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One of those questions we often get from couples is “Do I need wedding insurance?” Wedding insurance became popular when COVID was at its peak and venues and small businesses were closing due to situations outside of their control. But what is wedding insurance and what does it cover? And do you really need it?
Do I need wedding insurance?
The short answer: yes!
It’s no secret that weddings are expensive. Whether you’re spending $10k, $40k, or $100+k, you’re investing a significant amount of money into a day that is so special and important for you, your partner, and your family & friends. And just like with your car, home, or health, we want to protect that investment in case something unexpected happens.
Some venues contractually require their clients to purchase wedding insurance, so there’s a chance you’ll have to get it no matter what. Your venue should tell you exactly what kind of coverage you need and will ask you to provide a confirmation or certificate of insurance to keep on file.
But even if your venue doesn’t require it, we still highly recommend purchasing it! Wedding planning is stressful enough, and purchasing insurance will help you maintain some peace of mind.
What exactly is wedding insurance?
Wedding insurance covers the deposits that you’ve put down for vendors. While coverage varies, insurance will protect you if your venue or vendor’s business is affected by circumstances beyond your control such as fire, severe weather, sickness or injury, and even if a vendor fails to show up on wedding day without communication.
In most cases, if one of these circumstances were to cause your wedding to be canceled or postponed, insurance would cover the costs of changing your date and the non-refundable vendor deposits you’ve paid.
Because many businesses were unexpectedly shut down due to COVID, wedding insurance grew in popularity. Since the risk of COVID is now widely known and established, insurance companies may or may not cover situations related to the pandemic. However, if a similar unexpected situation arose, insurance would protect you in these cases.
How do I get wedding insurance?
There are several companies that offer wedding insurance. We recommend these companies:
If you have a trusted insurance provider for other areas, you can also speak with a representative to see if event insurance is something they offer! Some insurance companies provide their clients that have homeowners insurance with them complimentary event coverage.
Keep in mind that your venue and caterer (and likely your other venues) may have some level of insurance protection through their own policies. You can chat with them about what exactly is covered on their end so you’re not purchasing overlapping coverage. Always speak with an insurance representative so you have a firm understanding of what exactly is and isn’t covered by your policy.
How much does wedding insurance cost?
I know what you’re thinking - you’re already spending a large chunk of money on your wedding, and this may not be an added cost you knew about from the start of planning. Fear not! While some policies can cost $500+, the average amount we see couples spend on wedding insurance is $200 to $400, depending on coverage. In the big scheme of things, a few hundred dollars to protect the thousands you’re spending on your wedding is definitely worth it.
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