General Insurance

When to Get Wedding Insurance?

Dustin Lemick

Author

Dustin Lemick

Your wedding day is a once-in-a-lifetime event filled with joy, love, and celebration. However, while it’s a day you’ll cherish forever, it’s also a significant financial investment. That’s why purchasing a wedding insurance policy is worth considering.

But when’s the right time to get wedding insurance? Here’s what you need to know.

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What You Will Learn

What is Wedding Insurance?

At its core, wedding insurance is a purpose-built insurance policy designed explicitly for weddings and special events. It acts as a financial safety net, providing coverage for various potential issues, from event cancellation coverage and vendor no-shows to liability concerns.

There are two main types of wedding insurance:

Wedding Cancellation Insurance:

Imagine you’ve meticulously planned your dream wedding, from selecting the perfect venue to curating the guest list. But, an unforeseen circumstance arises—perhaps extreme weather conditions, a family emergency, or even a military deployment—that forces you to cancel or postpone your wedding.

This is where event cancellation coverage swoops in to save the day. It acts as your safety net, ready to reimburse you up to a certain limit. The limit for cancellation or postponement coverage can range from $7,500 to $175,000, and it’s smart to align this limit with your wedding budget to guarantee you’re financially covered in case of unexpected changes.

The cost of wedding cancellation insurance can vary, but typically ranges from $255 to $420. Some insurance companies might offer discounts for couples who opt to purchase both wedding cancellation and liability insurance.

This type of insurance policy doesn’t cover changes of heart or pandemics such as COVID-19. And while liability insurance is often a requirement for many wedding venues, cancellation insurance is considered optional.

In addition, even if your wedding isn’t canceled or postponed, some wedding cancellation insurance policies offer sub-limits that can come to the rescue under other circumstances. For example, if there’s damage to your wedding dress, lost rings, or vendor issues, you could still seek reimbursement.

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Liability Insurance:

Special event liability insurance covers accidents, injuries, and property damage you are liable for as a host. Most wedding venues require this insurance and may even demand to be listed on the policy for protection.

Most venues require $1 million per occurrence and $2 million aggregate general liability limits.

The cost of wedding liability insurance can range between $120 to $300. The price can vary depending on various factors such as coverage limits, policy add-ons such as host liquor liability coverage if the hosts are serving alcohol, and specific inclusions required by the wedding venue.

Activities that are deemed high-risk such as ground transportation, fireworks, and carnival rides aren’t usually covered by liability insurance. Moreover, the most common claim covered by this type of wedding insurance policy is property damage.

Factors Influencing Wedding Insurance Needs and Costs

Your special event insurance needs and your overall wedding insurance cost will vary depending on several factors:

1. Wedding Budget: Your overall wedding budget plays a significant role in deciding if and when to purchase wedding insurance. If you spend a large amount on your wedding, you may be more inclined to protect that investment.

2. Wedding Venue: Some wedding venues require that you purchase wedding insurance to cover at least liability. Venues with a wedding liability insurance requirement want to ensure they’re not held liable for accidents or damages during your event.

3. Destination Weddings: If you’re hosting a destination wedding, particularly in a remote or exotic location, wedding insurance is a must. It provides coverage for travel delays, vendor no-shows, and other unforeseen issues that can arise when planning a wedding away from home.

Why You Should Buy Wedding Insurance and When to Buy Wedding Insurance

One of the primary reasons to purchase wedding event cancellation insurance, for example, is to cover the deposits you’ll be making to secure your vendors. By obtaining wedding insurance before making these payments, you help guarantee that your financial commitment is protected right from the start.

But, perhaps the most significant advantage of purchasing wedding insurance is simply peace of mind. Knowing that your financial commitment to your wedding is protected allows you to focus on planning without constantly worrying about unforeseen setbacks.

Once you have chosen your venue and estimated the number of guests you expect to attend, you should start to price out wedding insurance. Wedding cancellation insurance should be purchased at least two weeks in advance or more prior to your wedding. Wedding liability insurance can be purchased anytime before the wedding, up to a few days before. Before purchasing liability insurance, check with your venue to determine their requirements.

Do I Need Wedding Insurance?

While wedding insurance is essential for many couples, there are scenarios where it may not be necessary, such as:

  • You’re planning a small or low-budget wedding.

If you’re planning a small, intimate wedding with minimal financial commitments and few vendors requiring deposits, you might not need comprehensive event insurance.

  • You have existing insurance policies that cover you.

Check your existing insurance policies, such as homeowners or renters insurance, to see if they offer any coverage for wedding-related events. For example, if your wedding is at a home, you may already have some liability coverage.

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How to Purchase Wedding Insurance

Purchasing wedding insurance isn’t merely a matter of checking one more item off your wedding planning to-do list. Instead, it’s a strategic move to safeguard your wedding budget and peace of mind.

When you’ve determined that wedding event insurance is right for your event, here’s how to proceed:

  • Shop Around: Research different insurance companies and compare wedding insurance policies. Consider insurance coverage limits, policy inclusions, and additional coverage options.
  • Review Carefully: As with any policy, such as car insurance, carefully read the terms and conditions. Make sure you understand what is covered and what isn’t, as well as any deductibles or limits.
  • Customize Your Coverage: Tailor the insurance policy to your specific needs. You can often choose the level of insurance coverage that suits your budget and wedding plans.

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Wedding Insurance FAQs

Does wedding insurance cover breakups?

No, wedding insurance typically doesn’t cover breakups as it’s primarily designed to protect against unforeseen events that could disrupt your wedding day or lead to financial losses associated with the event itself.

Should I get wedding insurance?

Absolutely. If you’re asking, “Why have wedding insurance?” then know that insurance offers peace of mind by protecting you against a range of potential issues, such as event cancellation, vendor no-shows, liability concerns, and unforeseen circumstances.

When do you need to get wedding insurance?

Ideally, you should secure wedding insurance as part of the wedding planning process when you have selected your venue and you have a good idea of how many guests you expect to attend. Wedding cancellation insurance should be purchased at least two weeks in advance while liability insurance can usually be purchased right before the big day. Be sure to check with your venue to determine your liability requirements.. This timing allows you to maximize your insurance coverage, guaranteeing that you’re protected for the most important day of your life.

Protect Your Investment

So why get wedding insurance? Put simply, it offers peace of mind, ensuring setbacks don’t overshadow your special day and allowing you to focus on celebrating your love.

BriteCo’s wedding insurance policies protect against unforeseen circumstances and help to ensure your wedding is safeguarded with confidence. To learn more, contact us directly.

Also Check:

How Do I Upgrade My Wedding Ring? | BriteCo Jewelry Insurance
Do I Need Wedding Event Insurance? | BriteCo Jewelry Insurance
Top 5 Things to Consider While Booking a Wedding Venue

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UP NEXT: Understanding Wedding Cancellation Insurance

Dustin Lemick

Author

Dustin Lemick

Dustin Lemick is the Founder and CEO of BriteCo and a third-generation jeweler with over thirteen years of retail jewelry experience. He holds a Graduate Gemologist degree from the Gemological Institute of America (GIA) and has in-depth knowledge and expertise in appraisal systems, diamond and gemstone markets, retail pricing models, insurance replacement models, and jewelry quotation pricing systems.