You may have heard rain can bring you good luck on the day of your wedding. But, illness, tropical military deployment, hurricanes, and sudden injury are another story. And, although you can’t prevent the unexpected from happening, you can protect your investment and reduce the risks by purchasing insurance for your big day.
When you’re planning your wedding, whether it’s in Jacksonville, St. Augustine, Orlando, or outside of Florida, you’ll likely have plenty of questions such as whether you should hire a band or DJ, what color dresses should your bridesmaids wear, and what should the color of the flowers be. However, another very important question both you and your soon-to-be spouse should ask yourselves is if you need wedding insurance.
Do You Need Wedding Insurance?
The average wedding day costs $16,000, according to the Insurance Information Institute.
Wedding insurance covers you in a circumstance where an unexpected covered event that’s beyond your control causes you to postpone or cancel your wedding and lose your deposit.
What types of unexpected circumstances would this insurance most likely cover?
- Your photographer not showing up
- Your wedding dress or tuxedo getting burnt when trying to iron out a couple wrinkles
- A fire or tornado damages your wedding day location
- Your gifts are stolen at the reception
- Your dress is not delivered in time for your wedding, and you have to postpone your event
- You’re forced to move your wedding at the last minute
- A sickness or injury prevents key participants in your wedding from attending
As you can see, there are a number of things that can happen unexpectedly on your wedding day that could cost you a lot of money if you’re not covered by wedding insurance.
Types of Wedding Cancellation Insurance
There are several types of insurance for your wedding. However, the most common types include:
- Property Damage and Event Liability: This coverage protects you from the financial liability for bodily injury, property damage or accidents related to alcohol that arises from your wedding. MANY VENUES ARE BEGINNING TO REQUIRE LIABILITY AND PROPERTY DAMAGE COVERAGE. Also if alcohol is being served, we highest recommend purchasing liability coverage to protect and cover you for court costs and possible liability settlements.
- Event Postponement or Cancellation: This coverage covers lost deposits or nonrefundable expenses if you need to postpone or cancel your wedding due to unexpected illness, extreme weather, death in the family or other serious circumstance
Wedding cancellation insurance doesn’t just protect you against the financial burden of an unexpected postponement or cancellation, but it may also cover you if a vendor doesn’t fulfill their obligations. For instance, you’d be able to get back your deposit if your vendor goes out of business the day before your event.
Insurance doesn’t always cover all unforeseen costs though. It doesn’t cover you if you or your partner gets cold feet or a change of heart. This is common and costs a lot of money, which is why most insurance companies don’t cover it. For example, one New York study showed that 6.5 percent of couples had a change of heart after applying for their marriage licenses.
So, do you need wedding insurance? That’s up to you. If you plan on having a wedding larger than a small gathering, you should consider it. The costs for this insurance can vary, depending on the amount and type of coverage you select. Typically, wedding insurance policies cost anywhere between $200 – 500.
Here at Emerge Insurance Agency, we offer wedding insurance so that you can have peace of mind on this important day in your life. Talk to one of our independent insurance agents about the quoting wedding insurance and see if it’s something you should consider.