WEDDING INSURANCE RESEARCH REPORT
Industry Insights from Wedding Planners and Venues
A BriteCo Research Report | November 2024
This Wedding Insurance Research Report
Based on BriteCo’s comprehensive study conducted from January 2024 to November 2024, serves as a valuable resource for professionals in the wedding planning and venue management industries. The report draws from interviews with over 200 wedding planners and venues, providing expert insights into the evolving wedding event industry and the current landscape of wedding event insurance. By transforming these expert perspectives into actionable data, we reveal key trends and options surrounding wedding insurance, helping industry professionals make informed decisions as they navigate the complexities of the wedding market.
Who Was Interviewed?
Wedding Planners, Wedding Coordinators, Managers at Wedding Venues, and other Event Spaces were interviewed across 42 states in the U.S. via Zoom and phone calls.
Planner Average Years in the Industry: 14.5
Venue Owner/Manager Average Years in the Industry: 9
Industry Overview
Understanding Wedding Insurance Costs
Wedding liability insurance typically costs between $120 and $500, depending on coverage level, event size, and add-ons. This insurance protects against third-party claims for property damage or bodily injury during the event.
Wedding cancellation insurance is based on the total wedding cost and specific coverage needs. It can reimburse non-refundable expenses if the event is canceled or postponed due to issues like severe weather, illness, or vendor no-shows.
ROUGHLY RANGE OF COUPLE’S WEDDING INSURANCE COST
“Cancel for Any Reason” Policies
A “Cancel for Any Reason” (CFAR) option is highly valued by planners and venues, particularly in areas prone to severe weather or natural disasters. This policy offers flexibility for couples to cancel their event for a variety of reasons, providing an extra layer of security.
Venue Contracts and Cancellation Guidelines
Many venues have strict cancellation policies, outlining non-refundable deposits and rebooking restrictions. Couples are advised to ensure their insurance aligns with the venue’s cancellation terms to avoid financial losses.
Shaping the Future of Weddings: Emerging Trend Insights from Planners & Venues
Wedding Planners
Client-Centered Customization:
Planners prioritize creating tailored solutions for couples, ensuring a seamless event experience.
Technology Integration:
Many planners are using digital tools to streamline event logistics.
Emerging Trends:
Non-traditional weddings at unique venues like Airbnb properties are becoming increasingly popular.
Wedding & Event Venues
Rising Demand for All-Inclusive Services:
More venues are offering comprehensive packages that include event coordination and catering.
Flexible Cancellation Policies Post-COVID:
Venues continue to adjust their policies to accommodate rescheduling, increasing customer satisfaction.
Increase in Destination and Outdoor Weddings:
Venues with scenic or unique settings are seeing higher demand, as couples favor single-location ceremonies and receptions.
Wedding & Event Venues: Key Statistics
65% of venues require insurance.
Average liability coverage requirement: $1M per occurrence / $2M aggregate
Subrogation waivers are primarily required in New York, California, and Washington D.C.
Common reasons venues do not require insurance:
Planners: Key Statistics
Wedding planners in certain states recommend cancellation because of weather/natural disasters:
Florida
Hurricanes
California
Wildfires
Texas
Unpredictable weather/flooding
Vermont
Flooding issues
Cancellation insurance is more of a personal choice/up to the client, increasing post COVID
What is Your Favorite Thing About The Industry?
“I love the couple and making memories for them.”
Planner of 12 years
Texas
Top Takeaways from the 2024 Report
Wedding Planners
Venues
About BriteCo
BriteCo is a leading tech-driven provider of comprehensive insurance solutions for jewelry, watches, and events. Founded by a third-generation retail jeweler, we offer best-in-class policies available in all 50 states. Whether you’re insuring valuable pieces, planning a special event, or a venue protecting your assets, our policies ensure peace of mind.
Our top-rated jewelry insurance is accessible directly online, through independent agents, or at luxury jewelry retail partners nationwide. With $0 deductibles, worldwide coverage, and backing by an AM Best A+ rated insurer, BriteCo provides unparalleled protection. Our quick application process lets customers secure coverage in minutes.
Trusted by venues and planners, BriteCo’s event insurance meets or exceeds the requirements of top venues nationwide. Customize your coverage—from liability to cancellation insurance—to protect every aspect of your event.
For more information, visit brite.co or contact us.
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