What exactly is wedding insurance - and how does it work? Here's the inside scoop.
by Julie Komorn - The Knot
What Is Wedding Insurance?
Basically, wedding insurance protects a couple's investment from circumstances beyond their control, and reimburses expenses incurred. For example, what if your limo driver doesn't show up and you have to book another one the morning of the wedding—for three times the price? Or what if the groom's custom-made tuxedo is lost in airport baggage, and he has to buy a new one the day before the wedding? What if your reception space goes out of business a month before the wedding, and you lose your deposit and have to book another space? These are the types of wedding day financial losses that wedding insurance can help to protect.
Why Get Wedding Insurance?
Consider these scenarios:
How Much Does Wedding Insurance Cost?
A basic insurance policy that covers loss of photos, videos, attire, presents, rings and deposits usually costs anywhere between $155 and $550, depending on the amount of coverage you want. General liability insurance, which covers up to $1,000,000 for accidents, costs around $185.
Do You Really Need Wedding Insurance?
Before you buy wedding insurance, check with your each of your vendors to see how well they're covered—your reception site or your caterer may already have their own insurance, so you wouldn't want to pay for overlapping coverage out of your own pocket. Ask your vendors for a copy of their policy, and then figure out where you aren't fully covered.
When Should You Get Wedding Insurance?
The sooner the better. Let's say you put a deposit on your wedding reception hall 12 months prior to your wedding date and then it burns to the ground a few weeks before the big day. With wedding insurance, you'll be sure to get your deposit back. But note: Most insurance companies have limitations on how far in advance you can purchase insurance.
What Does Wedding Insurance Cover?
Problems with the site, weather, vendors, key people, sickness or injury are the top concerns come wedding day. There's usually a specified maximum amount, which can be claimed under each section, and a deductible also applies. Be sure to find out the details of your insurance plan.
Wedding Insurance Doesn't Cover...
Couples can take out supplemental policies to defend against damages incurred by other wedding-related items such as photography, videography and gifts.
Things to Consider
Every insurance policy and every wedding scenario is different. Be sure to contact Craig Pina at C. Pina Insurance—and have him explain the nuts and bolts to you. You want to make sure you understand every detail of your policy.