Your wedding and the reception that follows it are likely going to be the most expensive event that you and your spouse will ever organise. The national average for the cost of a wedding is now hovering around $20,000. Considering how much cash is at stake, purchasing wedding insurance could prove to be a very astute decision. However, prior to purchasing insurance, it is essential to have a thorough understanding of what the policy will and will not cover.
What Is Wedding Insurance?
Wedding insurance is a kind of special event insurance that provides monetary protection in the event that any problems arise in connection with your celebration. There are primarily two different types:
- Wedding liability insurance. If someone is injured or their property is damaged as a result of your event, liability insurance can assist you in covering those costs. For instance, if a wedding guest consumes too much alcohol at the open bar and breaks a window at the reception site, the venue’s liability coverage may pay for the window’s replacement or repair.
- Wedding cancellation or postponement. If the ceremony or reception for your wedding needs to be canceled or postponed due to events that are beyond your control, wedding cancellation or postponement insurance can compensate you for the costs associated with those cancellations or postponements. For instance, if the ceremony had to be canceled because of severe weather (such as a hurricane or a severe snowstorm), illness, or injury, or because a vendor went out of business, your insurance coverage might pay for the costs associated with those occurrences.
Riders for Wedding Insurance Policies
The normal coverage provided by wedding insurance is limited, but further protection can be obtained through the purchase of supplemental insurance riders. The following are examples of common riders that might be available:
- Military service. In the event that you or your partner are called to active duty while serving in the military or in the active reserves, a military service rider will pay for the costs associated with rescheduling your event.
- Bridal gowns and tuxedos. This rider will assist in covering the expense of new garments in the event that the retailer from which you purchased your wedding gown or tuxedo goes out of business, leaving you stranded without your wedding attire or deposit.
- Honeymoon. If you are forced to cancel your honeymoon due to circumstances beyond your control, such as bad weather or illness, a honeymoon rider may pay you for the costs of your trip.
What Doesn’t Wedding Insurance Cover?
There are several things that are not covered by wedding insurance that could go wrong. Although the conditions of policies can vary depending on the insurer, the following exceptions almost always apply:
- Cost. Cancellations or postponements of the wedding owing to financial concerns are not, in most cases, covered by wedding insurance. Consider the following scenario: you discover that the cost of the ceremony and reception has exceeded your budget, and you make the decision to cut costs. If this is the case, the wedding insurance coverage that you purchased will not compensate you for any lost deposits or other costs.
- Change of heart. If either you or your spouse decides that you no longer want to get married, it is unlikely that your insurance coverage will reimburse you for any of the expenditures associated with the canceled wedding.
- Ordinary bad weather. Your wedding insurance policy will only reimburse you for cancellations or postponements that are the result of extreme weather conditions. By “extreme weather conditions,” we mean conditions that are so severe that you, your partner, or at least half of your guests are unable to make it to the wedding venue. The insurance policy will not compensate you for less unusual occurrences of bad weather, such as it raining on the day of your beach wedding.
You need to make sure you have a thorough understanding of the policy’s terms and exclusions before you buy it. This will help you determine what is and is not included in the coverage.
How Much Does Wedding Insurance Cost?
The price of wedding insurance is determined by a number of different factors, including:
- Your location
- The issuing insurer
- Coverage amounts
- Size of wedding
- Optional riders
A standard cancellation and postponement insurance will run anything from $100 to $500, as a general rule. About $125 is the average cost for a general liability insurance policy that covers losses of up to $1 million in the event of accidents or injuries.
It is in your best interest to investigate your options and examine the premiums offered by a number of different insurance providers. Check out our suggestions for the most reputable firms that offer wedding insurance if you are unsure how to get started.
Does wedding insurance cover gifts?
Unless you purchase an additional “wedding gift rider” when you purchase your insurance policy, a standard wedding insurance policy will not normally cover presents that are misplaced or stolen after the wedding.
Does wedding insurance cover breakups?
Unfortunately, wedding insurance does not often cover cancellations that are the result of the couple no longer being together.
Where can I buy wedding insurance?
Some of the most well-known names in the insurance industry sell wedding insurance, and others focus solely on serving customers in this particular market segment.
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