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The average wedding in the United States costs over $30,000, according to a poll by The Knot. So what happens to that money if you need to cancel the wedding because the reception venue has a fire? What if weather conditions prevent the bride’s family from getting to the wedding from the other side of the country? What if you have to postpone the wedding because the groom falls and needs surgery?
Many married couples have wedding day horror stories. But canceling or postponing the wedding usually means not getting refunded for all the expenses already incurred.
What is Wedding Insurance?
Wedding insurance is a special type of event cancellation insurance. It can cover policyholders for losses incurred from postponing or canceling an event due to circumstances outside of their control.
As the average wedding cost has risen, so has the popularity of wedding insurance. Most people wouldn’t consider forgoing insurance on an asset worth over $30,000. Likewise, couples don’t want to risk the potential financial loss if they have to postpone their wedding over unavoidable health or weather problems. Wedding insurance can provide couples with some peace of mind about their investment in their wedding plans.
How Much Does Wedding Insurance Cost?
The cost of wedding insurance varies according to the price of the wedding, the deductible, and the types of loss covered under the insurance policy. On average, a wedding insurance policy costs between $100 and $200 for the minimum, basic coverage. Insurance for larger weddings with above-average expenses, however, can cost closer to $1,000.
What Does Wedding Insurance Cover?
The broadest form of wedding cancellation or postponement insurance can cover financial loss for many aspects of the wedding. The expenses covered under the policy typically include things like deposits already paid, transportation costs, property rentals, and catering services.
Standard wedding cancellation insurance policies also include the services of photographers and videographers. Some insurance policies also include protection in the event the photographs or videos are damaged or not delivered after the event. This coverage is usually available for an additional fee.
Wedding insurance policies are pretty specific about what they consider acceptable reasons, or at least covered reasons, for canceling or postponing a wedding.
- Insurance covers any event that changes the usability or availability of a wedding venue. So, if the wedding venue is destroyed due to fire, hurricane, or flood, the postponement or cancellation is typically covered by wedding insurance.
- The wedding insurance policy can cover loss due to cancellation or non-performance by vendors and wedding officials. If a suitable replacement can be found, the insurance policy might cover any additional expenses for last-minute bookings. These additional fees are typically less than the full amount the insurance company would be forced to pay out in the event of a complete cancellation or postponement of the wedding.
- One of the best features of wedding insurance is that it can cover loss due to cancellation or postponement if a key member of the wedding party is not able to attend. If the bride or groom, parents of the bride or groom, or any member of the wedding party is unable to attend, the insurance policy can cover the loss. Involuntary absences include illness or injury, severe weather-related travel issues, or changes to military service deployments.
What Doesn’t Wedding Insurance Cover?
Wedding insurance covers financial losses due to the cancellation or postponement of a wedding due to circumstances outside the control of the bride and groom. So, cancellation or postponement for any reason that is within their control is not covered by insurance. Most importantly, cancellation or postponement due to cold feet is exempt from insurance coverage.
Other exclusions that are not covered include financial distress and weather. If you simply have to cancel or postpone the wedding because you’re facing financial difficulties and no longer have the money to pay for the wedding, your insurance policy will not cover your losses. Wedding insurance does cover cancellation or postponement due to weather, but this does not mean you can postpone the wedding to wait for a sunny day. The insurance policy only covers what is considered severe or extreme weather events that prevent the wedding party or a significant number of guests from attending the event.
Should You Get Wedding Insurance?
Is wedding insurance worth it? If you consider the costs associated with even the simplest wedding, the insurance is probably worth any potential loss. With total wedding costs topping $30,000, a couple of hundred dollars might seem a small price to pay for additional financial protection.
Author: Jeff Gitlen