Skipping Wedding Insurance Is a Big Mistake

You don't want to think about it, but disasters and unexpected problems can happen on your wedding day. From a sudden cancellation to a damaged gown, wedding insurance can help protect you against the unforeseen and give you peace of mind. What's wedding insurance? That's exactly what we're here to answer (and much more). We spoke to wedding insurance experts to get the inside scoop on everything concerning insurance for a wedding, so you're prepared for whatever life throws your way. Keep reading to learn about wedding day insurance and why it's worth adding "look into insurance options" to your wedding planning checklist.

By the way, you'll need to consider how insurance will impact your wedding budget. Start figuring out how to allocate your celebration funds by using The Knot Budget Advisor, then factor in wedding insurance costs as needed.

What to know about wedding insurance: What's Wedding Insurance? | What's Covered? | Types of Coverage | Cost | Companies to Consider | Do You Need It? | Tips

What's Wedding Insurance?

Wedding insurance is a contractual, financial agreement that protects you against monetary losses in the event that your wedding day (or other wedding-related celebration) is unexpectedly canceled or otherwise affected by something out of your control.

Similar to other types of insurance policies, like health, homeowners or car, you pay a fee for wedding insurance upfront in exchange for possible reimbursement from the company if something goes wrong. According to expert Todd Shasha, a casualty product management lead at Foremost Insurance, wedding insurance is a type of special-event insurance that provides coverage on and leading up to the wedding. Weddings are a significant investment—that's why insurance is beneficial no matter how much your event costs.

What Does Event Insurance for the Wedding Cover?

Exact areas of coverage for wedding insurance policies depend on which company you choose, but in general, the insurance covers the venue, vendors, wedding items as well as cancellations due to sickness or injury before or during the wedding day.

There's usually a specified maximum amount that can be claimed under each section of your policy, and a deductible also applies. Steve Lauro, who's been the vice president of Aon and vice president of WedSafe for more than 15 years, wants couples to know that wedding insurance coverage differs based on what's stated in the policy: "All types of insurance vary, not only from company to company, but from state to state. Insurance in the US is governed by each state's Department of Insurance."

Lauro adds: "Find a reputable company who specializes in the type of coverage you're seeking, like a program dedicated specifically to wedding insurance. Make sure to inquire about what products and benefits are right for you." Still wondering, "What does wedding insurance cover exactly?" Here's a brief description of each item the best wedding insurance companies usually offer coverage for:

• Site: Wedding venue insurance can cover the costs that arise out of an unavoidable cancellation, such as damage or inaccessibility to the ceremony site. For example, if your reception hall can't honor your reservation because it recently got damaged in a fire, experienced an electrical outage or closed down, your insurance might cover these incidents. Sometimes, this policy also covers the rehearsal dinner site.
• Weather: Extreme weather conditions and force majeure (like a hurricane on the wedding day) that prevent the couple, immediate family, wedding party members or the majority of the guests from reaching the premises where the wedding is to take place are often accounted for in insurance coverage. Insurance may cover rescheduling the wedding and all the details involved, including ceremony flowers, a tent rental and reception food. In most states, an extreme weather policy must be purchased at least 14 days before the event.
• Vendor no-show: What if essential wedding vendors, like the caterer or the officiant, fail to show up? A wedding insurance policy usually covers the cancellation or postponement of the wedding for these reasons, including deposits paid to vendors who don't fulfill their contractual obligations.
• Sudden illness or injury: Wedding insurance may cover cancellations due to sudden illness, injury or death of the couple, or of immediate family members (parents, siblings, grandparents and children). This doesn't include preexisting medical conditions, so it's best to speak with your insurance agent for more information.
• Wedding gifts: Some wedding insurance policies cover damage or theft of wedding gifts up to an estimated value amount.

What does wedding insurance not cover? In most situations, you won't be reimbursed if you call off the wedding because of a change of heart—in other words, getting cold feet doesn't count. According to Wedsure director of operations and CPCU Kerri McDonald, Wedsure does offer change-of-heart coverage, but it must be purchased 15 months in advance. And while your wedding insurance policy might cover your wedding rings, an engagement ring probably won't fall under the same coverage. You can purchase engagement ring insurance separately or see if it's an optional addition to your homeowners insurance policy.

The Two Types of Wedding Insurance Coverage

There are two kinds of wedding insurance, and they don't exactly cover the same things, so it's important to know the difference. Here's a quick rundown to help you decide which type of policy is best for your needs.

