As you plan your big day, you may wonder, “Is wedding insurance necessary?” While it is another expense to add to your budget, investing in wedding insurance can genuinely pay off and save you money in the long run. Wedding insurance can be a lifesaver, covering minor issues like sick vendors or a catering mishap to more significant challenges like weather disasters and global pandemics. If you’re still unsure if wedding insurance is necessary, read on for answers to all your questions about buying wedding insurance.
Why is Buying Wedding Insurance Important?
While most couples didn’t emphasize wedding insurance in previous years, 2020 was a wake-up call. Countless couples had to navigate their vendors canceling, venues rescheduling, and rerouting flights for their guests due to COVID-19. While these past two years really showcased the value of buying insurance, global pandemics are not the only reason wedding insurance is necessary. Natural disasters like wildfires and injuries are among the primary reasons couples find wedding insurance useful. When it comes down to it, being prepared for any scenario will leave you feeling confident as you head into your big day.
What Does Wedding Insurance Actually Cover?
There are two types of wedding insurance: cancellation and liability. Most insurance companies cover a certain amount for each element of your event, such as catering, venue, and vendors. While each company offers different coverage, this is what is typically included:
- • Venue or Site Issues–if your location becomes unavailable due to a power outage, damage, or inaccessibility, wedding insurance will likely cover rescheduling costs. This often includes money spent on florals, music, catering, and more.
- • Vendor Cancellation–if one of your vendors becomes ill, has to cancel their services, or shuts down, wedding insurance will likely help you get your money back so you can hire someone new to fulfill your needs.
- • Weather Changes–if the weather reaches the point where you or most of your guests cannot attend due to the change in climate, wedding insurance will likely cover all the rescheduling costs.
While wedding insurance typically covers the cost of generic wedding services like the venue, catering, and florals, couples can often purchase additional coverage to supplement specific services. Here are some other wedding insurance services you might consider:
- • Honeymoon Insurance–you can typically add this to your wedding insurance policy for a discount to protect your honeymoon plans.
- • Medical Coverage–this is a valuable service should any medical emergencies happen during your big day.
- • Personal Liability–this can be useful if your afterparty gets a little out of control.
- • Photography/Videography Coverage–if your original wedding photos are damaged or lost, this coverage provides funds to retake them.
Who is the Best Wedding Insurance Provider?
Many companies provide wedding insurance, or “special event insurance.” Here are the top four wedding insurance companies to look into:
- • Travelers Wedding Insurance–their Wedding Protector Plan covers all main wedding events and includes additional coverage options. You can purchase Travelers wedding insurance from two years in advance to 24 hours before your event.
- • Event Helper–if you’re planning a wedding on a budget but still want to purchase quality insurance, this company is for you. While they don’t cover pandemics like COVID-19, they do offer many other coverage options and have a great virtual platform that makes booking your wedding insurance simple and easy.
- • Wedsure–as a wedding-specific insurance company, Wedsure coverage ranges from cancellations and rescheduling to a “change of heart.” While you may not want to think about worst-case scenarios like that, being prepared may help provide peace of mind on your big day.
- • Markel–this insurance company offers both liability and cancellation coverage. You can choose to purchase one or both to cover all potential situations.
Additionally, some venues have their own insurance plans you can purchase when you book. It is important to ask about this while securing your venue to cover all your bases moving forward.
What is Wedding Cancellation Insurance?
Cancellation insurance is different from general wedding insurance. Wedding cancellation insurance covers deposits you’ve made, while liability insurance can protect you from paying for any property damage or medical bills that occur during your event. Markel is one of the best wedding insurance companies offering liability coverage and cancellation insurance.
When to Purchase Wedding Insurance?
When it comes to purchasing wedding insurance, the sooner you do it, the better. You don’t want to start spending too much on your wedding without insurance. If you’ve already started planning and spending on your wedding, don’t worry–it’s not too late! Many insurance companies are willing to insure your wedding until 24 hours before the event. While this may leave some gaps in coverage, it is still better than having no wedding insurance at all.
So, Is Wedding Insurance Worth It?
Absolutely! While it may be an extra expense, buying wedding insurance can truly save you in the long run. At SPC, we do everything we can to ensure your wedding goes off without a hitch. But, life happens, and while we will have your back, it’s wise to protect your investment with wedding insurance.