Planning a wedding can be a massive logistical and financial undertaking. With the average wedding costing over $30,000, and the overall success of the day relying heavily on circumstances beyond even the most organized couple’s control (weather, no-show vendors, family illness, etc.), it makes perfect sense to try to protect such a large investment. While wedding insurance can’t guarantee that the sun will be shining on the big day, or your guests will be drama-free, it can help protect you and your family from serious financial loss.
What is wedding insurance?
Wedding insurance protects your wedding investments from loss due to circumstances out of your control, offering a layer of financial protection for the wedding hosts should something go seriously wrong with your wedding plans.
What is covered under wedding insurance?
Coverage provided by wedding insurance is wide-ranging and will provide financial reimbursement for scenarios that you may never even think of. Some examples of coverage include:
- Cancellation or postponement of the event: extreme weather, such as a hurricane or tornado, or the sudden illness/injury of a crucial member of the wedding, such as the bride, groom, or a parent, could be eligible reasons for event cancellation. Cancellation due to “cold feet” is excluded.
- Event photographs/video: financial compensation in the event of faulty video equipment, exposed photographs, deleted memory cards, etc.
- Event gifts: reimbursement if gifts are stolen from the venue.
- Special attire: reimbursement for a new wedding dress or tuxedo if the original is lost, stolen, or damaged.
- Special jewelry: coverage for the wedding rings up to, and including, the wedding day.
- Lost deposits: reimbursement of a deposit if your venue or a vendor goes out of business, files for bankruptcy, or is a no-show on the day of your wedding.
- Liability insurance (optional coverage or may require an additional policy): may cover damages to your venue caused by a guest, or injuries incurred by a guest at your event.
- Liquor liability insurance (optional coverage or may require an additional policy): designed to help protect you against the potentially high cost of injuries, damage or lawsuits resulting from alcohol-related accidents that may occur during your wedding ceremony, reception or rehearsal dinner.
While this is a general overview of what may be covered, a member of the Eastern Insurance customer service team can talk to you more about what would be covered under your specific policy.
What is not covered by wedding insurance?
Wedding Insurance is designed to protect you against extraordinary circumstances that are out of your control, or the control of members of your wedding party. It will not cover if the wedding is called off due to a change of heart by either the bride or groom, if you decide to change vendors after paying a deposit, or if the weather on your wedding day is poor. Lastly, while your wedding band may be covered under this policy, your engagement ring likely is not. Engagement rings, along with your wedding bands following the wedding, likely require special coverage on the homeowners or renters insurance of the happy couple.
If my vendors have insurance, why do I need wedding insurance?
Just as your wedding policy would protect you, your vendors’ policy protects them. For example, if your caterer accidentally gives your guests food poisoning, their insurance would likely cover the medical bills of your guests, but if the caterer failed to show up at your event at all, your wedding insurance will likely reimburse you for the money you had already paid them.
How much does wedding insurance cost?
A basic wedding insurance policy can cost anywhere from $150-$550, often depending on the size, style, location, and overall expense of the wedding. Considering the average projected cost of a wedding cake in 2019 is $598, that makes the investment to protect your entire wedding a piece of cake!
When do you need to purchase wedding insurance?
As soon as you start planning you should start exploring your options for wedding insurance coverage, because the minute you put down any deposits you are vulnerable to financial loss. Some insurance companies have limits on how far in advance of the wedding date you can purchase this insurance, as well as limits on how close to the event you can purchase coverage.
As with all the details of your wedding, your wedding insurance policy should be unique to you. Talk to a member of the Eastern Insurance customer service team to learn about the coverages available, and to decide on the coverage you need. Be sure to get a full understanding of what will be covered in the event of the unexpected so that you can plan your big day with peace of mind.
For more information on wedding insurance, or to discuss any of your other insurance needs, contact a member of the customer service team at Eastern Insurance. They can be reached by phone at 1-800-333-7234 (Option 2), or by email at firstname.lastname@example.org.