Design: Ashley Detmering,Illustrations: Tiana Crispino

Wedding Liability Insurance

"Event liability insurance protects you against financial liability arising from your wedding, and it's required by many venues," Lauro explains. (Thoroughly look over your wedding venue contract to see if this type of insurance is necessary.) "This could protect you if a guest was injured, the venue was damaged or there's an alcohol-related incident." If a venue doesn't have its own insurance, liability insurance is a must, because you don't want to be held responsible for any accidents—especially if you're serving alcohol at your wedding. For example, if a guest gets injured at your wedding while under the influence, liability insurance will cover their medical bills. Rehearsal dinners aren't always covered, but they can sometimes be added to a wedding venue insurance policy.

Wedding Cancellation Insurance

"Wedding event cancellation and postponement protects your financial investment in your wedding; it covers cancellation or postponement, lost deposits and more," says Lauro. If circumstances beyond your control force the cancellation of the wedding, this coverage could reimburse you up to the total cost of your wedding. The reasons could be virtually anything from severe weather or the venue closing to an injury or illness of a person integral to your wedding. Wedding cancellation insurance coverage can usually extend to no-show vendors too. Also, this is the type of insurance you'll need if you're interested in getting a policy that includes "change of heart."

Wedding Insurance Cost

So how much is wedding insurance? For a basic policy, the cost usually runs anywhere from $75 to $550, depending on the provider, the event location and the amount of coverage you want. General liability insurance depends on the limit of liability selected, which usually covers a minimum of $500,000 for accidents, and typically costs at least $100.

"Event cancellation coverage is based on the price of the wedding the couple wants to protect," says Lauro. "Couples should choose a coverage level based on their total wedding budget. This is the investment you would stand to lose in a worst-case scenario." Don't let insurance be a hidden wedding cost you put on the back burner. Instead, research a few different policies and wedding insurance prices to find the best one for your needs.

Wedding Insurance Companies to Consider

It's important to shop around to find the best wedding insurance plan for your situation. Good news: You might already be working with one of the following insurance providers for a different type of policy, which means you can then get wedding insurance from a company you trust. Either way, below are some insurance businesses we'd recommend.

eWed Insurance

eWed Insurance offers three types of coverage to fit a variety of needs. Their event-liability coverage starts at $119, comes with zero deductible and includes up to $2 million per occurrence and $3 million total for bodily injury and property damage. The company's cancellation and postponement insurance starts at $75 and protects against unforeseen circumstances, like extreme weather, unanticipated illness and unexpected military deployment. Lastly, eWed's vendor day-of liability insurance, which works for a variety of vendor categories, starts at $125 and comes with zero deductible.

BriteCo

BriteCo is perfect for busy couples, as the company impressively promises to provide "jewelry and wedding protection in under two minutes." They're also a strong option if you want to house multiple wedding-related insurance plans in one place. They offer jewelry insurance (coverage up to 125% of appraised value with no deductible), engagement ring insurance and wedding/event insurance (with plans starting at $80).

Jeweler's Mutual

Although Jeweler's Mutual is mostly known for being a jewelry insurance company, their extensive offerings also include policies that can be useful for other shiny wedding accessories, such as watches. Dependability is key when looking for an insurance company and Jeweler's Mutual boasts an impressive 113 years of experience.

Wedsure

Need last-minute wedding insurance? Wedsure allows you to buy insurance up to 24 hours before your wedding, and you'll receive policy documents immediately following your purchase. Plans start at $125 and include coverage for your wedding rehearsal dinner, ceremony and reception.

WedSafe

Established in 1999, WedSafe has 27 years of experience offering wedding liability and cancellation insurance. In addition to providing insurance for couples, wedding vendors and entertainers can also purchase WedSafe insurance for professional use.

Travelers

Travelers wedding insurance plans begin at $160 without a deductible. Areas of coverage include wedding-attire insurance, jewelry, wedding gifts, lost security deposits, cancellation or postponement, wedding photography and videography, as well as optional add-ons, including policies for weather, liability, sudden illness and active call of duty.

Geico

With plans ranging from $75 to $235, Geico wedding insurance is an affordable choice if you want to add protection without going over budget. Choose from wedding liability insurance, cancellation insurance or save 15% (or 10% for Florida residents) by combining both plans.

Progressive

Progressive event insurance plans begin at $105, making them another affordable wedding insurance provider. Depending on the policy you choose, you'll be covered for liabilities, cancellations and damages to property, like wedding attire, jewelry or gifts.

Allstate

Allstate partners with Markel wedding insurance to provide policies as low as $75. Their event liability insurance, which protects you in the event of property damage or injury at the venue, includes up to $2 million in coverage and venues can be added to the policy for free. Their event-cancellation insurance protects you against vendor bankruptcy, extreme weather and sudden illness.

USAA

USAA also partners with Markel wedding insurance to provide coverage exclusively for veterans and military families. They're one of the few wedding insurance companies offering destination wedding insurance, with liability coverage available for weddings taking place on cruise ships departing from the US, in US territories and possessions, and in Canada. USAA wedding insurance plans range from $75 to $235 and you can get a quote by logging into your USAA account.

