The 411 on Wedding Insurance Costs: Protect Your Special Day
TLTR: Planning a wedding event is not an easy task! That’s why we’re here to help. This article covers all the aspects of wedding insurance costs so you can plan your budget and the wedding of your dreams.
A lifetime of love and happiness all starts with a wedding. It’s the first day, the beginning of a new life for the happy couple, and it’s also a huge event that brings life to everyone lucky enough to attend. However, planning a wedding takes hundreds of long conversations. So, you can ask yourself, “Should we buy wedding insurance? Costs are high enough as it is.”
As reported by Techchained, the average wedding cost in 2020 was $19,000. With rates like this, it might be difficult to imagine feeling the need to burden yourself with the additional wedding insurance cost. However, the correct type of wedding insurance can save you money. So, yes! It would help if you bought wedding insurance. We’re here to explain why.
In this blog
What Is Event Insurance for a Wedding?
While large events and parties are fun and fabulous for the guests who attend, they tend to be quite stressful for the hosts. Therefore, it has become common practice to purchase special event insurance for any large event, public or private. It exists to protect the hosts from all of the unnecessary financial losses that can occur. Event insurance for a wedding is no different. Wedding insurance costs go into making sure the hosts are covered for all of the things that could go wrong.
What Exactly Can It Cover?
Every common wedding mishap can be covered with a combination of wedding insurance policies. Different accidents may require different plans and policies. From basic things like the venue to the details like the flowers, everything can be insured.
Here’s a list of the most popular coverages:
- Cancellation or postponement of the event
- Vendor no-show
- Untimely military deployments
- Weather conditions
- Damage of the site
- Sickness or injury
- Event photographs/videos (with wedding photographer liability insurance)
- Event gifts
- Special attire (with certain premiums)
- Special jewelry (with certain premiums)
- Lost deposits
- Liability insurance (optional coverage)
- Liquor liability insurance (optional coverage)
Imagine spending thousands of dollars on your wedding deposit at a prime location, only to lose it all because of a last-minute COVID-19 lockdown. According to a large survey taken by Greenville Business Magazine, 63% of the 900 engaged couples surveyed in 2020 were forced to postpone their wedding last minute due to COVID-19.
The average price of a wedding venue costs between 3,000 to 10,000 dollars, and high-end locations can reach up to six-figure bills. With this in mind, during these unprecedented times, a little insurance can go a long way.
Wedding attire is also costly, and the accessories are all quite delicate and easy to lose. Further, everything from the dress, the tux, the garter, the veil, the engagement ring, and the wedding band ought to be insured. All sorts of accidents are possible before, during, and after the wedding day. Buying insurance for the pieces that matter to you most makes it easier to preserve these things for generations to come.
How Much Is Event Insurance for a Wedding?
Wedding insurance costs are pretty reasonable. According to wedding experts on The Knot, general liability insurance for events generally costs an average of $185 for basic plans and covers up to $1,000,000 for accidents. However, policies vary, and for higher-budget weddings, the recommended coverages can cost you up to $1000.
Regardless of your budget, wedding insurance costs just a tiny percentage of your overall expenditures. The more lavish and expensive your wedding, the higher your insurance costs will be. However, if you can afford a particular type of wedding, you can certainly afford the insurance to cover it.
What Event Insurance For a Wedding Won’t Cover
If a couple decides last minute that they are not ready for marriage, they will not be eligible to claim insurance. Even if they make this decision before the day of the event, there’s no coverage for indecisiveness. Make sure you know you want to marry the person before you start swiping your card.
A runaway bride (or groom)
Suppose one partner in the couple spontaneously flees from the alter without any prior warning. While it would be a travesty, it would not be covered by your event insurance. So, don’t wait for the wedding officiant to say “speak now” to drop a bomb on your wedding day. Have all the difficult conversations at least one week before the wedding.
Fine jewelry/engagement ring/luxury attire
If your wedding attire is ultra-luxurious, it may not be covered by most wedding insurance plans. After a specific price point, special items are no longer covered by basic insurance. There is no need to panic; if you need insurance for these items, they can be covered by a separate premium. Your engagement ring can also be covered by your homeowners insurance or renter’s insurance.
While exploring exotic locations with your loved one sounds like an absolute dream, there are hundreds of things that can go wrong when you travel. Especially with COVID-19 cancellations and sporadic travel restrictions, you may want to air on the side of caution. If you are planning on having an expensive honeymoon, look into travel insurance.
