Need the pros and cons of wedding insurance? Not sure if you want it for your wedding? Let’s go over some real stories to help you understand if wedding insurance is right for you.
Here’s the thing. In general, insurance can be a total racket. I mean, the likelihood that you will file an insurance claim, in most cases, is low. Most of us will rarely (if ever) need to use our homeowner’s insurance. Most of us will need to use our auto insurance at some point, but it’s usually not too often. And don’t even get me started on health insurance.
Still, we pay into all these insurance options every single month. Each month we hedge our bets a little by buying peace of mind that if something happens, we aren’t absolutely on the hook for every single dollar of damage. When it comes to weddings, wedding insurance is just that. Peace of mind. There are some great reasons why you should get insurance, and of course, some cons to it. It’s up to you if the cost is worth the peace it may bring.
The Pros and Cons of Wedding Insurance: Real Stories and Expert Insights
This post is going to go over the pros and cons of wedding insurance. It will share some real stories and provide insights from experts. While most venues do not require insurance, some do. If your venue requires it from you, you need it to get married there. If your venue is a bit more relaxed about it, or you just want to learn more, this is the post for you. It will help you decide if the cost of insurance is worth it as a safety net for one of the most important days of your life.
Let’s get into it!
WHAT IS WEDDING INSURANCE?
Before we get started, let’s talk about what wedding insurance is.
Wedding insurance is a type of insurance policy designed to protect couples financially if their wedding doesn’t go as planned. There are two main types of wedding insurance, Liability Insurance and Cancellations and Postponement Insurance.
Liability insurance covers accidents, property damage, or injuries that occur during your wedding. Cancellation and Postponement Insurance reimburses costs if a wedding is canceled or delayed due to a specific unforeseen circumstance. Of course, there is criteria that allows a couple to qualify for reimbursement in both these cases. That criteria is specific to each policy and should be reviewed before purchasing insurance.
Additionally, insurance may offer add-on’s that can cover a vendor who doesn’t show up, lost deposits, damaged attire, and even more. In short, if you want to cover a specific risk, you likely can find a policy for you.
THE PROS OF WEDDING INSURANCE
There are three main pros of wedding insurance. They are financial protection against unforeseen circumstances, liability protection, and protection against vendor issues.
Now, I will say, that the likelihood of needing to use your insurance is low. Most of the time things go as planned, at least for the most part. However, sometimes things go wrong. Fires happen. Flooding happens. People can get hurt and hosts can get sued. And, of course, vendors can ghost. If one of these things happen, wedding insurance can be an awesome thing to have.
Let’s delve deeper into the pros and also some real-world scenarios.
FINANCIAL PROTECTION AGAINST UNFORESEEN CIRCUMSTANCES
An example of needing wedding insurance for an unforeseen circumstance is from Katie, who was supposed to get married last year in North Carolina.
Katie and her fiancé had planned a big outdoor wedding at a beautiful park. One week before their wedding a storm caused severe flooding, and the venue became unusable. Katie and her fiancé were devastated because everything had to be postponed. The costs to reschedule everything were huge, but fortunately Katie had wedding insurance. Her policy covered the additional costs and they were able to rebook without going into debt.
Unpredictable events like extreme weather, vendor bankruptcies, and family emergencies can wreak havoc on your wedding. Insurance can ensure you don’t feel the brunt of the costs to rebook and postpone in case something happens.
LIABILITY PROTECTION
Just to be fair, most venues will require couples to have liability insurance as part of their rental agreement. Liability insurance protects the policyholder from lawsuits or unexpected expenses caused by accidents. Examples of this is a guest getting hurt or a small fire caused by a candle.
An example of this is from James. During his wedding reception, a guest knocked over a candle and an expensive tablecloth was burned. Additionally, a mark was left on the venue’s hardwood floor. The venue sent a bill for the damages to Matt and his new wife, and they were expensive. Luckily, they had wedding liability insurance and it covered the cost of repairs. Without it, they would have been stuck with the bill.
Accidents happen, and liability insurance provides peace of mind.
PROTECTION AGAINST VENDOR ISSUES
The third major pro of wedding insurance is having protection against vendor issues.
When you book a vendor you usually have to give a deposit, and if something happens to that vendor, getting the deposit back can be difficult. One real-world example of this is from Stephanie. Her florist went out of business two months before Stephanie’s wedding. They had already given the deposit, and thought they would never see that money again.
