Wedding insurance is your peace of mind that if something goes wrong on your big day, or in the planning, you’re not left out of pocket.
Planning a wedding is a huge event, juggling multiple vendors, guests, a venue, and much more. It’s a costly affair with plenty of opportunities for things to go a bit wrong.
Even if your wedding budget is tight, taking out wedding insurance is an important consideration. Here we cover everything you need to know help with your decision to get wedding insurance.
If you’re hosting a small wedding and your vendors have agreements in place where you can easily cancel with refundable deposits, then you may not need wedding insurance.
However, in most cases, it’s advisable to contact an insurance provider and have a policy in place. There are different coverage options, liability policies, and special event insurance policies depending on your needs.
What it covers
When you purchase your policy, your insurance agent will give you an amount of how much your policy is worth. This is the amount you can claim up to. Though the amount of cover will depend on your policy, wedding insurance usually covers these main components.
Cancellation policies or Postponement Coverage
Though unlikely, and something you wish won’t happen. Sometimes a wedding has to be cancelled or postponed. When it is for reasons out of your control, your insurance policy can help.
There are many reasons why you might need to postpone or even cancel things for your wedding due to unforeseen circumstances.
For example, if the venue cancels, you fall sick from a sudden illness on your special day or there is an injury or extreme weather. Wedding postponement insurance can cover expenses incurred with a cancelation or postponement of your wedding day.
With wedding insurance, you can claim back some of these costs should that happen and remove some of the emotional stress that would come with such an event.
Wedding Attire, wedding rings, and gifts
A wedding is full of expensive clothing (like the wedding dress!), jewelry, and gifts. Insurance can cover the cost to replace or repair damaged attire, reimburse stolen or damaged rings, and cover wedding gifts against loss, theft, damage from accidents, or fire.
If your transport company fails to show or something goes wrong, wedding insurance can cover the deposits paid plus the costs to arrange new transport.
Some policies cover expenses incurred for rescheduling the wedding within a certain time frame.
Many venues require the couple to acquire a one-day event liability insurance policy because they’re unwilling to take on sole responsibility for damage to their property.
Vendor or Suppliers
If your wedding venue or any other wedding vendor or supplier fails to meet their contractual obligations, wedding insurance can cover the non-refundable deposits paid.
This covers accidental damage to hired equipment such as marquees or gazebos, furniture, sound and lighting, the arch at the wedding ceremony and more.
Wedding Liability Insurance
Personal and public liability policy. This provides compensation for any person the bride or groom is legally liable for in case of injury, loss, or damage. Not all insurance policies have this, so ensure you read your policy properly to see that this is in there.
What it does not cover
The specifics of what is covered and the insurance coverage limits will be stated in your policy. However, in general, wedding insurance will not cover these things.
- Change of heart. If you change your mind on venue or suppliers. Non-refundable deposits will not be covered. This includes personal reasons like canceling your wedding due to cold feet or postponing after becoming pregnant. Wedding insurance also doesn’t cover when the wedding is postponed due to a pre-existing illness. If you want cancellation insurance this will need to be added to your policy at an additional cost.
- If you don’t like what you ordered. You’re covered if your suppliers or vendor fail to provide what’s contractually obliged. However, not if you aren’t happy with what you received. If your cake maker delivers a cake that’s not up to standard, that’s something you’ll need to take up with them, not your insurer.
- Covid 19 – Many wedding insurance providers paused the sale of insurance policies when Covid 19 took hold. Now, new policies commonly do not include protection against covid-related incidents and have a Communicable Diseases and Coronavirus exclusion.
What to do
If you’re getting a wedding insurance policy, here’s what you need to do.
Ensure there are contracts with every provider and supplier. These will state two things important to this discussion:
- That they are a supplier, committed to a specific date and time for a specific product or service. One of the most common issues with wedding mix-ups is dates and times. Get it in writing so you have proof of insurance.
- Secondly, the written agreement will state limits of liability. It will show if you need to take additional coverage for the day to ensure you don’t end up with an expensive mess to clean up.
Point one feeds into point two. A common comment in insurance, if it’s not in writing, it didn’t happen. Which makes addressing a problem with a liable party a challenge if it’s verbal or unclear.
Hopefully, you have your rings and jewelry sorted. Make sure they are specified on your contents insurance cover. If you are having pre-wedding events such as a rehearsal dinner you might need to consider insurance for that too.
Where will your gifts be stored?
Is there the right insurance cover in place? There have been more than one couple devastated to find their gifts got stolen while celebrating and they didn’t have insurance cover.
If they are going to be in someone’s house, make sure their insurance will cover them for the time they will be there.
Destination weddings – if you are having a wedding overseas you will want to make sure you’ve got travel insurance to cover the trip and your wedding day.
Wedding insurance definitely increases the costs on your wedding budget but taking the risk to go without could lead to it impacting your costs later.
Depending on the type and size of wedding you are having, the cost to get wedding insurance, and how much tolerance for risk you have, will help decide if getting wedding insurance is worth it for you.