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Should You Buy Wedding Insurance?

outdoor-weddingYou have a lot of big - and often big-ticket - decisions to make when you are planning your wedding. Some are easier than others - who to include in your wedding party, which bridal ring sets are perfect for your style, what song to play for your first dance - but others are nuanced and complex. One big question for couples is: should we buy wedding insurance to protect against unforeseen crises?

What is Wedding Insurance?

The average cost of a wedding in the US in 2014 was around $28,000 - a significant amount for most couples. Wedding insurance safeguards this investment in case something outside your control forces you to change, postpone or cancel your big day, or you suffer property damage or loss.

What Does Wedding Insurance Cost?

Policies vary depending on their coverage, but most won’t be more than about $500 for basic protection. Insurance companies like Fireman’s Fund and Travelers offer customizable options for different fees.

What Does Wedding Insurance Cover?

Again, policies vary widely, so be sure to ask questions and read the fine print, but these are some common wedding insurance coverage options:

Extreme Weather: If you have to postpone your wedding because of a hurricane or blizzard, for example, the policy should cover the rescheduling costs.

Missing Vendor or Officiant: If someone essential to the wedding - your caterer, priest or rabbi, for example - goes out of business or doesn’t show up, you should be able to be reimbursed for the cost of postponement.

Illness, Injury or Bereavement: If there is a death in the family or someone involved in the wedding - a close family member or member of the wedding party - suddenly falls ill or is injured, you should be able to reschedule and recoup some of the costs.

Site Problems: Check with your wedding location to see if it has its own insurance, but if not, wedding insurance should be able to cover costs associated with unavoidable cancellation. For example, there is an electrical fire in the kitchen at the reception venue or the wedding site closes unexpectedly the week before your ceremony.

Wedding Attire and Jewelry: If your wedding gown and tuxedo or bridal ring sets or matching wedding bands are lost, stolen or damaged, the policy should pay to replace or repair them.

Liability: Most sites have liability insurance, but if you are having your wedding at someone’s home, this would protect you in case a guest were to be injured at the wedding.

Military Service: If the bride or groom is active duty or reserve status and suddenly has to leave because of work, the policy should pay for the expenses due to rescheduling.

Note: Cancelling a wedding due to cold feet is not usually covered. Fireman’s Fund has a “change of heart” policy you can opt for, but it only applies if someone calls off the wedding 365 days before the first covered event.

Do We Really Need Wedding Insurance?

It’s ultimately a personal decision and one you should make as a couple - along with parents or anyone else helping to pay for your wedding. If you are having a very small budget wedding, you may not feel you need insurance. But if you are spending a moderate sum or more on your wedding, a few hundred extra dollars for a bit of peace of mind may be well worth it.

Invest in affordable and beautiful bridal ring sets

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