Do I Really Need Wedding Insurance? Saying I Do to Peace of Mind
Wedding insurance is the most important part of your big day that you will hopefully never need.
Preparing for a wedding can be exciting, overwhelming and some days, just exhausting. The last thing you should be thinking about is whether or not the wedding will go as smoothly as planned.
If you are thinking "do I really need wedding insurance," you do, if you want to have peace of mind and focus on just enjoying your big day.
Your wedding is one of the most important days of your life, and in many cases, it is also a huge investment. How would you feel if after spending so much time and money planning it, something goes wrong?
Read: It May Not be Romantic, But Here's Why You Need Wedding Insurance
Wedding Insurance like any other type of insurance gives you peace of mind, knowing that if something goes wrong you will not have to start from zero or be left hanging. Having wedding insurance means if something goes wrong that is covered by your policy, you will be compensated.
Coverages to consider while shopping for wedding insurance:
1. Liability Insurance
Liability insurance covers property damage to the venue or property and bodily injuries to guests. Some venues might require you to have wedding insurance before they let you use their space for your event. If any damages are done to the venue during your event, you could be found liable.
Liability insurance might also cover for properties that you rented to use for the wedding, such as tables, tents and chairs. Your liability insurance can cover expenses for damages incurred.
Lastly, this kind of policy can cover injuries that might happen to your guest. For example, if a guest trips and falls during the event and ends up seriously hurt, your liability insurance will cover for expenses arising from the injury.
Cancellation coverage reimburses you for monies paid for the event space, to vendors, for hotel accommodation, photographers, makeup artists, etc, if any sudden illness or bodily injury to the bride or groom (or any key member of the family) occurs that requires you to cancel or postpone the wedding. It may also cover you if you can no longer go on your honeymoon due to the cancellation of your wedding.
Cancellation coverage typically covers for things beyond your control. For example, if on the way to the wedding, a car crash occurred and the bride could no longer make it to the wedding, they would need to cancel it for that day and reschedule. Cancellation coverage might reimburse you for monies spent in planning for the entire wedding.
3. Extra Expenses
Sometimes you might not have to go as far as canceling the entire wedding, but might need to spend more than planned to make sure things go well without interruptions. Your insurance company might reimburse you for any extra expenses under this coverage. For example, if a key vendor like your caterer does not show up and you have to find another caterer at the last minute, instead of canceling the entire wedding, you have an option to find another caterer.
Read: Strange Insurance You Probably Don't Need - But it's There if You Do!
4. Special Attire or Jewelry
Imagine the bride stepping on the hem of her gown and ripping it the morning of the wedding. Or the groom's attire ending up with iron burns. What if your wedding band is stolen? Special attire and jewelry insurance will cover for repair or replacement of your items. It is important to first report to the police in the event of theft to file a claim and possibly get a police report, most insurance companies require you to provide proof of loss.
5. Videos and Photos
Photos and videos keep memories alive. It would be terrible if your wedding photos and videos got lost or damaged, or if your videographer or photographer didn't even show up on your special day. Some policies include coverage to pay for photos and videos to be retaken. Some might go as far as re-staging the whole event, covering all expenses.
6. Liquor Liability
You might want to consider this coverage if you will be serving alcohol at your wedding. You could be held liable for someone else's actions if the actions were a result of alcohol served at your event. For example, if a guest at your wedding was intoxicated, got behind the wheel and drove into someone's home and causing damage, you could be held liable for over-serving them and letting them drive under such circumstances. Liquor liability covers for injury or damages arising from this type of scenario.
Read: If a Party Guest Drives Home Drunk, is the Host Liable?
Buying Wedding Insurance
At this point, you might be thinking, I am spending so much on my wedding, how much more do I have to spend to get wedding insurance? In most cases, the premium you pay will depend on the number of guests and the type of coverage that you choose. Generally, wedding insurance packages are affordable and might cost less than 2% of the cost of your entire wedding.
There are options for buying wedding insurance directly from a company website without having to speak to anyone, however, it is important to speak to a licensed insurance agent to make sure you understand the coverages included in any package that you choose.
Written by Judith Pila
Judith is an Account Manager with an insurance brokerage in Edmonton. She is also involved with the Insurance Institute of Canada as a Career Connections Ambassador.
She holds a diploma in Insurance and a Bachelors Degree in Business Administration from Ahmadu Bello University, Zaria - Nigeria.
Edmonton Insurance Association Member 2019 - Present
IBAA Member 2015 - Present