Through her insurance, Stephanie was able to be reimbursed for her lost deposit. This allowed her to hire a new florist without cutting into other parts of her budget. Stephanie says that the insurance turned a stressful situation into something very manageable.
Vendors have some risks associated with them. They may not show up, they may go bankrupt, or they may deliver items late. All of these situations can derail your wedding. Wedding insurance helps make sure you won’t lose money if something goes wrong.
THE CONS OF WEDDING INSURANCE
Alright, now that we’ve reviewed all the pros of wedding insurance, let’s talk about the cons.
There are three main cons to wedding insurance. They include the cost, the coverage, and filing claims. In the sections below I’ll explain why each these categories is a negative of insurance.
THERE’S A COST TO IT
The first main con of insurance is that it’s not free.
Depending on the coverage, wedding insurance usually costs about $150 to $500. The more coverage and add-on’s, the more expensive the insurance will be. If a couple is on a tight budget, it may feel unnecessary to pay for wedding insurance. However, if your wedding is large, will cost a fair bit of money, and has some financial risks, comprehensive insurance may be best for peace of mind. For smaller, lower budget weddings, you may feel more comfortable skipping insurance.
It’s up to each couple if the costs are worth it for the peace of mind. Compare a few quotes to see what may work best for you.
IT DOESN’T COVER EVERYTHING
The second major con of wedding insurance is that it doesn’t cover everything. Most policies have exclusions, meaning that you can’t just decide that you have a claim and expect for it to be paid for. There is always criteria before it’s approved.
For example, most policies won’t cover weddings that are cancelled or postponed by the couple’s choice (aka cold feet), pre-existing conditions that affect key participants, and events outside your control, like a pandemic, unless it’s very specific. For example, many couples were not able to use insurance when the world shut down in 2020 because their policy excluded pandemics.
Before you sign up for insurance, be sure to read every word of the fine print so you know what you’re covered for.
FILING CLAIMS CAN BE COMPLEX
The last major con of wedding insurance is that filing a claim can be really complex and confusing.
Just like any other insurance claim, filing a claim for wedding insurance requires documentation and a lot of patience. You’ll need contracts, receipts, and proof of losses. All of this can feel overwhelming during a stressful time.
To prepare for this, be sure to keep good records, even if you’re not sure you need insurance. If you aren’t up for keeping thorough records or navigating the claim process, wedding insurance can cause more stress than relief and may not be right for you.
SHOULD YOU GET WEDDING INSURANCE?
Wedding insurance isn’t right for every couple. It all depends on how big your wedding is, how much money you’re spending, and the likelihood of an issue happening.
Insurance is worth it when your wedding is expensive as it can help protect your financial investment. It’s also great for unpredictable venues that are outdoor or out of country that have risky weather or logistics. Of course, if your venue or vendors require insurance, you’ll need to get it either way.
Wedding insurance is not worth it if you’re having a simple, small, intimate wedding. If your vendors are lenient with cancellations or refunds you may also not need insurance. Additionally, if your wedding will be held in a stable environment with predicable weather you may not need insurance.
TIPS FOR CHOOSING A POLICY
Below are four tips to help you choose an insurance policy, if you’re going to go for it:
- Assess your biggest risks: Determine why you want insurance, and what the biggest threats to your budget are if you need to file a claim (weather, vendors, etc.).
- Shop around: Compare policies from a few providers to find the best coverage for your needs.
- Understand exclusions: Read your policy closely and ask questions so you know what is covered and what isn’t.
- Buy early: Buy your insurance as soon as you start putting down deposits to make sure you are covered for as long as possible.
THOUGHTS ON WEDDING INSURANCE
Friends, wedding insurance isn’t for everyone. However, if you can afford it, it can be a valuable safety net for couples investing a significant amount of time and money into their wedding. Insurance can give you peace of mind and protect your finances. If you have a small, low risk wedding it’s okay to skip it, but the choice is yours either way. Happy wedding planning!
More On Wedding Risks From Hummingbird Wedding Advice
14 Low Risk Wedding Planning Tasks To Delegate To Your Friends & Family
16 Wedding Risks You Should Actually Take
How To Have A Backyard Wedding With Minimal Issues
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