Wedding Insurance Pros and Cons

Everyone has a story of something that went wrong near or on the day of their wedding. For some people, it is something small like a tiny rip on the bottom of your dress that no knows is there but you. For others, it something large, and potentially costly, like a hurricane during a beach wedding. Some people opt to buy wedding insurance to protect themselves from disasters. Should you buy wedding insurance? Before you decide, read below.

Weddings Are Expensive

When you are planning a wedding, you are investing a lot of money into the big day. In 2012, the average wedding will cost nearly $27,000, according to WeddingStats.org. Although wedding insurance typically costs several hundred dollars, you could save thousands of dollars if terrible weather, sudden illness, or a bankrupt vendor ruins the plans. If you are managing to plan a wedding on a low budget or can stand the thought of losing money, maybe wedding insurance is an unnecessary purchase for you.

Wedding Insurance is Comprehensive

Most wedding insurance companies offer comprehensive coverage. This means you could be reimbursed for deposits, vendor payments, travel costs, and other expenses if you need to cancel or postpone the wedding. Of course, the reason for cancellation or postponement needs to be covered by the policy, so be sure to read the agreement carefully.

You Can be Sued if Someone Gets Hurt

As ridiculous as it sounds, you can be sued is someone is injured at your wedding events. You can protect yourself by purchasing personal liability insurance. Also, make sure all of your vendors have their own liability insurance and ask to see documentation before signing a contract. You may also want to check that your venue has Liquor Liability Insurance if you will be serving alcohol at your reception. To be extra safe, you could purchase your own Liquor Liability Insurance.

You Never Know What Will Happen

After months (or years) of planning, you imagine a perfect wedding day, but the truth is, you never know what will happen. Some of the most common problems that are covered by wedding insurance are as follows:

• Extreme Weather: This could make members of the wedding party and large numbers of guest unable to attend. Not only would you miss the people there, but you could lose a lot of money if you already paid for the guests. Extreme weather could also cause damage to the venue or cause vendors to miss the event.
• Serious Illness and Injury: If a member of your family or wedding party becomes seriously injured or sick, you may want to reschedule the wedding. Wedding insurance would cover rescheduling costs.
• Vendors who don’t show up or go out of business: Unfortunately, the vendors you trust don’t always come through. Insurance would cover deposits you paid and in some cases, would cover rescheduling costs. Sometimes, plans will cover the cost of extra expenses incurred such as last minute decoration costs because the florist didn’t show up or another cake because the baker is nowhere to be found.
• Wedding Attire: Some policies will cover wedding attire that is lost, stolen, or damaged.
• Military Absence: If the wedding has to be rescheduled because the bride or groom is called upon to fulfill military duties, insurance will cover the costs of rescheduling.

These are just a few things to keep in mind when deciding whether or not to purchase wedding insurance. Consider the risks and the benefits, and do what is best for you and your fiancé.