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The average wedding doesn't come cheap. Most couples spend upwards of $33,000 walking down the aisle, according to a 2017 survey from The Knot. That's a serious financial commitment, assuming everything goes off without a hitch. But what happens if a hurricane strikes? Or the caterers flake out on you, taking your deposit with them?
Enter wedding insurance. This type of special-event coverage is designed to protect couples from financial curveballs.
What Wedding Insurance Covers
Policies vary, and the place to look is in the fine print. Most plans include liability insurance that covers guest injuries as well as any damages to the venue. (In fact, many venues require this bare-bones coverage.)
You can also tack on additional coverage to protect against cancellations or postponements due to unforeseen circumstances. If an unexpected storm, for instance, forces you to delay your reception, you'll have to modify your catering arrangements, entertainment, tuxedo rentals and more. This gets pricey — fast — but wedding cancellation insurance can reimburse you for your losses, minus the deductible.
Some plans even extend illness or injury protection to the wedding party. In other words, if food poisoning forces you to reschedule, you'll be covered. Other specialty coverage may insure against loss or damages for things like wedding attire, photos and even gifts should disaster strike.
What Wedding Insurance Doesn’t Cover
This kind of insurance is really for situations that are out of the happy couple's control — illness, injury, extreme weather and last-minute vendor cancellations all fit the bill. Having a change of heart about your floral arrangements, on the other hand, isn't covered.
Who Might Consider Wedding Insurance
Hosting a wedding is usually an expensive affair, and some people want peace of mind that their financial investment is protected. Levels of coverage vary, so it really comes down to crafting an individual policy.
How Much Wedding Insurance Costs
In most states, basic liability insurance for an event with 40 attendees will cost around $66, according to Progressive. A bigger guest list, however, will up the price. The Knot estimates an average of around $185 for up to $1,000,000 of liability coverage.
What you'll pay for cancellation and postponement insurance boils down to the specific add-ons you choose. Review your vendor contracts to help make this decision.
Where to Buy Wedding Insurance
Already have homeowners or renters insurance in place? Check in with your current company to see if they offer any discounts for existing customers. If not, popular insurers like Wedsure, WedSafe and Event Helper may be worth exploring. Just be sure to factor deductibles into your decision. It might be tempting to go with a cheaper premium, but if it means swallowing a high deductible if things go awry, it may be a wash.