Well, now you’ve gone and done it. You and your significant other have decided to officially get hitched. You’ve picked a date that works for the two of you and your nearest and dearest people. You’ve hired a wedding planner who is helping you take care of major details such as the venue, the cake, the wedding dress, and the menu. Your close friends and siblings have agreed to be bridesmaids and groomsmen. You found the perfect live band for the reception. Everything is going perfectly until a few days before your nuptials, when an electrical fire causes the venue to burn to the ground.

What do you do? You can’t find another venue for that same day, but you’ve contracted with various vendors for various products and services for a specific date. At best, you can postpone the event for another day, but you stand to lose thousands of dollars in nonrefundable deposits and unpaid installments. It might even be more expensive to reschedule at such short notice. If you had wedding insurance, this setback might have been little more than a nuisance instead of a significant loss.

What Is Wedding Insurance?

In general terms, insurance is protection from financial loss, and as such, serves as a type of risk management. In any undertaking, you can plan for the best, but an insurance product or policy mitigates the risk of losing money, especially due to circumstances beyond your control. In the scenario presented above, a wedding insurance policy for cancellation could cover the damages from having to reschedule the wedding ceremony, such as lost deposits.

Wedding or event insurance can also be used to cover liability. What if a guest slips on the flower petals and is injured as a result? Similar to general liability coverage in a homeowner’s or auto policy, your wedding insurance policy could cover medical bills or property damage to the venue. Your plan may cover cancellation, liabilities, or both. It’s important to think about your special day and decide which risks can be managed by purchasing protection.

What’s My Damage?

Generally, a higher coverage amount requires a higher premium, which is what you pay to be insured. This cost will depend on several factors, including the location, duration of the event, number of people involved, and the amount of coverage. Your plan cost will also depend on whether it includes both liability and cancellation protection. Some insurers may offer discounts for bundling both types of protection together. As with other types of insurance, you should shop around for the best rates for the coverage you need. 

Do I Really Need Coverage?

Life is unpredictable. Inclement weather, natural disasters, and even a global pandemic can throw a monkey wrench into even the best-laid plans. According to wedding insurers, some of the most common claims include vendor issues (e.g., going out of business), property damage, weather, military deployments, and injuries and illnesses. What you’ll pay for an insurance premium is very small compared to what you pay for the various products and services, not to mention any liability claims for injuries or property damage. 

Have I Considered Everything?

Wedding insurance usually doesn’t cover a bride or groom having “cold feet” and canceling the marriage ceremony. Other factors to consider include the serving of alcoholic beverages, damage to wedding photos and video, damage to expensive bridal gowns or priceless heirlooms, lost or destroyed jewelry, and busted rental equipment. Be sure to consider all possible exposures as you plan. 

When you and your partner are ready to say “I do,” you’ll put considerable time and treasure into getting ready. An accident or unforeseen problem can have serious financial implications for you. Manage these risks or threats with the appropriate wedding insurance plan.