With the average wedding budget currently hovering around $20,000, your ceremony and reception will almost certainly be the most expensive event you and your partner will ever plan.
Because so much money is at stake, purchasing wedding insurance may be wise. But before you buy a policy, you should understand what it will and will not cover.
What Is Wedding Insurance?
Wedding insurance is a type of special event insurance that provides financial protection for problems associated with your wedding. There are two major types:
Wedding liability insurance
Liability insurance will assist you in compensating for property damage or injuries sustained during your event. For example, if a wedding guest overindulges in the open bar and damages the venue’s window, liability coverage may cover the cost of replacement or repair.
Wedding cancellation or postponement
Wedding cancellation or postponement insurance will reimburse you if the ceremony or reception must be canceled or postponed due to circumstances beyond your control. For example, your policy may cover you if the ceremony was canceled due to extreme weather (such as a hurricane or severe snowstorm), illness, injury, or the failure of a vendor.
Wedding Insurance Riders
Wedding insurance typically covers specific circumstances, but you can purchase additional coverage through optional insurance riders. Riders that are commonly available include:
- Military service.
A military service rider would cover the costs of rescheduling your event if you or your partner are in the military or active reserves and are called to duty.
- Bridal gowns and tuxedos
If the store where you purchased your wedding gown or tuxedo closes, leaving you without your wedding clothes or deposit, this rider will assist you in covering the cost of new clothes.
If you need to cancel your honeymoon due to bad weather or illness, a honeymoon rider may reimburse you for your travel expenses.
What Doesn’t Wedding Insurance Cover?
Wedding insurance does not cover every eventuality. While policy terms vary by insurer, the following exclusions are common:
Wedding insurance generally does not cover cancellations or postponements due to cost. Assume you discover that the ceremony and reception have exceeded your budget and decide to cut back. In that case, your wedding insurance policy will not cover any lost deposits or other costs.
- Change of heart
If you or your partner decide not to marry, your policy will usually not cover the costs incurred due to the wedding’s cancellation.
- Ordinary bad weather.
Wedding insurance will only reimburse you for cancellations or postponements caused by extreme weather, which means conditions so severe that you, your partner, or at least half of your guests cannot reach the wedding venue. The policy will not reimburse you for common weather conditions, such as rain, on the day of your beach wedding.
Before purchasing a policy, carefully read the terms and exclusions to ensure you understand what is (and is not) covered.
How Much Does Wedding Insurance Cost?
The cost of wedding insurance depends on several factors:
- Your location
- The issuing insurer
- Coverage amounts
- Size of wedding
- Optional riders
A basic cancellation and postponement policy costs between $100 and $500. A general liability policy that covers accidents or injuries up to $1 million costs around $125.
Shopping around and comparing policy quotes from various insurance companies is a good idea. If you are unsure where to begin, consider our recommendations for the best wedding insurance companies.
Does wedding insurance cover gifts?
A standard wedding insurance policy typically does not cover lost or stolen gifts unless you add a wedding gift rider to your insurance policy when you purchase it.
Does wedding insurance cover breakups?
Unfortunately, wedding insurance usually does not cover cancellations due to a couple’s divorce.
Where can I buy wedding insurance?
Some major insurance companies, as well as companies that specialize in this niche, sell wedding insurance.
A wedding insurance policy can help cover the costs if something goes wrong on your wedding day. Although a policy for a typical ceremony can cost several hundred dollars, given the cost of the average wedding today, it may be well worth the investment.
It’s a good idea to start looking for wedding insurance as soon as you plan your wedding. Compare policies and rates from various companies, and carefully read the exclusions and restrictions, as policies differ in what they will and will not cover.