Some things are beyond your control, even on your wedding day—wedding bands could be lost before the ceremony or your venue could be damaged in a hurricane. More pressingly and topically, the COVID-19 pandemic has forced couples to postpone their weddings. With this top of min, we want to take a minute to talk about wedding insurance. Our advice? Obviously hindsight is 50/50, but whenever possible, err on the safe side and make the investment before something happens. Below, our brief guide to what we know:
A Caveat: You Might Not Need Insurance
Some vendors may already have insurance, so ask in advance. Depending on how well-insured they are, it may not be worth it to purchase separate insurance. If their insurance isn’t sufficient, then keep reading! (According to Travelers, 30% of all wedding insurance claim files dealt with couples’ vendors . . .)
What Does Wedding Insurance Insure?
There are two kinds of wedding insurances: General liability and cancellation/postponement. General liability wedding insurance can cover weather-related incidents, vendors, and injuries. It depends on the plan you choose. You can also buy policies that cover the damage or loss of wedding photos, videos, and even gifts. Now what about COVID-19? You need to ask, in the event of wedding cancellation, if your insurance covers anything. Some insurance plans exclude coronavirus because it is a “forseeable” event.
It’s also important to note that wedding insurance can cover all events within 48 hours of your wedding. Think of the rehearsal dinner!
How Can You Buy Wedding Insurance?
Some couples buy wedding insurance through their homeowners’ or renters’ insurance. (If your wedding is at someone else’s home, they can use their homeowners’ insurance; but they may need to get liability insurance for liquor.) Some couples use online insurance companies like Wedsure and WedSafe. Research which options work best for you.
The Cost of Wedding Insurance
A plan that covers loss of rings and other things (photos, clothes, deposits) is around $150-$550. General liability insurance is around $185. Destination wedding insurance can be $1,000. It just depends.
When Should You Purchase Wedding Insurance?
In layman’s terms, ASAP. The company you purchase insurance from may have limitations on when, so be sure to check. But there are some companies that will let you purchase insurance as late as 24 hours before the wedding! For cancellation policies, purchase insurance prior to paying deposits.