While every couple hopes their wedding day will be perfect, there are many cases each year where disasters happen. Unfortunately, most disasters become what they are because couples do not have wedding insurance. This type of coverage protects couples financially and covers their wedding arrangements against various mishaps and bad weather. Wedding insurance is affordable enough to fit into almost any couple's budget. With policy price tags starting around $125, couples planning expensive weddings cannot afford to go without coverage. Even if couples do not have to make claims against their policies, the investment is worth the peace of mind at such a hectic time.
The decision to buy wedding insurance is a personal choice each couple must make for themselves. In the United States, the average cost of a wedding is more than $25,000. Some couples get by on less, but there are many couples who spend much more than this amount on the reception alone. The key to deciding whether insurance is necessary is to weigh the total wedding bill against the cost of coverage. For a couple who plans to have a drive-through wedding wearing their everyday clothing, insurance may not be necessary. However, couples planning a large outdoor wedding with a catered reception would certainly benefit from coverage. For weddings somewhere between lavish and simple, there are insurance policies designed to provide just enough coverage for what is necessary.
It is important for couples to understand what is covered in a wedding insurance policy. The following are components of a typical policy:
- Inclement weather is covered. If an event must be put off due to bad weather, the policy covers expenses for rescheduling.
- Missing officiants are partially covered. When a celebrant or religious officiant does not show up, some costs can be recovered.
- Injuries and illnesses are covered. Members of the wedding party or key persons who become ill may cause the wedding to be delayed. If this happens, the costs involved with postponing are covered.
- The ceremony location is covered. Many reception venues have their own insurance. If they do not have coverage, a wedding insurance policy will cover damage to the site. This includes mechanical problems, electrical damage and fires. Compensation is also provided for making alternate arrangements if the venue goes out of business before the scheduled event.
- Missing vendors are covered. If a photographer, florist, caterer or any other vendor does not show up, some of the initial costs and the expenses involved with rescheduling will be covered.
In addition to these main features, there are riders that can be purchased. When the bride, groom or a key person is on active duty, a military service rider can be added. This ensures the cost of postponing the event until a later date is covered if a service member is deployed. There are riders for wedding clothes, which cover the cost of damage or stores going out of business. Additional damage liability riders are available for couples planning home weddings. For couples whose renters or homeowners insurance does not cover theft or damage of gifts, a gift rider can be purchased. Couples may also purchase a rider for honeymoon cancellation. Wedding insurance policies do not cover cancellation due to something that was known at the time the policy was taken out. In addition to this, it does not cover cancellation due to cold feet. To learn more about this type of coverage, discuss concerns with an agent.