Buyers Guide
What is Wedding Insurance?
Wedding insurance is a kind of event insurance that protects the couple from potential losses that can occur on their big day, such as inclement weather, issues with the venue, property damage, or injured guests.
How Does Wedding Insurance Work?
You’ll need to select your coverage limits and deductibles when you create your wedding insurance policy. This will determine the premiums you’ll need to pay each month, the events it’ll cover, and the amount you’ll have to pay from your own money in the event of unexpected circumstances. The same process applies to people choosing private events insurance.
How Much Does Wedding Insurance Cost?
What Is The Average Cost of Wedding Insurance?
The answer to how much is the cost of wedding insurance depends on the state you live in. For instance, the average wedding cost in California is $31,437 and $231 per guest whereas in Colorado, the average wedding cost is $27,646 and $203 per guest.
Is It a One-Time Payment?
You’ll need to make a one-time payment to purchase wedding insurance but will need to pay premiums each month, depending on your coverage.
What Affects the Price of Wedding Insurance?
The number of guests attending your wedding, the types of coverage options you have bought, and the limits of your coverage all affect the price of wedding insurance.
Wedding liability insurance cost that is under $100 is the least expensive, whereas wedding cancelation insurance can cost more than $1,000 for people who have taken out a larger policy.
What is Usually Covered?
What Are the Common Items Usually Covered?
Liability insurance for wedding and cancelation insurance is usually covered under wedding insurance. Wedding liability coverage includes various things such as property damage and bodily injury. To see if you need to purchase liquor liability insurance for a wedding, you need to check with the venue and the laws for your state.
Some wedding insurance companies may add alcohol insurance for wedding as part of your policy without extra charge. Wedding cancelation coverage reimburses you for the expenses incurred due to the postponement or cancelation of your wedding.
You’ll have to buy cancelation coverage, as liability insurance may not cover some aspects. This includes vendor problems such as revoked permits, loss, or bankruptcy, people becoming injured or falling ill, property damage, inclement weather, military deployment, and wedding attire or dress damage. If you want insurance for a wedding ring or wedding photographer insurance, you may have to purchase them separately.
What Are Their Advantages?
There are several advantages that you’ll receive by purchasing a wedding insurance policy. In the event your wedding doesn’t take place due to an unforeseen incident, your wedding insurance will cover the financial loss.
What is Usually Excluded?
What Wedding Insurance Doesn’t Cover?
Wedding insurance doesn’t usually cover change of heart, which is getting cold feet and backing out at the last minute from the wedding. Your wedding insurance may also not cover jewelry and engagement rings.
Are Those Items Available as Add-ons for the Policies?
Most wedding insurance companies don’t offer a change of heart add-on, but they do offer add-ons for jewelry and engagement rings.
What Are the Alternatives?
You can ask your home insurance provider if they offer a rider or have an event liability policy, which you can purchase. Home insurance policies cover personal property and personal liability.
You can talk to them to discuss what happens in the event of stolen gifts or if your necklace vanishes while you have it on during your wedding.
However, these things are subject to the deductible. Credit cards may also cover certain items and losses.
Do I Need Wedding Insurance?
Why Do I Need Wedding Insurance?
Yes, you do need wedding insurance for wedding venues and other wedding-related things. If your venue doesn’t have insurance, it’s essential that you get liability insurance.
Is There Any Other Type of Insurance that Already Covers Weddings?
You can check with your home insurance provider and ask them if they provide coverage. For instance, your engagement rings may be covered under property insurance. By having insurance for the wedding venue, you protect yourself, your soon-to-be spouse, and your family from potential losses.
The cost of wedding reception insurance is less compared to the overall cost of the wedding, so don’t take the risk by not obtaining it.
Methodology
We examined a wide range of insurance companies offering wedding day insurance. The insurance provider you’ll choose depends on your budget and circumstances. Understanding the different wedding insurance policies offered under each provider will help you decide.
We compared insurance for weddings according to various factors to give you a clear picture.
Here’s what we based our research on:
Wedding Insurance Coverage Options
- Wedding liability insurance
- Wedding planner insurance
- Wedding cancelation or postponement insurance
- Host liquor liability insurance
- Venue or additional liability insurance
- Including add-on coverage options, such as jewelry and gifts, loss of deposits, special attire, weather, and more
Financial Strength Ratings
- Better Business Bureau (BBB) provides company ratings and reviews. A BBB-accredited insurance company meets its accreditation standards and is committed to making a genuine effort in resolving consumer complaints.
- AM Best has a rating system, which it uses to assign ratings to insurance companies based on their financial strength. It shows how well the company can meet its contractual obligations and pay claims. AM Best rating indicates how much a consumer can trust an insurance company. They give insurance companies a letter grade and an outlook projection to rate their level.
- Moody’s rating ranks insurance companies on their creditworthiness using a rating scale to measure predicted loss in the event the insurance company defaults.
Customer Service
- The analysis of the pros and cons of each insurance company’s customer service will inform you about their ease of claiming, online features, response times, buying flexibility, and more.
Pricing
- Insurance companies that allow you to customize your wedding insurance, deductibles, and policies that don’t have any related charges are ranked higher.
Final Thoughts
You don’t want anything to bring you down on your big day. With wedding insurance, you can have the wedding of your dreams without the stressful thought of “What if something goes wrong?” weighing you down.
