Your wedding, or that of your child, is a special day. And it is the result of months of preparation – dress, venue, flowers, cake, and so much more.
That preparation also brings significant costs. The average couple spends $31,213 for their wedding, according to experts at The Knot.
Though we don’t like to think about anything going wrong at a wedding, issues can arise. What happens if the limo driver fails to appear and you have to rebook with another company at exorbitant rates? What if the bridal salon loses or damages the dress? Or what if your reception hall declares bankruptcy a few weeks before the big day?
Given the large personal and financial investment in your wedding or your child’s, are you prepared for the circumstances that could arise? Get peace of mind by considering insurance to protect the big day.
What Is Wedding Insurance?
Wedding insurance protects your investment in circumstances that are outside of your control. It is a type of special event policy and can include event liability as well as specialty and cancellation coverages.
Insurance carriers offer a variety of policy options related to weddings. With the help of your advisor, you can choose the types of coverages best suited for your event. Common coverages include…
- Event Cancellation/Postponement – What if the bride gets sick and has to be hospitalized? Or the groom is called to military duty? Or perhaps weather has made the reception venue inaccessible? There are coverages to reimburse you for lost deposits in the case of a necessary cancellation or postponement. Key word here is necessary – there is no coverage for a change of heart.
- Vendors - What happens if one of your vendors (limo, caterer, band, photographer, florist, etc.) goes out of business right before the event? Or they declare bankruptcy or just don’t appear at the wedding? Coverages are available to help reimburse you for any lost deposits and even expenses for having to find a last minute replacement vendor in order to avoid postponing the wedding.
- Photography/Videography – If professional photos or videos are lost or damaged, this coverage could help reimburse you for the expenses to create alternatives, such as gathering the wedding party to take new photos.
- Attire – What if while traveling to the wedding the airline loses or damages the bride’s dress or groom’s tux? You can get coverage to reimburse you for replacement attire.
- Gifts – What if gifts are mailed to your home and stolen? Or perhaps someone crashes the party and walks away with presents? Or the gift table at the venue breaks and damages several presents? There may be coverage options to help reimburse you for the repair or replacement costs, potentially under your homeowners and/or personal umbrella policy depending on the cause of loss.
- Liability – While dancing the night away, what if someone injures themselves? Consider liability insurance to cover bodily injury, property damage, and personal injuries that occur at the wedding.
- Honeymoon – A relaxing week as newlyweds doesn’t come cheap. Travel insurance is available to protect you from risks such as trip cancellations and delays.
Also keep in mind who is covered on these policies. Typically they will include the bride and groom but you may want other parties named on the policy. If other parties, such as the bride’s parents, are investing in large items such as the venue rental, ensure their names are also included in the policy.
Wedding insurance can help protect you, your family, and the event from the unexpected. Talk with your advisor to find the best coverage options for you. It is often an affordable way to ensure your peace of mind on the wedding day!
