What Is Wedding Insurance: Understanding Cost, Coverage & FAQs

Your wedding day is one of the most important events in your life, and it is filled with joy, love, and celebration. However, so much goes into planning your wedding day: time, effort, and money. But what would happen if something goes wrong? This is where wedding insurance comes in. A wedding insurance protects against monetary losses in cases your wedding gets canceled or is affected by unforeseen circumstances.

In this article, we will look into what wedding insurance is. Moreover, we are also going to look into its cost, what it covers, and other common details and FAQs related to wedding insurance.

What is Wedding Insurance?

Wedding insurance is a kind of event insurance that protects you against monetary loss in case of unforeseen circumstances. With wedding insurance, you have financial protection in case anything goes wrong. There are two main types of wedding event insurance:

• Cancellation / Postponement Insurance:

Cancellation or postponement is a kind of wedding & event insurance that reimburses you if the ceremony or the event needs to be canceled or postponed due to circumstances beyond your control, such as weather, vendor issues, illness, injury, etc.

• Liability Insurance:

Liability insurance, on the other hand, is insurance for weddings that helps you pay for property damage or injuries that occur during the event. For example, if a guest slips on the dance floor or if the venue gets damaged during the reception, liability insurance will help you cover the costs.

Remember, like other insurance policies, such as health, homeowner, and car, you need to pay an amount upfront so you can get reimbursement from the insurance companies if something goes wrong.

Cost of Wedding Insurance

So how much does wedding insurance cost? The cost of wedding insurance depends on several factors. However, basic wedding cancellation and postponement insurance can cost anywhere between $ 75 to $ 550, depending on the provider, the location, and the amount of coverage you want. However, general liability insurance that covers up to $ 1 million for accidents and injuries can cost around $185.

Factors Affecting the Cost of Wedding Insurance

Here are the different factors which can affect the cost of wedding insurance:

• Number of Guests:

Large weddings usually lead to higher coverage costs and increased premiums.

• Location:

Destination weddings may have higher coverage costs or higher premiums because of the added risk due to travel-related issues or the need for destination wedding insurance.

• Coverage Limits:

The higher the coverage limit, the higher the cost of your policy.

• Deductibles:

Policies with lower deductibles will generally cost more.

• Additional Coverage Options:

If you add extra coverage, such as for lost or damaged attire, photography, or gifts, the cost of your insurance policy will increase accordingly.

Wedding Insurance Coverage

So, what is covered by wedding insurance? Although wedding insurance coverage varies from company to company and policy to policy, here is what your wedding insurance will usually cover.

Location

If you have to cancel your wedding due to unavoidable circumstances, your wedding insurance will help you cover the cost. For instance, if the venue is inaccessible or undergoes extreme damage, such as burns down or experiencing a power outage, and you are unable to find a new one at the moment. In this case, you’ll be eligible for a reimbursement.

Weather

Suppose you have to cancel or postpone your wedding due to extreme weather conditions, such as hurricanes, wildfires, earthquakes, etc., which inhibits the bride and the groom, their immediate family, and most of the guests from reaching the venue. In that case, your wedding insurance will help you cover the cost of rescheduling.

Vendor Issue

If your vendor goes out of business, files bankruptcy before your wedding, or even fails to show up, wedding insurance will cover the cost of cancellations and postponements due to these reasons.

Sudden Illness or Injury

If the couple or their immediate family members experience a sudden illness or injury, because of which the wedding needs to be postponed or canceled, your wedding insurance will cover such situations as well. However, it is important to note that your insurance policy might not cover any pre-existing health condition, so it is better to talk to your insurance agent for more information beforehand.

Wedding Gifts

If you opt for a traveler’s wedding insurance for your destination wedding, you can receive repair and replacement costs if the wedding gifts are damaged.

Wedding Videos or Photos

Some wedding insurance also covers the cost of videos or photos; this means that if your photographer doesn’t show up to your wedding or doesn’t deliver the videos or photos on time, you are covered. Moreover, if your photographer’s storage is defective, you can also get reimbursement or retake new photos.

Liability Coverage

Wedding liability insurance is a type of insurance that covers damage to the venue or injuries to the guest. For instance, if someone trips and falls or if a guest accidentally breaks a valuable item at the venue, this wedding insurance coverage will handle the costs.

Common Additional Wedding Coverage Insurance

Wedding insurance usually covers specific circumstances. However, you can get extra coverage with insurance riders. Some of the commonly available additions include:

• Call to Duty

If you or your partner are in the military and are called on duty, this rider will help you cover the cost of rescheduling your event.

• Wedding Dress & Jewelry

If the vendor you booked your wedding dress or jewelry with goes out of business, this addition will help cover the cost of a new one.

• Honeymoon

Some policies include coverage for non-refundable honeymoon expenses if the wedding is canceled or postponed for a covered reason.

What is Not Covered by Wedding Insurance?

Although wedding insurance covers just about anything, there are still a few exceptions. Here is a list of items that won’t be covered by your wedding insurance:

• Wedding insurance doesn’t cover cold feet or a change of heart, meaning that if you voluntarily call off the wedding, you won’t be reimbursed.
• If cancellation is due to a pre-existing condition, such as an illness, it would likely not be covered.
• Many policies now exclude cancellation due to COVID-19 or other pandemic or epidemic situations.
• Your insurance is also not going to cover if you are dissatisfied with the quality of videos or photos.
• Any damage caused by the risky activities included in your wedding, such as fireworks, may not be covered.
• A rainy day is not an extreme weather condition; postponing due to a rainy day will not be covered.
• Theft or loss of your engagement ring.
• If you decide to switch vendors after making the down payment, it won’t be covered by your policy.

Is Wedding Insurance Worth It?

Although wedding insurance policies come with a price, the peace of mind that comes with these insurance policies makes them worth it, especially if you are worried about situations that are beyond your control.

Remember, before getting wedding insurance for yourself, ask your vendors for a copy of their insurance policies so you won’t have to pay for overlapping services. Once you have the copy, you can then figure out where you are not fully covered and get insurance for those areas.

Wedding Insurance FAQs

Q: What is event insurance for weddings?

A: An event insurance for your wedding is a type of insurance that offers monetary protection in case of unforeseen circumstances.

Q: Does Wedding insurance cover breakups?

A: Unfortunately, wedding insurance doesn’t cover cancellations caused by the splitting up of couples.

Q: Does wedding insurance cover wedding gifts?

A: If you have a basic wedding insurance plan, it will not cover any damage to your wedding gifts. If you want your wedding gifts covered, you will have to add on the additional coverage options.

Q: When should I purchase wedding insurance?

A: We recommend getting wedding insurance as soon as you start making non-refundable deposits; this will ensure that you are protected from the get-go.

Q: Does wedding insurance cover destination weddings?

A: Yes, some insurance offers destination wedding insurance as well; this provides coverage for weddings taking place in locations outside of your home country. Always remember to check with your insurance provider regarding the cost and terms & conditions of such insurance.

To Sum Up

Your wedding insurance is your safety net that protects you from monetary loss. When you understand what wedding day insurance is, what it covers, and what it doesn’t, you can make an informed decision for one of the biggest and most important days of your life.

Don’t leave your special day on chance; invest in wedding and event insurance to protect your big day.

If you are planning a destination wedding, have a look at destination wedding packages from Your Bali wedding and consult with their wedding organizers, who can make the wedding planning process easier for you, including selecting the right wedding insurance policy.