Wedding Insurance: Protecting Your Special Day

Weddings are special occasions and for many, the expense of the wedding can put a big dent in ones savings. Because of this, it might make sense to purchase an insurance policy to help cover wedding expenses in the event that something doesn’t go as planned. A wedding insurance policy is a type of insurance designed to protect the investment of those who are paying for wedding, against circumstances that are beyond their control.

Consider if your caterer bows out last minute, the site at which you’re holding your wedding suffers a fire or if an illness strikes the bride or groom which leads to cancellation or postponement of the nuptials. Individuals serving in active military are also well-served by wedding insurance policies as the call to active duty and deployment can occur at any time and that could require postponing or rescheduling the wedding. In many cases, wedding venues, caterers and musical entertainment won’t provide refunds past a certain date. The wedding insurance policy is a peace-of-mind investment. The policy can also be extended to cover the honeymoon location. If you’re planning a honeymoon in a tropical location that becomes is devastated by a hurricane or other natural disaster or other cancellation at the venue, the policy can reimburse you.
The type of wedding insurance policy you choose will be predicated on the size of your wedding; the smaller the wedding, the smaller the policy you will need. If your wedding plans fall through because of circumstances beyond your control – illness, weather, etc. – the policy protects you. If, however, one of the parties opts to postpone the wedding, the policy will not provide compensation for money lost. Your policy can also cover items such as loss or damage to the wedding rings, unintentional damage to the wedding cake or the wedding dress.
Before you speak to your insurance agent you should know a basic wedding insurance policy can cost between $200 up to $500 for a general liability policy – depending on the scope and type of wedding you’re looking to insure.
Before you shell out money for a wedding insurance policy, ask the vendors with whom you’ll be working what kind of insurance they carry and what it covers; in some cases you may be covered under their policy. Ask for a copy of the policy and take it with you when you meet with your insurance agent.  Start shopping for your wedding insurance policy as soon as you set the date for your wedding – make it part of the budget planning process. Ask your insurance agent specifically what is – and what is not – covered. For example, some policies may not cover having to have the photographer retake photos if the originals never materialized; you may be able to buy coverage that will pay for a re-staging of the event.
Gift coverage, to protect against the theft of gifts from the wedding venue, may be an add-on to the policy as well. Personal liability may be warranted to protect you in the event that a wedding guest injures himself at the reception. This liability coverage would be over and above what the venue already carries, but in today’s litigious society, it may make sense to have additional personal liability coverage.
 Buying an insurance policy for your wedding will certainly add to the overall budget, but the peace of mind this type of policy brings is worth the up front cost.
If you have specific questions, contact the insurance experts at Donnelly & Sproul at 201-493-9002 for a free consultation.