Your wedding day is one of the most important days of your life and it can also be one of the most expensive. A 2018 study by brides.com listed $44,000 as the average wedding cost! For 2019, ValuePenguin.com lists the average cost of a wedding in the Lehigh Valley at $37,429!
Fortunately, you can protect yourself against financial loss with wedding insurance.
What is Wedding Insurance?
It protects you from financial losses due to external events that cause your wedding to be postponed or canceled, and from unforeseen circumstances that result in damage or injuries.
There is a lot that can happen. Some common situations that can ruin your big day include:
- A disaster (fire, flood) or extreme weather (hurricane) causes the venue to close
- Service suppliers (DJ, caterer, florist, etc.) not delivering as promised
- The wedding venue or a service supplier suddenly goes out of business without notice
- The bride, the groom or a wedding party member gets sick, injured or dies
- The bride or groom is called for active military duty
- Guests damage the wedding venue
- Gifts being stolen
Wedding Insurance Policies
There are 2 types of wedding insurance: Liability and Cancellation Coverage.
- Liability insurance: Protects you if someone gets sick or injured, if there’s an alcohol-related accident and if the venue gets damaged by a member of your party.
- Some venues may have liability insurance (ex: your banquet hall may have its own policy. If so, ask about what it does and does not cover).
- If serving alcoholic drinks, make sure you have liquor liability insurance in case you’re sued for damages caused by your wedding party and/or guests.
- Cancellation/ Postponement Coverage: Protects you if you need to cancel/postpone your wedding for reasons like family illness, severe weather, military dury and more.
**Note many states require cancellation insurance to be purchased a certain number of days before the wedding (and some insurance companies do too). **
How Much Will You Need?
- Use your wedding budget as a starting point, then a little more in case of budget overruns. Consider the new cost to reschedule your wedding suddenly, last minute.
How Much Does it Cost?
Basic coverage for liability typically costs $100-$500. If you’re buying liquor liability and cancellation policies, expect to pay between $150 up to several thousand dollars, depending on the size and the venue (especially if having a destination wedding).
When Should I Buy Wedding insurance?
- It’s best to purchase before you make deposits and bookings (so you will be covered if the event is canceled or if a vendor backs out).
What Wedding Insurance Policies Generally Won’t Cover
Some things that aren’t covered by wedding insurance include:
- Cold Feet: Change of heart is not covered.
- Jewelry: Lost/stolen jewelry is not covered, but you may be able to obtain coverage under an insurance rider to your homeowner’s policy.
- Non-Catastrophic Weather Conditions: A normal rainstorm doesn’t apply. The weather must be extreme enough to prevent people from getting to your wedding.
- Wedding insurance can vary greatly between insurance companies. For example, some policies cover stolen gifts and some do not. Some only cover wedding day festivities while others include the rehearsal.
- When shopping, ask questions so you know exactly what is and what is not, as well as coverage limits and deductibles. As always, read the fine print!
Weddings are an investment, and your investments should always be protected. Think about how you would manage financially if something happened and you didn’t have coverage.
If you have questions or would like to learn more about wedding insurance, our Lehigh Valley insurance experts would be happy to talk with you! We can design a comprehensive insurance policy that can help provide some peace of mind knowing that you are covered. Arbor Insurance Group provides wedding insurance, life insurance, home insurance, auto insurance and other personal and business insurance products throughout the Lehigh Valley, including Allentown, Bethlehem, Easton, Emmaus, Macungie and surrounding areas.