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Do you need wedding insurance?

030414-weddinginsuranceWhen you make a major purchase – a home or a car, for example – you buy insurance to protect your investment. If you’re a renter, you buy renters’ insurance to protect your property. Your wedding is a major milestone in your life, and chances are, you’re spending a lot of money to make the day perfect. Should you protect that investment, too?

Wedding insurance does just that – it protects you from circumstances out of your control that force changes to your wedding plans. Whether you buy wedding insurance is up to you – it depends on the specifics of your wedding and your personal tolerance for risk and uncertainty.

Here are some common situations where wedding insurance might be useful:

  • You must postpone or reschedule your wedding because of weather or weather prevents important players from making it to your wedding. (Winter brides, we’re looking at you …)
  • A critical vendor doesn’t show up, and you have to hire a replacement on short notice.
  • A vendor goes out of business before your wedding day, and you have to hire a last-minute replacement.
  • Damage, fire, or closure at your ceremony or reception location forces you to find a new location on short notice.
  • The luggage containing the groom’s tux gets lost by the airline, and you need to rent a replacement.
  • A key player in your wedding party – attendant, parent, etc. – is ill or injured, and you postpone your wedding until they are better.
  • You must postpone or reschedule your wedding because of military deployment or job relocation.

Some wedding insurances even include liability coverage. This means you’re covered if someone injures themselves at your wedding and decides to sue you. Some also let you buy additional coverage for photography or videography if the originals were damaged and you want to stage a retake. Other plans can include your honeymoon in your coverage.

Most wedding insurance plans do not reimburse you if your wedding plans are upset by a “change of heart” or cold feet. Most also won’t cover your engagement ring or other jewelry.

The cost of wedding insurance depends on the level of coverage you get, usually between $125 and $500. Before you buy a plan, be sure you understand the details. What is covered? What is not covered? Is there a deductible? What add-ons are available to you? Before you buy, you should also check with your vendors, especially reception sites, about what liability insurance they already carry.

Do you need wedding insurance? That is a question only you can answer. Are you marrying during a time of year when the weather is unpredictable? Are you worried about illness, either your own or someone else’s? What is your own tolerance for risk? Some brides like knowing they’re covered, no matter what happens. Other brides handle unpredictability just fine.

Here are some common wedding insurance plans you’ll find online: