How To Find Wedding Insurance
If you’ve read through the need-to-knows and think wedding insurance is right for you, follow our step-by-step plan to getting the best possible cover for the best price.
Unfortunately many insurers have stopped selling new policies, due to coronavirus and the risk of cancellation but our steps to getting cover, including wedding insurance abroad, should help.
Step 1 is essentially the prep, then pick the best policy you can from steps 2-4, and see if you can get cashback on top .
Wedding Insurance Doesn’t Cover
- A change of heart. In other words, cold feet don’t count.
- Watches, jewelry or semiprecious gemstones or pearls may not be covered.
- While the policy may cover your wedding rings, your engagement ring probably will not fall under the same coverage. You can purchase engagement ring insurance separately, or it may be covered by your existing homeowners or renter’s insurance. Note that these items may be subject to your policy’s deductible.
Do I Need Wedding Insurance
A lot of time, effort, and planning go into a wedding day, and a wedding insurance company is familiar with all kinds of things that can go wrong. By having a policy, you’re protecting yourself, your spouse, and your family from significant potential losses. The cost of wedding insurance is minimal, compared to the wedding cost and what is at risk. At the very least, it’s worth discussing with your partner and anyone who is financially invested in the wedding.
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Best For Basic: Markel Specialty
Founded in 1930, Markel is a specialty insurer in a niche market. They offer wedding and event insurance, as well as other property and casualty insurance for collector cars, yachts, and property insurance.
An online quote gives you the opportunity to select from various pre-set customization options, so you do not have to figure it all out on your own. Policies are sold through licensed insurance agents who can help understand coverage, and also can offer other personal insurance. Markel is ideal if you’re looking for basic policies with a great value.
What Does Weddinginsurance Cover
Anders Nilsson, who works for comparison website GoCompare and personally chose to take out wedding insurance for his nuptials in July 2016, explained to Metro.co.uk that wedding insurance policies are designed to cover an array of unforeseen circumstances.
Your wedding insurance policy will cover loss or damage dueto unforeseen circumstances, like damage to the wedding dress or lost rings,Anders explained.
This includes:
- The venue cancelling
- A supplier letting you down
- Cancellation due to key people not being able to make it for serious reasons like a death, illness or jury service
- Lost, stolen or damaged cake, rings or gifts
- Not receiving your wedding photos or videos
- Public liability cover and legal expenses
- Weather disruption
- Miscellaneous other expenses marquees and even ceremonial swords protection
This is the same for weddings both in the UK and abroad asis the fact that you wont be covered if the bride or groom cancels becausethey get cold feet!
Similarly, wedding insurance is unlikely to cover you if yousimply change your mind about something you have already paid for, such as amarquee, wedding dress or even the caterer.
Wedding insurance will also not cover you if you have achange of heart about having a wedding abroad after paying deposits forservices in another country unless the Foreign & Commonwealth Office have advised against travel to the destination in question.
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What Does Wedding Day Insurance Cover
Heres how wedding insurance protected one couple leading up to their big day. In 2010, a client of Dulles Designs, which prints custom stationery and invitations, was planning a formal wedding at the Kiawah Island Golf Resort near Charleston, South Carolina, when the unexpected struck.
We had designed and letterpress-printed her beautiful wedding invitations and were ready to hand-cancel and mail her calligraphy-addressed envelopes out to all invitees, says Emilie Dulles, owner of Dulles Designs, which is also based in Charleston. But right as the team was stamping the envelopes, it learned via local news that the clients reception venue was on fire.
Sadly, the River Course Clubhouse was so severely damaged in the fire that it was clear no wedding would be taking place there anytime soon, Dulles says.
The good news was that the bride had wedding insurance. Not only was she able to switch venues, but her initial investment in custom stationery was also safeguarded. Dulles Designs printed a new reception insert card explaining the change in venue and mailed everything to her guests as quickly as possible.
In the case of Dulles client, wedding insurance helped save the day. However, whats actually covered by insurance depends on the policy you purchase. There are two main types of wedding insurance for you to consider.
