When little girls dream of their wedding day, they’re usually imagining a gorgeous gown, an abundance of lush flowers, a picture-perfect starry night, and of course Prince Charming. I have yet to come across a 12-year-old girl who is planning the intricate details of her wedding insurance policy. But the truth of the matter is, these details are just as important (dare we say more important) as what color your bridesmaids are wearing.
When considering policies, it's important to understand exactly what is being offered and what you need. There are two types of wedding insurance: Liability and Cancellation/Postponement. Before you write off Cancellation/Postponement insurance because there’s no chance you’re cancelling your love for each other, just read about it below. There’s more to it than you think. But let’s start with Liability.
Liability insurance is just what it sounds like: coverage for what we call day-of “fires”. Many venues require that you purchase it, especially if you are personally purchasing and providing booze. Most Liability policies include liquor liability in them, you just need to read the fine print. With these policies, you’ll also be covered for accidents and losses. So if Aunt Karen is in charge of assembling the centerpieces and accidentally breaks a vase cutting her hand, the good news is that the trip to the ER and stitches could be covered. The bad news is that your wedding planner will need to find another vase.
Cancellation/Postponement (C/P) policies, as suggested, cover cancellations or postponements. We know, we know. You’re madly in love and getting married in the Fall when there is no severe weather. But the reality is weddings can be cancelled or postponed for reasons other than just a breakup or severe weather. What if an immediate family member is hospitalized? Or say you tear a ligament in your knee a couple weeks before the wedding and you’re in a full-leg cast. Accidents happen and this would help cover costs associated with a reschedule.
With C/P policies, you have to indicate how much coverage you want per item (gown, vendors, rings, etc.) Some policies automatically give you standard limits of coverage per item while other policies allow you to manually enter in how much coverage you want for each. If you splurged in one particular area (read: photography), then you may want to find a policy that allows you to manually set your own amounts so that your coverage is appropriate.
There are a million different companies that offer Liability & C/P insurance. Most quotes range from $100 to $500, fluctuating depending on how much coverage you want. Since you’d probably rather spend your precious wedding planning time pinning dresses than reading about wedding insurance, we’ve highlighted a few reputable companies to help narrow your search.
Markel covers both Liability and C/P as a bundle and gives a 15% discount when you select both. The C/P automatically covers extra expenses, photo & video, gifts, special attire, special jewelry, loss of deposit, and professional counseling. The financial limits of each category are based on your overall budget. This plan covers you for the entire weekend including 48 hours before the wedding and also extends throughout teardown/strike with no set end time. Many other policies end at 11:59pm.
This plan is extremely customizable. Along with Liability coverage, they automatically make you get a C/P covering a minimum of $1,000. After that, you’re able to pick and choose exactly what you want to get covered allowing you to only pay for what you need. Wedsure does not come with standard limits for each category. You have to pick exactly what and how much you want covered. Obviously the more you choose, the higher the quote will be.
With WedSafe, you can choose just Liability, just C/P, or both. If you get both, there is a 15% discount that’s automatically applied. WedSafe comes with predetermined amounts of coverage instead of entering in each category manually. Their policy has a lot more fine print than others because they’re owned by Nationwide.
If you’re not in love with these companies, another really great option is to call your personal insurance agent. Sometimes you can have coverage added to your home/auto insurance policy. If not, they can certainly offer a partner company or give another recommendation.
Once purchasing insurance is checked off your list, you can move on to choosing what Prince Charming is going to wear!