What You Need to Know About Wedding Insurance

Are you engaged? Weddings involve plenty of planning, especially if it’s a large celebration. You have to book the venue, find a dress, plan a menu that accommodates all needs – the list goes on and on. Unfortunately, even the best laid plans can go wrong: The caterer doesn’t arrive on time, the venue closes down and won’t refund your deposit or someone sues after falling on the dance floor during the reception.
As your big day approaches, these potential instances may be the farthest from your mind, but you have to be prepared. Wedding insurance is one simple, fairly affordable solution that anticipates and helps you get through the unforeseen. What should you know?
Coverage Options
The wedding venue and gifts you receive may already be covered through other insurance policies. For wedding coverage, you will have the following options:

• Homeowners or renters insurance to cover gifts. This can be ideal for events held on your own property.
• A separate wedding insurance policy or rider.
• An event insurance policy, which the venue may already possess.
• Liquor liability, essential if you will be serving alcoholic drinks.
• Liability insurance, which may be part of your homeowners or separate wedding policy.
• Cancellation or postponement coverage.

Liability factors in any type of damage done to the venue during your ceremony. It further covers medical costs, should anyone get sick or injured during the event. In certain cases, liquor liability may also be included.
Meanwhile, cancellation coverage offers a financial cushion in the event you have to cancel or postpone the event under certain circumstances – extreme weather, injury or illness within your wedding party and other factors beyond your control. Coverage further assists with rescheduling the event – including payment for a new ceremony and reception – and reimburses your initial deposit.
In addition to these options, you can expand your coverage with a rider for:

• Military deployment, causing you to cancel the event
• Honeymoon
• Gifts
• Photography – for instance, he or she fails to appear, loses or damages the photos, or fails to correctly develop your pictures
• Videography – specifically if the tape recording of your special day gets damaged and needs to be recreated

So you don’t overpay for coverage, ask your vendors what their policies cover and include. Then, check your own homeowners policy to determine if any common factors are listed.
What Will Be Covered
When might wedding insurance come in handy?

• The reception venue closes down before your event, it double-books two weddings or they decide to cancel your event without warning.
• A vendor is a no-show, goes out of business or doesn’t deliver on promised services.
• You hire a professional photographer, but he or she doesn’t send over the photos, won’t develop them or doesn’t show up for the event.
• Your gown or the wedding party apparel is “lost” or damaged.
• Someone makes off with your wedding gifts or damages them.

What’s Not Covered
Wedding insurance only applies to a handful of instances outside of your control. Your carriers won’t reimburse you for:

• Cold feet or any personal reason your wedding was called off.
• A standard rainy day, rather than a full-blown storm.
• Theft of your engagement ring. However, wedding bands are usually covered.
• Deciding to change your vendor or reception hall, even after you’ve made a deposit.
• Damages related to fireworks, animals and other “risky” entertainment.
• Valuables, such as watches and gemstones, stolen from the venue.

Are you planning your special day? As you make decisions and reservations, don’t forget about insurance coverage. To discuss your options, give us a call at 203.439.2815.