Whats Not Covered By Wedding Insurance
While wedding insurance may cover severe weather events and liability incidents, there are some situations it wont pay for. Some common things not covered under a wedding insurance policy include:
- Bride or groom getting cold feet and canceling the wedding
- Damage to third-party rentals that dont belong to the venue
- Expensive jewelry, family heirlooms or engagement rings
- Wedding cake mix-ups
- Global pandemic or Covid-19 cancellations
Its also important to point out that while wedding insurance typically covers severe weather such as hurricanes, it can exclude other types of weather conditions like rain. If youre holding an outdoor wedding and it gets rained out, you wont receive reimbursement.
Also Check: How To Make A Wedding Spreadsheet
Online Vendor Bookings Are On The Rise
With the popularity of the Internet, many people are booking vendors online without having the opportunity to meet them in person . By doing all of your communication online, sometimes, personal connections aren’t formed with your vendors and you become just a number to them. If this happens, sometimes there is a greater risk of no-shows or last minute cancellations. Wedding insurance can financially protect you against unreliable vendors.
How We Chose The Wedding Insurance Companies For Our Ranking
Because we only wanted to include the best wedding insurance companies in our ranking, we compared companies based on the most critical factors that affect consumers. The elements we gave the most weight to include customer reviews and rankings for financial strength from third party agencies, included coverage and exclusions, and the ability for each policy to be customized.
We also looked for wedding insurance coverage that is offered nationwide or almost nationwide as well as policies that apply to the most significant number of international destinations when possible. Other factors we looked at include transparency on their company website and the company’s reputation for customer service excellence.
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How Much Wedding Insurance Costs
What youll pay for wedding insurance is influenced by several factors, including the number of guests in attendance. General liability insurance providing up to $1 million in coverage will cost about $185, according to The Knot. A basic policy covering losses such as photos and videos, gifts, special attire, rings, and various deposits typically runs from $155 to $550.
However, the final cost of your wedding insurance policy could end up being much lower or higher, depending on your situation and the amount of coverage you buy. Of course, adding cancellation coverage will bring the cost up.
Should You Get Wedding Insurance
At the end of the day, wedding insurance is an extra and it depends on your own circumstances. If you’re strongly considering wedding insurance talk to a financial advisor or your insurance company and make sure you understand what is on offer. Remember to ask lots of questions about what may or may not be covered as well.
And read the fine print very carefully – the devil is in the detail as they say!
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Do You Really Need Wedding Insurance
Before you buy wedding insurance, check with your each of your vendors to see how well they’re coveredyour reception site or your caterer may already have their own insurance, so you wouldn’t want to pay for overlapping coverage out of your own pocket. Ask your vendors for a copy of their policy, and then figure out where you aren’t fully covered.
If a venue doesn’t have its own insurance, liability insurance is a must and may even be required. You do not want to be held responsible for any accidents, especially if you have alcohol at your wedding. Cancelation is a good idea in general, but especially relevant depending on your location. For instance, a beach wedding during the hurricane season has a much higher probability of being canceled.
You may not have to buy wedding insurance on its own if you own a home, ask your insurer if they can add on a rider for your wedding. For instance, items like your rings may be covered under your existing property insurance. Your parents or other family members should also do this if they’re paying for the wedding. It’s best to check with your insurance provider for details around jewelry and other high-value items.
What Kind Of Insurance Should I Check If My Vendors Have
According to event insurance provider WedSafe, your vendors will have to have their own insurance liability policies. You can add your venue as an additional insured party on your host insurance, but not your vendors. Your vendors will likely have their own insurance provider, but if you’re working with someone who’s running a small business out of their home or just getting started in the industry, they can purchase a short-term policy through an online provider.
Also Check: How To Make A Wedding Spreadsheet
Wedding Cancellation And Postponement Coverage
Just like it sounds, if you have to cancel or postpone your wedding for any insurance-approved reason, this type of coverage will reimburse you for qualifying expenses. A wedding cancellation and postponement policy may also extend coverage to multiple events during a wedding, like the rehearsal dinner, the wedding ceremony itself and the reception afterwards.
