Whew! The past two years have been rather educational and have opened a door to new changes in the wedding industry, here comes a needed Allie Miller Weddings article regarding insurance for your wedding. Why is this important?
“Most couples would rather not imagine something going wrong at their own weddings, but the reality is anything can happen,” says David Berke, founder of eWed Insurance, a wedding insurance company based in New York.
Per personal experience, many couples were forced to postpone, re-schedule or even cancel their wedding entirely due to Covid-19 -
Insurance, especially for when you are planning the big day, will protect you against the unexpected - We now know the unexpected does happen!
What Is Wedding Insurance?
Wedding insurance, also known as special event insurance, covers couples against losses due to circumstances outside of their control. And, depending on the type of coverage that is purchased, this can protect you financially from a wide range of circumstances, such as problems with wedding vendors, any illness or injury, possible extreme weather, military deployment, as well as lost or stolen gifts, and damage to your wedding attire. A real win-win for the insured.
Wedding liability insurance, what is it?
Liability insurance is typically required by your venue. It protects both: you and the venue in the event of certain mishaps, including:
Damage to the venue caused by your party - things can get crazy, sometimes.
Any injuries sustained at the wedding - This is better planning thinking.
And many others...
Liability insurance will likely pay for most repair costs and the resulting medical bills due to injuries and such.
It is important to keep in mind that liability insurance may usually cover a 24- to 48-hour period which ends once the reception breakdown is over.
So, while you may be able to insure the rehearsal dinner, your post-wedding celebrations probably won’t be covered. - Very important to be vigilant on these facts.
Most of the insurance policies often include host liquor liability insurance, which is necessary if you are DIY-ing the catering for the wedding yourself. Now, if the venue or catering company doesn’t have it, it will cover them as well [usually not the case - your venue should have insurance as well]
Host liquor liability insurance protects you in case alcohol consumption at your wedding leads to any charges in damages, injuries and so on.
Now, the exact details of any coverage will depend on the insurer that has been chosen, making sure to pay close attention to what’s included is key, specially when you’re reviewing different policies options.
What’s Not Covered By Wedding Event Insurance?
Wedding insurance covers many things. However, one must understand policy limitations and make sure to understand that you aren’t protected in every instance.
Below are some of the examples/situations where you may not be covered:
Regarding calling off your wedding due to a change of heart or if you get cold feet and decide to pull the plug on your big day, you will definitely be fully responsible for the costs implicating these very personal decisions.
In case there is damage or loss of your engagement ring - There are separate engagement ring insurance policies that will protect this solely, and it is always a good thing to have for your valued asset.
Also, when your wedding party and/or guests damage or lose their jewelry and other precious items, i.e. a watch, etc. These are not items, you are responsible for - and your insurance won't cover these instances.
How Much Wedding Insurance may Cost?
What you may pay for wedding insurance is heavily influenced by several factors.
For example, the number of guests in attendance. General liability insurance providing up to $1 million in coverage will cost about $185, according to The Knot.
A basic policy covering losses such as photos and videos, gifts, special attire, rings, and various deposits typically runs from $155 to $550.
However, the final cost of your wedding insurance policy could end up being much lower or higher, depending on your situation and the amount of coverage you buy.
Of course, adding cancellation coverage will bring the cost up. - It is a very personal choice, risk taking is costly - Especially when it involves a wedding -
So, Should You Get Wedding Insurance?
Like I mentioned in this article, it is a very personal opinion and it is a decision that must be considered by the factors related to the day.
Of course, I always hope your wedding goes off without a hitch. I mean, is human nature to always hope for the best, right?
However, if something unfortunate does happen, it will be easier to roll with the punches knowing that you don’t have to foot the entire bill, because you thought forward and attained to the insurance and got covered. You will have one less thing to worry about.
I personally believe, that insurance is one of those items that should be factored into every wedding budget as a line item right up there with venue, invitations, flowers, food and beverage, etc.