If you’re planning a wedding, it can seem unnerving to spend so much money on an event without a guarantee that everything will go as planned. From severe weather to a vendor going out of business to a death or major illness in the family, many factors can disrupt a wedding. If you’re considering purchasing wedding insurance, here are four things to keep in mind.
There are two main types of insurance coverage for weddings – liability and cancellation/postponement.
A liability policy will cover you if you are sued because someone at the wedding gets injured or there is property damage. It’s also best to check with your vendors to see that they have their own liability coverage. A policy for cancellation or postponement will help you recover costs if the wedding cannot happen as planned. Depending on the policy, it may reimburse you for deposits as well as some of the cost of rescheduling. Such policies may also cover things like no-show vendors and unforeseen military deployments.
You may want to consider adding additional coverage for liquor liability.
Liquor liability coverage is an additional policy that can help protect you in the event that you are sued because of the actions of an intoxicated guest at your wedding. While some venues may have their own liability policy that will cover this, other venues may require you to purchase your own liability or liquor liability coverage and provide proof.
Your insurance representative can help you decide what type of coverage you might need.
It’s possible that your current homeowners, renters or umbrella insurance policy – and even your credit card company – may cover some aspects of your wedding. For example, if you’ve packed your wedding gifts in your vehicle and they are stolen, they might be covered by your homeowners insurance policy. Your insurance agent can give you specific details on what your current coverage might include and whether you may want to consider additional coverage.
If you decide to purchase an insurance policy for your wedding, read it thoroughly.
It’s important to know what the policy covers and what exclusions it may have, as well as how much the policy costs, what the deductible is and how much reimbursement coverage it offers. In some cases, the policy will cover deposits and funds spent by family members but it may specify which family members it includes. A grandparent who is contributing to the wedding may be able to get their money back, but an aunt may not. Also, check to make sure the company you’re purchasing the insurance through is licensed to operate in your state.
Thoroughly researching your options for wedding insurance and understanding the terms of the policy will help you decide if it’s right for your event.