Reasons for cancellation that may qualify include:
- Your catering vendor going belly up and cant service your wedding
- Severe weather conditions disrupt an outdoor ceremony
- The venue was destroyed in a fire
- Injury or illness affecting the bride or groom, or even immediate family members
- The bride or groom are called up for military service
Wedding cancellation and postponement policies can cover expenses like:
- Accommodations for you and your guests, such as hotel stays
- Damaged wedding clothes
- Transportation, such as a shuttle for guests to and from the venue
- Venue rental
- Florist, entertainment or photographer fees
Keep in mind, coverage will vary depending on your insurer, so check the details and terms of your policy to determine whats covered.
When Do I Need To Purchase Wedding Insurance
“I recommend clients get insurance as soon as they get engaged,” says Holland. “First, I advise couples to insure their engagement ring if they haven’t already, and right after that, I advise they get wedding insurance for both liability and cancellation. I usually recommend that they get an umbrella policy to cover themselves in the planning process, and venues usually require a certificate of insurance from the couple and all key vendors before installation, load-in, and the event takes place.”
“It’s a good idea to purchase a policy as soon as you begin paying vendor deposits,” Berke advises. Caterers, photographers, and other vendors typically require a significant nonrefundable deposit up front, with the remainder due by the day of your wedding.
“When selecting your vendors, inquire whether they have insurance and try, if possible, to assemble a team that is insured,” recommends Geller. “Ask your vendors, especially if you are hosting an event at home, to name you as an additional insured on their policies, as an additional layer of coverage.”
Read Also: How To Plan A Really Cheap Wedding
Is Wedding Insurance Required
Your wedding venue may require some level of liability coverage to protect against potential property damage and injuries. Beyond that, couples might also opt for travel insurance for their honeymoon. Comprehensive plans generally cover trip delays, cancellations and interruptions, as well as lost or delayed luggage and rental car insurance. What’s more, some plans offer protection if you’re injured or suffer a serious accident during your trip.
Tips For Buying The Right Policy For Your Wedding
- Look over your existing homeowners and renters insurance policies or those of any relatives hosting or paying for the wedding to see whether existing liability insurance will cover you.
- Check the deductible, which is the amount deducted from a claims check. If one vendor doesnt show up, and the deductible is higher than the deposit for that vendor, youll swallow the cost for that lost deposit.
- Look at coverage limits. For cancellation coverage, youll want the limit to be close to your wedding budget, including the honeymoon.
Lacie Glover is a staff writer at NerdWallet, a personal finance website. Email: . Twitter: .
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How To Purchase Wedding Insurance
If you already have homeowners, renters or car insurance, check to see if you’re eligible for a discount on wedding insurance. Major carriers including Nationwide, Progressive and Allstate offer special event coverage. You can also look to companies such as Travelers, WedSafe and Wedsure, which specialize in wedding insurance.
Travel Insurance For Destination Weddings
Are you planning a destination wedding? If so, travel insurance is also worth considering. Travel insurance can protect you against loss from events that occur during travel. If the groom comes down with pneumonia and cant fly, you may be reimbursed for travel expenses.
Make sure you find a policy that lumps Covid-19 into other illness cancellations. If youre traveling internationally, find a plan that has medical benefits if you get sick or injured while abroad. Since your health insurance plan wont likely cover trips to the hospital overseas, having a travel insurance plan in place can help ensure the financial burden of international medical bills doesnt solely fall on you.
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While travel insurance wont reimburse you for expenses related to the wedding itself if you have to cancel, it will take care of travel-related expenses, even excursions such as a sunset boat cruise. Remember, make sure to read the terms and conditions of your policy so you understand the qualifying reasons for cancellations.
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Where Should We Purchase Wedding Insurance As Hosts
Depending on the policy you need, Lee says, “Sometimes, the homeowners insurance that you have can cover this, or there are companies that will provide a one-day insurance policy.” A quick search online should help narrow down the options, but be sure to read reviews and all the small print before signing the dotted line.
