Can I Insure My Wedding?

Coming out of the pandemic, the U.S. has seen more weddings than ever. In 2021, there were just over 1.9 million weddings. That number is expected to reach 2.5 million by the end of 2022 and rise even higher in 2023.

Weddings may have changed, with fewer guests, more destination ceremonies/events, and a divergence from many of the old traditions, but the pandemic isn’t stopping brides and grooms from tying the knot. However, many more couples are questioning if they can, and should, insure their wedding. Since the national average cost of a wedding is $28,000, considering insurance is a good idea.

CAN A WEDDING BE INSURED?

Special event insurance, also called wedding insurance, can help protect your investment in a private event. Wedding insurance helps protect your financial investment from circumstances beyond your control—from sudden cancellation to stolen gifts or a damaged dress. It also offers reimbursements for expenses incurred. When you purchase wedding insurance, you typically have two coverage options: event cancellation and event liability protection.

• Event cancellation coverage protects you from financial loss if your event needs to be canceled or postponed for a number of accidental or unexpected reasons. This can include serious illness, weather, or military deployment. It can also include things like the reception venue losing power during the event, reimbursements for vendor payments (e.g., photographer or caterer), or costs associated with canceling or postponing a honeymoon. Other things event cancellation insurance may cover include lost or damaged photos or videos (prior to your receiving copies), replacement of lost or damaged wedding gifts, or replacement/repair of clothing or jewelry.
• Special event liability coverage protects you in the event you’re found legally responsible for damage to a venue or for medical bills related to someone's injury at the event.

There are limitations with these types of policies, so it’s important to talk to your insurance agent and read your policy carefully to know what is and isn’t covered and at what level. For example, if you call off the wedding because one of you gets cold feet, or there’s a mix-up with the food the caterer brings, that’s not likely to be covered.

However, you may be able to add insurance riders, or additions to the policy, for your honeymoon, bridal gown and tuxedos, or military service, if the special event insurance policy doesn’t already cover these.

SHOULD I INSURE MY WEDDING?

If you’re eloping or your guest list is small, you probably don’t need event insurance. However, if your event is larger or more costly, you may want to consider insurance, due to the peace of mind it can bring.

You should also talk to the owner of your venue and vendors because some require you to have some type of insurance coverage, while others offer coverage as part of the package.

The good news is a basic policy will typically only cost between $100 and $500, depending on your location, the insurer, coverage amounts, size of your wedding, optional riders, and other factors. Insuring your wedding can help save you thousands, so it’s likely worth it.

HOW TO INSURE A WEDDING

The first step is to shop around and compare policy quotes from different insurance companies. Most insurance companies allow you to get a free quote on their website after entering some of your wedding information and desired policy needs. Start doing this as soon as you begin planning your wedding.

As you’re comparing information, be sure to read any exclusions or restrictions because policies can vary in what they will and won’t cover.

Once you’re ready to purchase a policy, you can either apply for a policy online or contact an insurance agent to help you finalize the paperwork. If you already have an insurance agent, you can work with them to purchase the policy.