Do I Need Wedding Insurance?

When you're already juggling so many expenses for your wedding budget, it can be tempting to skip out on wedding insurance to save a little bit of money. But wedding insurance can help you in numerous situations, including some scenarios that we've outlined below.

• Jordan and Blake spent months planning their winter wedding. But on the wedding day, their reception site is made inaccessible by an ice storm. With the right wedding insurance policy, the couple can postpone their wedding and receive every penny they lost—including money for the invites, cake, catering, attire and nonrefundable deposits for ceremony musicians, a floral designer and other vendors.
• The bride's father is injured in a car accident just before the wedding and can't travel. With wedding insurance, if the couple has to postpone their wedding, they could be paid back their expenses, so they can have the wedding once the father recovers.
• Before the ceremony, Brittany's gown catches a gust of wind. Unfortunately, the tulle dances over Uncle Howard's cigar and the dress instantly goes up in flames. Fortunately, the right insurance policy covers the replacement of the gown.

Is Wedding Insurance Worth It?

Although it comes with a price, the peace of mind you'll get from wedding insurance can make it a worthy investment, especially if you're getting married in a high-risk area or worried about things that are out of your control. "Wedding insurance offers peace of mind," says McDonald. "You cover your car, your house and have health insurance, so your wedding should be covered too."

Before you buy insurance, chat with your wedding vendors to see how well they're covered through their own insurance policies (which they should have as a registered business). You wouldn't want to pay for overlapping coverage out of your own pocket, so ask your vendors for a copy of their policy to see where you aren't fully covered. Another reason you should get a copy of your vendors' insurance policies is because you may need to provide the certificates of insurance (COI) for the wedding venue.

More Wedding Insurance Tips

Now that we've covered the logistics and technicalities of wedding ceremony insurance and beyond, here are a few final words of wisdom. We suggest keeping the following tips in mind while looking for the right policy.

Take Your Time Making a Decision

One of our rules for how to plan a wedding is to do research before committing to anything, which is how you should handle deciding between wedding insurance providers or policies. It's tempting to make a quick decision so you can move on to the next checklist item, but be sure to read the fine print carefully to understand exactly what you're paying for and what's included in the policy.

Ask Your Vendors for Recommendations

If you're having trouble deciding between wedding insurance providers or don't know where to begin, ask the people who do this for a living: your wedding vendors. Chances are, they'll be able to share pros and cons from their personal experience, whether through insuring their own business or what they've witnessed with previous couples choosing wedding insurance. To find trusted wedding pros, check out The Knot Vendor Marketplace.

Check Your Existing Insurance Policies First

This isn't always the case, but some homeowners or renters insurance policies may already include event or wedding coverage, especially if you're hosting the wedding at home. Depending on the plan, you might need to select add-ons so you have the best wedding coverage for your needs.

Figure Out the Best Time to Purchase Your Insurance

The best time to begin researching wedding insurance is shortly after you start planning, specifically, once you have an idea of how much each vendor's services will cost. Depending on the provider, you can purchase wedding insurance up to a few weeks before the wedding, but the sooner, the better.

"My recommendation is to ensure you have coverage in place as soon as you start outlining deposits," says Shasha. "A lot of customers might buy a policy up to two years in advance. That way, as your deposits go up, you can start writing checks and have coverage."

McDonald also thinks it's vital to get wedding insurance as soon as possible because the wedding industry traditionally uses nonrefundable contracts. McDonald advises insuring those nonrefundable deposits as soon as you and your partner start planning. For example, let's say you sign a contract and pay your wedding photographer a year before the wedding, and one month before the wedding, they drop out. If you buy a wedding insurance policy after the fact, you won't have coverage. That's why it's important to have an insurance policy in place before you sign a contract or make final decisions.

Gather Wedding Insurance Quotes Before Purchasing a Policy

It's hard to truly compare insurance policies without knowing exactly how each company will be able to financially protect your unique situation. That's why it's wise to seek out wedding insurance quotes from a number of providers before signing on the dotted line.

Purchase Policies for Anyone Paying for the Wedding

If you have parents or other loved ones helping you pay for the wedding, it's a good idea for everyone to purchase their own wedding insurance plan. That way, you can outline the specific areas of coverage depending on how much each person is contributing financially.

And remember, wedding insurance isn't just for the to-be-weds. Shasha says the parents of the couple can buy policies too. "Anybody who might have a financial interest in the wedding can purchase a policy."

Additional reporting by Samantha Iacia and Hannah Nowack.

Please note: The Knot and the materials and information it contains are not intended to, and do not constitute, financial or tax advice and should not be used as such. You should always consult with your financial and tax advisors about your specific circumstances.