When we think of insurance we often think about protecting the things we value most; our home, car, business or life. One thing that often doesn’t get thought of when it comes to insurance is your wedding. For most of us this only happens once (or twice) in a lifetime so maybe that is why insurance for a wedding is not always top of mind. But think about it. A wedding is typically a big financial undertaking, not to mention it can have a high liability exposure. I mean you invest a great deal of time and money planning your big day, so don’t let unexpected things ruin your wedding.
Why buy wedding insurance?
The average cost of a wedding, according to a study done by Weddingbells Magazine, is $31,685. That is a huge cost. If you had a $30,000 car or boat you would most definitely insure it so why doesn’t the average person buy wedding insurance? The answer is simple. Education and awareness. Most people are unaware that such insurance exists or they are uneducated about what it covers.
What is wedding insurance?
Wedding insurance coverage can differ from carrier to carrier but they all provide similar protection. Let’s take a look at what is covered with most packages:
- Liability Insurance
- Wedding Cancellation
- Photos and Videos
- Damaged Gown
- Honeymoon Cancellation
- Wedding Gifts
- Wedding Rings
- Rented Property
What are some examples of what it covers?
Picture this. You have dedicated hours upon hours planning your wedding and have the venue all set up. It is down by the water at this breathtaking location. The night before the wedding a massive rainfall comes down and the venue is flooded. With the proper wedding insurance policy you can postpone or find a new venue and be reimbursed for everything you lost. This includes invitations, cake, caterers, attire rentals, and much more. All you have to pay is your deductible.
Let us pose another scenario. Imagine, you’ve just found the perfect dress; you fall in love. It was expensive and someone’s wallet just became a lot smaller but it is perfect. The day of the wedding rolls around and there you are, looking stunning in your perfect dress. You began to walk down the aisle which has gently lit candles to illuminate the way. Your dress is so long and flowy that it catches a candle and ignites. Luckily everyone is able to act fast and get the fire out and the dress off of you. However, in the process your dress is burnt and ripped and totally ruined. With the right policy you will be reimbursed for a replacement veil and gown. Maybe you can use it for your next wedding?
Last one. You have planned an amazing wedding. Everything is going off without a hitch. You splurged and wanted to make sure everyone had a good time so you decided on providing an open bar (you rock and I am sad I missed it). Guess what, uncle Larry is taking full advantage and not acting his usual self. He decides to take one of the golf carts at the venue and drives into someone injuring them badly. With wedding insurance you have a general liability policy that will cover any legal action or damage against you.
What does wedding insurance not cover?
There are some exclusions in a wedding insurance policy. For instance the wedding rings are typically only covered 7 days prior to the date of the wedding. If they go missing before that or afterwards you are not covered, at least under this policy. You may decide to place a rider on your home insurance policy to protect your rings. Additional jewellery or watches or necklaces may not be covered as well. And the big one, which is definitely not covered, is cold feet. If before you say I do there is a change of heart from either party there is no coverage, so let’s hope that doesn’t happen!
How much does wedding insurance cost?
Every provider has different coverage and packages available that can affect the premium. However, as a general rule of thumb the basic packages are typically $300 and can range up to $1,000. The difference in the premium comes from the limits on certain coverage. The royal wedding for instance, likely costs somewhere in the neighbourhood of 25,000 pounds just for the insurance (this it a totally made up figure but it is probably expensive)!
Do you really need wedding insurance coverage?
We recommend it for most couples. However, depending on the venue, booking company, or caterer they may have their own insurance that would cover the event or at least portions of it. In this case you do not want to pay for redundant or overlapping coverage. Otherwise, we recommend at least investigating in the coverage.
A little something to think about. Harry and Meghan purchased a very expensive wedding insurance policy for the royal wedding to make sure they are protected should anything not go as planned. And this is one of the most meticulously planned events ever. But you never know things can happen. Sarah Ferguson may try and make a flashy entrance after being snubbed from Prince WIlliam’s wedding and come flying in on a helicopter and crash into the venue. Ok we are done here. If you want to find out more give us ring, not a wedding ring, but like a telephone ring. We will walk you down the aisle of education and make your big day special!