No bride wants to think about catastrophes happening on her day, but the fact is, sometimes they happen. The dress falls apart, the wedding gifts are stolen, the photographer doesn’t show or a guest breaks a heel in a crack in the sidewalk and sprains her ankle. Or maybe a major storm hits the day before your outdoor wedding or your future father-in-law catches pneumonia. Sounds like the stuff your nightmares are made of, right?
A mishap on your perfect day is something every bride fears. That’s why some insurance companies offer special event or wedding insurance to provide at least some piece of mind that the show can go on…without losing the family fortune.
Wedding insurance may not offered by some standard home/auto insurance companies because it is for one day only. If your own home/auto insurance provider doesn't offer wedding insurance, a handful of companies offer solid policies for weddings of all sizes.
The first question wedding insurance brings to mind is the cost. While paying for a wedding insurance policy won't break the bank, expect that it will add a few hundred dollars to your growing budget. Some offer policies ranges from $155 and $375 for the one-time premiums plus additional liability insurance for $150.
When choosing a wedding insurance policy, you're first decision is how much coverage you need. By looking at the total cost of your wedding, you can get a good idea if a $7,500 policy or a $50,000 policy will best protect you.
For instance, one site offers a silver policy, which would provide up to $7,500 for a cancelled or postponed wedding, $1,000 to restage photos and $1,000 to replace the wedding gown. Their diamond policy covers up to $50,000 for cancellation with $3,000 for photography and $3,000 for the dress. Quick note - If you're only spending $20,000 for your wedding, do not buy a $50,000 policy. You'll have to furnish proof of the amount you paid for every element of the event, so even if your coverage offers $2,500 for your lost deposits, you'll only be reimbursed for the $500 you paid.
Another choice when it comes to wedding insurance is the optional liability insurance which can add $100-$200 to your policy. Liability insurance will financially protect you and your new husband should anyone have an accident and get hurt during your wedding or should any damage occur to the property. The liability insurance typically covers up to $1,000,000. While many venues already have their own liability insurance, some do not and may require you to provide some protection. Check with your venues before you purchase this option.
Keep in mind that most wedding insurance policies have a deductible -- the amount you'll be responsible for before the insurance company pays for anything. For example, WedSafe's deductible is $25 per section covered -- e.g. $25 for botched photography, $25 for stolen gifts, $25 for damaged attire, etc.
There are some limitations as to how soon before your big day you can buy wedding insurance. While you should check with your provider, typically, you can buy a policy as far as two years in advance and as close as two weeks before the ceremony. And most wedding insurance policies will even cover deposits made even before you obtained the insurance.
But please beware. Wedding insurance has also become yet another arena for the money-hungry to prey on brides’ fears. Make sure the company you get your insurance policy through is legitimate. Get references when you can. Do your homework and read the fine lines to make sure you really are safeguarding your investment and not just getting scammed.
As with every wedding-related detail, wedding insurance may not be for everyone. If you’re only spending $5,000 on your wedding, the additional cost versus risk may not be worth getting a policy. But for those with a modest affair of $15,000 to the grand event for $100,000, the couple of extra hundred dollars can give you one thing brides need more of – peace of mind.
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