Liability Insurance and Cancellation Insurance are the two most common types of wedding insurance. Many wedding venues require clients or their vendors to purchase liability insurance, which protects the clients in the case of costly accidents that occur on-site, such as an injury or building fire, during the wedding. Cancellation insurance covers the termination or postponement of a wedding due to inclement weather, illness of key people involved in the event, or military leave that is unexpectedly revoked. Cancellation insurance can also cover financial losses, in the case of the bridal salon filing for bankruptcy before the gown is picked up, vendors not appearing on the wedding day, photographs getting lost or deleted etc..
- Wedding liability insurance costs between $160-$200 on average. A $185 policy will generally provide a coverage of $1 million in accidents.
- Wedding cancellation insurance costs between $100 to $1,000 on average.
- You may be able to find “Change of Heart” insurance policies starting at $170, though many companies do not offer it. This is a policy that will protect the family, in the case that the bride or groom decides to cancel the wedding. This insurance policy is rare to find as it is difficult for companies to prevent fraud.
What is Included?
- Liability insurance: should cover damage to the wedding site or injury to wedding guests, with the intention of protecting the couple from costly lawsuits.
- Cancellation insurance: should cover the cost of the wedding in the case that the wedding must be postponed due to inclement weather (such as a tornado or hurricane), sudden military duty or illness of the bride or groom, or parent’s death.
- Cancellation insurance also address service providers. For example, if the deposit has been paid but a vendor goes bankrupt or does not show on the wedding day, the cancellation insurance should cover the costs to find last-minute replacements.
- You may add additional coverage for protection if photography, videography, rentals (chairs, tables, tents), wedding gifts, jewelry, or dresses are lost or damaged. Every policy will vary on the details of what is and what is not included, so always pay attention to the fine print.
- You may need to pay for the deductible on your insurance policy if anything goes wrong.
Find The Right Wedding Insurance
- Before you purchase your wedding insurance policies, double check with your reception venue, caterer, and all other vendors to see if coverage for losses is already included in their contracts.
- Check with the insurance company and see how far in advance you can purchase coverage. You will find some insurance companies only allow coverage to be purchased up to 2 years in advance of the wedding date.
- Wedding cancellation insurance will cover many different categories, such as weather, illness, and no-show vendors—however, there is generally a specified maximum amount for each case.
- Ensure that the insurance contract is detailed in regards to what is and what is not covered in the policy.
Featured Cover Image: Sposto Photography