Homeowners insurance blog

With This Policy, I Thee Wed

As June barrels its way toward the front of the calendar, wedding season also begins its inevitable rise. You can pretty much expect the months between now and October to be chock-full of events surrounding the more than 2.1 million nuptials this year.

Those tasks include booking venues for the rehearsal dinners, ceremonies and receptions; hiring bands and caterers; buying clothes; scheduling honeymoons; and other duties. The wedding industry in the U.S. is big business – the average domestic wedding in the U.S. costs $28,400, according to Money.CNN.com. That’s why smart couples safeguard their financial investment with wedding or special event insurance.

What is wedding or special event insurance?

Wedding insurance is a type of special event insurance that helps reimburse expenses if a couple has to postpone or cancel the ceremony because of circumstances beyond its control. Examples include natural disasters or the death, illness, or serious injury of key participants in the wedding or immediate family members.

  • How does it work? Wedding insurance can cover nonrefundable deposits you’ve paid your venue or vendors. For example, if the reception location you booked goes out of business before your big day or the photographer doesn’t show up, this insurance can help recover the costs.
  • What is covered? Clothing (including wedding gowns and tuxedos), stolen or damaged gifts, honeymoon costs. Expenses may also be covered if either the bride or groom is in the military and is called to duty. Make sure you’re familiar with your plan, since there is usually a deductible and a maximum amount that can be claimed.
  • What if someone gets ‘cold feet’? Change of heart coverage helps protect a person – other than the bride or groom – who is paying for the wedding. If the couple backs more than 365 days from the covered event, change of heart coverage can reimburse some expenses. However, no reimbursement will be made if the wedding is canceled due to ‘cold feet’ fewer than 365 days from the wedding.
  • How much does wedding insurance cost? It varies depending on the amount of coverage desired. Wedding or special event insurance can range from $100 to $500 or more. A basic policy typically covers the loss of attire, rings, photos/videos, and deposits paid to vendors.

Some insurance providers offer separate cancellation and liability insurance for special events. If you choose to purchase a general liability insurance policy without cancellation insurance, it can range from $150 (for $500,000 in coverage) to $1,000 (for $5 million in coverage).

Before you say ‘I do’ to wedding insurance

Check out this list of questions to determine whether wedding insurance is right for you and how much you should consider purchasing:

  • How much will your wedding or special event insurance cost, and how much can you expect to be reimbursed? Also, what is and isn’t specifically covered in the policy?
  • Does your event venue have its own liability insurance, or should you purchase a policy for the event?
  • Do your vendors have insurance policies that would cover mishaps on the day of the event? (Ask your vendors for proof of coverage.)
  • Is the insurance company you’re considering licensed in the state where your wedding will occur?
  • Do you already have coverage through your home, liability, or other insurance policies, or credit cards?

A marriage made in heaven

Every couple has a different vision of the perfect day, and sometimes plans can change. That’s where this type of insurance comes into the picture of making your ‘happily ever after’ a success.