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Wedding Insurance Cost


How Much Does Wedding Insurance Cost?

 
low costLiability: $165-$220average costCancellation: $95-$1,000
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There are two main types of wedding insurance: liability insurance and cancellation insurance. Wedding liability insurance is required by many venues and protects purchasers against a costly accident (building fire or injury, for example) that may happen on-site during an event. Wedding cancellation insurance covers the postponement or termination of a wedding due to severe weather, illness of key people or military leave that is suddenly revoked. It can also cover financial losses if vendors do not show up on the wedding day, photographs are deleted or the bridal salon goes bankrupt before picking up a wedding gown, among other situations.

Typical costs:

  • Wedding liability insurance typically ranges from $165 to $200. A $185 policy will typically cover $1 million in accidents.
  • Wedding cancellation insurance typically costs $95 to $1,000. Travelers Insurance[1] equates the fee to about the same as the total cost of one guest.
  • Though most companies do not offer it, the National Alliance of Special Event Planners[2] endorses "Change of Heart" insurance policies, starting at $170. This policy protects the family if the bride or groom changes their mind and cancels the wedding. This is not very common because most companies find it difficult to prevent against fraud with this type of insurance.
Related articles: Wedding Ceremony Venue, Wedding Reception Venue, Wedding Planner, Premarital Counseling, Travel Insurance

What should be included:
  • Liability insurance should cover damage to the wedding venue or injury to guests, protecting the wedding couple from a costly lawsuit.
  • Cancellation insurance should cover the buyer's costs if the wedding must be postponed due to severe weather (like a hurricane or tornado), parent's death, or sudden illness or military duty of the bride or groom. It also covers replacement costs if key people don't show up, such as the officiant.
  • In addition, cancellation insurance addresses service providers. For example, if deposits have been placed and a vendor goes out of business or doesn't show up on the wedding day, cancellation insurance should cover the fees to find a last-minute replacement.
  • Additional coverage may often be added to protect the wedding couple if photography, videography, formalwear, jewelry, wedding gifts or rented property (tents, tables or chairs) are damaged or lost. All policies differ on what they do or do not include, so always read the fine print.
Additional costs:
  • Find out in advance what the deductible will be. A $500 deductible on a policy won't help someone who has lost a $400 wedding gown the day before the ceremony.
Discounts:
  • Wed Safe[3] allows couples to purchase both a liability and cancellation insurance package in order to save up to 15% off the total cost.
Shopping for wedding insurance:
  • Before purchasing wedding insurance, The Knot[4] recommends checking with each vendor, such as the reception site or the caterer, to see if they already offer coverage for losses through their contract.
  • Some insurance companies allow customers to purchase coverage up to 2 years in advance of the big day. After putting down a large deposit on a venue, couples will want to make sure insurance coverage is already in place in case the venue burns down, for example. Check the company's policy to see how far in advance coverage can be purchased.
  • Though wedding cancellation insurance can cover many categories like no-show vendors, weather and illness, there is typically a specified maximum amount for each category.
  • Study the sample wedding contract at Protect My Wedding[5] and make sure an insurance contract is detailed about what is or is not covered.
  • The Better Business Bureau recommends using a credit card for as many expenses as possible, making it easier to receive a refund or dispute the charges for poor service.
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External Resources:
  1.  /www.travelers.com/about-us/careers/index.aspx
  2.  www.nasep.org/wedding-insurance.jsp
  3.  /www.wedsafe.com/Pages/home.aspx
  4.  wedding.theknot.com/wedding-planning/wedding-problems/articles/wedding-insurance-1...
  5.  www.protectmywedding.com/pdfs/sample_policy.pdf
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