Liquor Liability Insurance
Whether the event calls for wine paired perfectly with your dinner, a dainty champagne toast, or a night of throwing down tequila shots, there is potential for alcohol abuse wherever there is alcohol. Limiting how much your guests drink may not be an option but limited the risk of financial loss through damages and liabilities can be done. This is where liquor liability insurance comes in.
A wedding is a sacred event of the union of two souls. Other than those two souls, there are also jealous exes, lonely singles, and generally disagreeable family members and friends who might start a fight after having one too many drinks. A small fight could lead to a food fight or, worse, throwing tables, ladders, and chairs. Anything is possible when tensions are high, and liquor is free-flowing.
Even without any animosity present, there can be accidents. Slipping and falling on the dance floor, damaging the venue property, and breaking glasses are common incidents of drinking. According to the online wedding consultant WedSafe, liquor liability for wedding insurance costs is minimal and can save you up to $5,000,000, depending on your coverage.
Insurance For Hired Help on Your Special Day
A wedding cannot happen without help. Those who aren’t lucky enough to have friends and family members skilled and willing to take on some of these tasks will have to hire out helps. When hiring help for your wedding, look into their insurance. It might sound tedious, but if anything falls through and your staff is not insured, the heat will fall on you. Avoid unpleasantries by hiring insured staff only or buying your staff insurance.
A bartender requires insurance by day or an hour. This insurance will protect them from liability risks. Bartenders can be held accountable for over-drinking-related health issues. Make sure any bartender you hire is insured to avoid such conflicts.
Wedding Performer Insurance
Whether you’re hiring a DJ, a live band, or a harpist, every performer comes with expensive equipment. What happens when your cousin’s rambunctious toddler chews on all the wires or snips the harp strings with the cake knife? Make sure your performer is insured or buy them insurance to avoid embarrassment.
Wedding Photographer Liability Insurance
Wedding photos are essential. They are the ideal décor for a newlywed couple’s home as well as the most liked posts on their social feeds. An insured photographer is essential for protecting these photos that will be eternally cherished by the generations that follow.
Wedding Cake Insurance
Yes, you read it correctly. If you’re planning on going all out on a wedding cake, the cake requires insurance. Cake, like with all foods, has the potential to make people sick. Keep those medical bills at bay by buying from insured businesses only.
Florist Liability Insurance
Your florist also requires insurance. This might sound a little excessive. They are just flowers, right? Wrong. From the bouquet to the centerpieces and other decorations, flowers are essential. Flowers are an important, expensive, and delicate key component to a wedding. Be very careful that your florist offers the freshest flowers for your venue.
A lifetime of love and happiness shouldn’t be held back by covering losses from an already expensive endeavor. Weddings are supposed to be anticipated, enjoyed, and cherished. The planning and the aftermath of your special day shouldn’t take a toll on your bank account or mental state. For this reason, wedding insurance costs are more than worth it. They exist not to break your bank but to give your bank account a break.
Does this sound like something you need for your special day? Find an agent today. Head to the comment section if you have any more questions, or comment if you’d like to share something about your wedding planning experience.
Frequently Asked Questions (FAQs)
What are the top wedding insurance companies in 2021?
According to a study by Investopedia, the top wedding insurance companies in their respective categories in 2021 are:
Best Overall Wedding Insurance Coverage: Wedsure
Best Insurance for Destination Weddings: Travelers Wedding Protector Plan
Fastest Underwriting: eWed Insurance
Best Wedding Insurance Customer Service: EventHelper
Best for Certificates of Insurance: WedSafe
Is wedding insurance a one-time payment?
Yes, unlike car insurance or health insurance, you only pay for wedding insurance once per wedding.
What is the average cost of wedding insurance?
Most couples spend between $155 to $500 total for all of the coverages. However, you would require wedding insurance costs closer to $1000 for higher budget and destination weddings. The cost of your wedding will reflect the cost of your insurance, so you’ll always be in a wedding insurance cost bracket that you can easily afford.
Can I buy wedding insurance from my church?
You can only buy any insurance from a licensed seller. If any venue asks for separate charges for insurance, they are scamming you. Find an agent with the legally required licenses to secure the best deals and avoid legal problems.
Can I buy wedding insurance after I book my venue?
Most companies will allow you to buy insurance up until a week before the wedding. However, the planning process will run a lot smoother if you buy all the insurance you need first. This way, you can plan your wedding comfortably and risk-free.