Are you looking into wedding insurance? Are you worried about being able to pay for your wedding if something unexpected happens? So you’ve put a lot of work into planning your wedding. And, as it gets closer you’re starting to panic about the cost. This is when you start to wonder – is wedding insurance a good idea? If you’re like most people getting married, there are two things you are stressed about: planning your wedding and paying for it. Well, you’re not alone. This article will help you figure out if wedding insurance is a good idea and what to consider before buying.
There’s no doubt about it — weddings are a big deal. If you’re planning your wedding, you likely have everything planned out and budgeted for. But, one thing that you might not have budgeted for is wedding insurance.
Don’t make the mistake of overlooking wedding insurance. Some of the valuable benefits covered by wedding insurance include things like out-of-pocket expenses, accommodations, replacement attire, and more.
Wedding insurance may be an expense you didn’t see coming or want to spend money on, but this peace of mind comes in way cheaper than any other option. You pay a small fee instead of losing thousands of dollars in case something unfortunate happens.
Keep reading to find out more about wedding insurance and whether it is right for you.
- What Is Wedding Insurance?
- What Does Wedding Insurance Cover?
- Why Buy Wedding Insurance?
- How Much Does Wedding Insurance Cost?
- 7 Essential Questions to Consider Before Buying Wedding Insurance
What Is Wedding Insurance?
Wedding insurance is an insurance policy that helps pay for expenses related to your wedding if something goes wrong and you aren’t able to go through with your ceremony. It can also help with other expenses, like if your dress gets lost or damaged before the day of the wedding.
Wedding insurance policies don’t cover everything, but they can help with thousands of dollars in expenses, especially if you don’t have a lot of extra cash laying around to pay for last-minute changes.
What Does Wedding Insurance Cover?
It’s important to note that what’s included in a wedding insurance policy varies from policy to policy. Wedding insurance can be a smart move if you’re the type of couple that plans meticulously or has a lot of vendors to pay for. But be aware that it may not cover every incident that may occur on your wedding day and can cost more than you expect. However, most policies will cover some or all of the following:
1. Property damage
If someone accidentally spills red wine on white carpeting or knocks over an expensive vase, there’s a chance that damage will occur during the event. You can pay extra to have these damages covered by your policy.
2. Loss of income
If you’re an out-of-town bride or groom, you may worry about how you’ll pay for travel if you have to attend a last-minute rehearsal dinner or miss out on an important reception event because of bad weather. These expenses might be covered by your insurance policy.
3. Body injury
If a relative trips over the wedding dress while walking down the aisle and breaks their ankle, they may need medical care in addition to missed time from work.
Even with a non-refundable deposit, some couples who buy their wedding dress or other big-ticket items can find themselves stuck with thousands of dollars in charges if their wedding gets canceled.
Why Buy Wedding Insurance?
When you’re planning a wedding, one of the most stressful things is protecting your investment. And if something goes wrong with your venue, catering company, or other vendors, you’ll want a policy to help you out.
Anyone planning a destination wedding or inviting a large number of guests might benefit from buying this financial safeguard. If you’re having 200 guests at an exclusive resort and have already paid the deposit, it would be financially devastating if something happened that prevented you from getting married there.
You should get wedding insurance if you want to protect your financial future in the event of an unforeseeable event. Political unrest, natural disasters, and even flat tires are all things that can cause a cancellation or a postponement of your wedding. If you take out a loan for your big day, then you need to protect yourself from these kinds of unfortunate circumstances. If you have a lot invested in your big day, then it makes sense to spend a little money on wedding insurance.
They’re not cheap though. With some insurers charging as much as $200 for a few hundred dollars worth of coverage, you may have to decide whether or not it’s worth it. Make sure you read the fine print and know what to expect from your policy before you fork over any money for it.
How Much Does Wedding Insurance Cost?
Wedding insurance is designed to protect you against a variety of mishaps, including canceled flights, lost deposits, illness, and more. The idea is that you can file a claim and receive reimbursement for the expenses incurred with your wedding.
The cost of wedding insurance varies widely depending on the provider, but it’s generally not an inexpensive purchase. Prices typically range from $100-$200 for a basic plan. An all-inclusive, premium plan may cost approximately $600-$700.
Much like health insurance and other forms of insurance, if you have a pre-existing condition or family history of a certain illness or injury, you may be denied coverage or pay more for it.
7 Essential Questions to Consider Before Buying Wedding Insurance
If you are still on the fence about whether or not to purchase a wedding insurance policy, however, the following questions will help you decide whether wedding insurance is right for you:
1. Who needs it?
In many cases, wedding insurance is meant to safeguard against accidents or other unexpected problems that might otherwise ruin your big day. If these types of things aren’t an issue for you, then it may not be worth purchasing insurance protection.
2. What does it cover?
All policies share certain elements of coverage, but it’s important to understand exactly what’s included in your policy and what isn’t. For example, if you’re planning a destination wedding in Hawaii (or any other location outside your home state), ask whether the policy covers travel expenses in case of emergency — including airfare back home — or whether such expenses are covered only when a family member is sick or injured.
3. What are the exclusions?
The exclusions are the part of the policy that spells out what isn’t covered. You’ll want to know exactly what isn’t covered before buying any policy. Some policies won’t pay out if something happens, while others will only cover certain types of mishaps or damages.
4. Is there a deductible?
Policies usually come with some sort of deductible — that is, you have to pay a certain amount out of pocket before any funds are released from the insurance company.
5. Are there any alternatives?
If you’re very sure of your plans, and your wedding is quite small and low-cost, then wedding insurance might not be necessary. There are various alternatives that you can do instead. For example, if you’re having an intimate ceremony at home or in a church or other venue with a limited capacity, then the risk of the place being full is very slim to none. On the other hand, if you’re having a big event in a hotel ballroom and have invited hundreds of people already, then this could be a good time to buy an insurance policy.
6. How do I make a claim?
Is there a phone number I can call 24 hours a day? What happens if I’m overseas and something goes wrong? If the wedding dress is damaged or gets blood all over it, will the insurance company pay for a new one or can I get reimbursed for the costs of cleaning and repairing? Make sure you know exactly how you’re expected to make a claim before you sign on the dotted line!
7. Who provides the coverage?
Is the provider reputable? While it may seem like an easy decision, there are several things you need to look into before purchasing a policy. Find out if the company has financial stability or if they have been investigated in the past for any wrongdoing or fraud.