Wedding Insurance: Straight or Gay, It Makes Sense to Pay
Planning for marriage is often a major undertaking. In the midst of all that work, few consider wedding insurance.
Now, why is that? You can get insurance for just about everything else, but the bride and groom are more focused on centerpieces, venues, and the open bar than anything else. What if something goes wrong?
Regardless of who you marry, on the big day, it’s probably a good idea for your peace of mind to buy insurance. Have you seen how much weddings cost lately? When even just photographers cost thousands of dollars, this is a major investment. A wedding of a few hundred people could cost more than your car — several times over, in fact.
It could be that you’re required to purchase it, but even if not, you should.
What Does Wedding Insurance (Liability) Do?
Wedding insurance can do a couple things. If you purchase liability insurance, that protects you from claims arising as a result of bodily injury or property damage. For example, let’s say your DJ causes an incident that leads to damage at the wedding venue, and a guest is injured as a result. Let’s also say that you, as the wedded couple, share in that liability. Wedding liability insurance protects you from when the venue, and guest, are looking for payback.
If the venue owners were smart, they’d require couples to get a wedding insurance policy and name the venue as an “additional insured.” This means that the venue transfers the risk of a claim down to you, and the policy will protect their interest as well. Indeed, this is becoming more common. Not having a policy in this case could constitute a breach of contract and leave you on the hook financially.
As For Wedding Insurance For Cancellations
This one is exactly what it sounds like. If you must cancel or postpone the wedding due to sudden and unintended circumstances, wedding insurance can cover you. This includes the venue being forced to close (and not refunding the deposit) or weather-related cancellations.
Here’s an important thing to note: many of these policies state specifically that “changes of heart” (as in, cold feet) are not a covered cause of cancellation. If you get ditched at the altar, sure, that sucks, and the policy isn’t going to kick in anything.
Yet, if the photographer took the cash but didn’t show up, you should be able to find coverage. (Meanwhile, you’ll have to get out your phones and take wedding selfies. Maybe you can Shutterfly those into a book.)
Where Can I Buy Wedding Insurance?
Several reputable companies offer wedding insurance. One of them is WedSafe, which is backed by Nationwide. They can put together for you a special event policy online. Of course, be sure to read the terms and conditions carefully.
Markel Insurance, known to any insurance agent working in excess and surplus lines, also offers these policies.
In terms of cost, popular wedding website The Knot prices liability and cancellation insurance at a minimum of $340. Depending on how lavish the ceremony is, this could flirt with four digits. If you have any questions at all, call your agent or use these online resources to get a quote. You won’t know for sure until you do.