Anyone who's ever been involved in a wedding in any way knows just how expensive this can be. In fact, it's such an expensive industry that many people are trying hundreds of different ways to cut costs, and low-cost or DIY weddings have become an industry in itself. Needless to say, a wedding is a huge commitment, and we aren't even talking about the commitment of the bride and groom to each other, we're talking about the commitment to the venues, caterer, DJ, and so on. Because this is such a huge commitment of time and money, there are companies out there offering wedding insurance. If you're unfamiliar with this, we break down what is wedding insurance and is it necessary. This is very important if you are ready to begin wedding planning, as you may decide you need this to help protect your investment.
Let's start with what wedding insurance is. It is a type of event insurance that protects you from losses due to a variety of factors from internal and external events either before or during your wedding. An example of this could be a bad storm causing damage or injury during the middle of your wedding or an unexpected hurricane that is cancelling your wedding from occurring at all, as well as problems with the venue or vendors, and even issues with guests causing damage. Now that you know what it is, let's take a closer look and see what is offered in this.
There are generally two kinds of wedding insurance: liability coverage and cancellation coverage, and of course, there are some bundles that offer both, you'll just have to look around for that. There are several things that wedding insurance will cover:
- Vendor issues. This could be a host of things from the venue shutting down suddenly and without warning to permits being revoked to your caterer disappearing in the night.
- Guests getting sick or injured. Obviously that would put a large damper on your wedding.
- Property damage. This could be due to your guests or even vandals right before your big moment.
- Extreme weather. Hurricanes, tornados, freak snowstorms, there's always a way that Mother Nature can throw a wrench in our perfectly laid out plans.
- Military deployment. This is certainly difficult enough on a couple, let alone it happening right before a wedding.
- Lost or stolen gifts. Of course, we'd love to think that could never happen, but it's important to be prepared for the worst.
- Dress damage. Again, this would be devastating to the bride, so be prepared for anything, and just hope it doesn't happen.
Of course, every policy is different, which means that there will be different limits, and they may not all offer everything on our list. You'll have to read the fine print carefully, as our list is just those items that are commonly covered. You may find insurance that covers more or less, respectively.
Now, wedding insurance will not cover if either the bride or groom get cold feet or decide to cancel the wedding unexpectedly. Insurance is specifically for things that are out of the couple's control and could put the event and the guests' safety at risk.
Now that you know what wedding insurance is, you may be wondering is it necessary? That is completely up to you and your groom. For some, it's not worth paying the extra money or going through the effort of finding an insurance provider, and for others, having the peace of mind that their wedding will be covered in case of emergency is nearly priceless. Deciding what to do for your wedding is a very personal choice. The pricing of this coverage varies, of course, but you can generally get $1 million worth of damage covered for only $175. It's affordable enough that it could easily be budgeted in at the beginning of the wedding planning process.
If you decide that wedding insurance is the right fit for your upcoming event, you'll need to start your research now. This must be selected early on, as soon as you have an idea of the venue really. Do your research into different companies in your area, and make sure that whatever is the biggest concern to you is covered by them. The last thing you want is to get insurance that doesn't even cover what you are really worried about happening. There are limits imposed on certain items, so it's important to know what limits, if any, your policy has. Also, make sure to check with the venue first that they don't have insurance already. Most should, and that would cover you in case of damages.
Before signing anything, make sure that you aren't double insuring or over insuring yourself. It's important to be safe and prepared for the unexpected, but at the same time, you don't want to waste valuable money that could go towards another aspect of your wedding planning.