What every informed consumer needs to know before purchasing wedding insurance.
If you are looking at a liability policy, most options will cover you for at least $500,000 and the highest coverage limit we found was for $5 Million. We suggest speaking to your venue to make sure that the insurance you select meets any requirements they have. It may be wise to also consider your venue and the potential damage that could be done, and if you can afford to be held responsible for damages. For instance, having a wedding at the local community center may not be as risky as having your wedding at your friend’s art gallery surrounded by valuable art.
Most cancellation policy limits start around $7,500 and can go up to $5 Million. We suggest calculating the total cost of your wedding and picking a plan that will cover you for at least that, if not more.
Like other types of insurance, with wedding insurance you pay a premium to be protected, but unlike other insurance, this premium is often a one-time payment. The premium is based on the policy coverage you choose. For instance, for a basic liability policy with host liquor liability, usually runs around $100, depending on the size of your wedding and the benefit limits you select. If you add cancellation insurance, your premium could go upwards of $400 for an all-inclusive policy.
Most wedding insurance providers make getting a quote easy, so we suggest shopping around to get the best coverage and price for your special day.
Cancellation or Postponement Insurance will help cover the costs in the event that your wedding is unexpectedly cancelled or delayed as a result of situations out of your control, like a hurricane touching down on your beach front wedding site, the Father of the Bride being rushed to the hospital for emergency surgery to have his appendix removed, or a pilot strike grounding all planes making it impossible for you to get to your wedding.
The more comprehensive cancellation policies will also protect you in the event that there is a vendor no-show by paying for a replacement vendor, and may cover your expenses related to rescheduling your rehearsal and/or honeymoon if you cancel your wedding. Additionally, they may also provide added protection for your attire, jewelry, gifts, photos or videos and may even cover professional counseling for if your wedding is rescheduled.
In the event that your dry cleaner accidentally burns a hole in your dress the morning of your wedding, your 3 year old ring bearer accidentally throws your rings in the pond while feeding ducks, or a wedding crasher walks off with all your presents while everyone is dancing, your cancellation insurance will be there to help make it better.
Liability Insurance will cover the cost of property damage or bodily injury that may occur during your event, and is often required by venues, especially if alcohol is being served. Many times Host Liquor Liability coverage is included in your liability insurance policy, but some companies may offer discounted premiums if you do not require this coverage.
Even if your venue doesn’t require liability insurance, it may be worth looking into. In the off chance that Great Aunt Sue’s smooth dance moves causes her shoe to accidentally fly into the crystal chandelier, which then crashes onto the dance floor, insurance will help cover the cost of replacing the chandelier and the medical bills for anyone who may have been hurt during the accident.
Most Wedding Insurance providers offer liability insurance as a standalone service, which is especially helpful if your vendors offer cancellation or postponement guarantees similar to cancellation insurance. And some insurance providers will offer a discount if Liability Insurance is purchased with Cancellation Insurance.
Wedding Insurance often refers to Liability Insurance and/or Cancellation or Postponement Insurance, which can be purchased separately or together.
"Liability Insurance" is often required by venues, and provides coverage for any property damage or bodily injury that may occur during your event. Oftentimes, liability insurance comes with, or gives you the option to add "Host Liquor Liability" coverage, which will cover any damage done if one of your guests gets out of hand after drinking too much. This too may be required by your venue, so we suggest asking your venue about insurance requirements before picking a plan.
Many wedding insurance providers also offer "Cancellation or Postponement Insurance", which will help you cover the cost of rescheduling your wedding should the worst cases scenario occur. No one wants to think that their perfect day will be ruined by severe weather, a family medical emergency, or an unexpected venue closure, but this is where cancellation Insurance comes in handy. It’s important to note that most policies do not cover a cancellation due to a change of heart, or cold feet.
Additionally, the best cancellation policies also provide added protection for your wedding day, including attire, ring or jewelry, and gift protection.They may also help cover the cost of a replacement vendor for one who no-shows, help you re-stage your event if your photos or videos are damaged, or pay to reschedule your honeymoon or rehearsal, if directly connected with a cancelled or postponed wedding.