Wedding Insurance

With high wedding costs these days, your ceremony and reception will likely be the most expensive event you and your partner will ever plan. Because so much money is on the line, buying wedding insurance could be a smart idea. But before you buy a policy, it's important to know what it will and won't cover.

What Is Wedding Insurance - Wedding insurance is a type of special event insurance that offers financial protection for issues related to your celebration. There are two main kinds:

1: Wedding liability insurance

Liability insurance will help you pay for property damage or injuries that occur during your event. For example, if a wedding guest enjoys the open bar too much and damages the venue's window, liability coverage could pay for its replacement or repair.

2: Wedding cancellation or postponement

Wedding cancellation or postponement insurance will reimburse you if the ceremony or reception needs to be cancelled or postponed due to circumstances beyond your control. For example, your policy could cover you if the ceremony was canceled because of extreme weather—such as a hurricane or severe snowstorm—illness, injury, or because a vendor went out of business.

Wedding Insurance Riders - Wedding insurance typically covers particular circumstances, but you can buy optional insurance riders to get additional coverage. Common riders that may be available include:

1: Military service

If you or your partner are in the military or active reserves and are called to duty, a military service rider would cover the costs of rescheduling your event.

2: Bridal gowns and tuxedos

If the store you bought your wedding gown or tuxedo from goes out of business—stranding you without your wedding clothes or deposit—this rider will help cover the cost of new clothes.

3: Honeymoon

If you have to cancel your honeymoon because of inclement weather or illness, a honeymoon rider could reimburse you for your travel fees. 2

What Doesn't Wedding Insurance Cover - Wedding insurance doesn't cover everything that might go wrong. While policy terms can vary by insurer, the following exclusions usually apply:

1: Cost

In general, cancellations or postponements due to cost aren't covered by wedding insurance. For instance, suppose you realize that the ceremony and reception have exceeded your budget, and you decide to scale back. In that case, your wedding insurance policy won’t reimburse you for lost deposits or other expenses.

2: Change of heart

If you or your partner change your mind about getting married, your policy typically won't cover the costs resulting from the wedding's cancellation.

3: Ordinary bad weather. Wedding insurance will only reimburse you for cancellations or postponements due to extreme weather conditions, meaning conditions so severe that you, your partner, or at least half of your guests can't reach the wedding venue. For more common weather conditions—such as rain on the day of your beach wedding—the policy won't reimburse you.

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

In general, a basic cancellation and postponement policy will cost between $155 and $550. A general liability policy that provides up to $1 million in coverage for accidents or injuries costs around $185.

Does Wedding Insurance Cover Gifts - A basic wedding insurance policy doesn't typically cover lost or stolen gifts unless you add a wedding gift rider to your insurance plan when you buy it.

Does Wedding Insurance Cover Breakups - Unfortunately, wedding insurance typically doesn’t cover cancellations due to the couple splitting up.

The Bottom Line - A wedding insurance policy can help cover your costs if things go wrong on your big day. Although a policy can run several hundred dollars for a typical ceremony, given the cost of the average wedding today, it could be well worth the investment.

It's wise to start shopping for a wedding insurance policy as soon as you begin the planning process. Compare policies and rates from multiple companies, and be sure to read the exclusions and restrictions carefully because policies vary in what they will and won't cover.