically cover the cancellation or rearrangement of a wedding or reception due to accident, illness, or bereavement within the main wedding party. They will also cover if one of your major suppliers, such as the venue owner, goes out of business before the wedding. Most policies will also cover loss or damage to the main wedding, clothing, presents, rings, and the cake and flowers if the loss is due to an accident, fire, or theft, along with the price of retaking photographs and video if they are lost or stolen.
Contemplating what may go wrong on your special day is not very comforting but you will have more peace of mind by obtaining wedding insurance. You want your day to be perfect and if something does happen to go awry, having it replaced or reimbursed is the next best option.