Ask a Bride: What's the Deal with Wedding Insurance?
Q. We’ve spent a big chunk of our savings on a beautiful backyard wedding this summer, but I’m worried that it will get rained out and we’ll just lose all that money. Should we get wedding insurance just to be safe?
A: The average wedding costs over $30,000 according to The Knot’s 2015 Real Weddings Survey – that’s a lot of money down the drain if something goes wrong. So it’s reasonable to consider insuring it just like any other big purchase you make.
Every policy is different, but most basic wedding insurance plans cover costs (including deposits) due to no-show or bankrupt vendors, damage to wedding attire and lost or stolen wedding gifts. Plans also often cover costs to reschedule a wedding due to severe weather or illness, usually limited to the bride and groom and bridal party.
Liability insurance may be an option as well, which protects you in the case of property damage or personal injuries to third parties. So if Uncle Joe has a little too much to drink, crashes into a wall and gets hurt, you’re covered. If being sued is your only concern though, just check with your venue as some already have liability insurance.
Here are the most common claims according to a Travelers Insurance 2014 report:
- 44 percent of claims were due to vendors who didn’t show up or deliver as promised
- 28 percent for damage caused to the venue
- 8 percent for sickness or injury to key members of the wedding.
There are a lot of factors to consider when deciding to buy insurance like your budget, location and personal preferences, but here are some basic guidelines: If you’re the type of person that always buys insurance, do your homework, look into plans and add a few hundred dollars to the budget – it’ll be worth your peace of mind. If you’re confident in the wedding vendors you’ve chosen and don’t expect any hiccups with weather, then you can likely forego the cost.
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