Like homeowners insurance policies, wedding liability policies provide coverage against injuries or property damages that occur during ceremonies and receptions. Many venues require couples to obtain this form of coverage.
Most policies offer protection in case key participants cannot attend due to illness, injury, military deployment (but typically do not offer coverage for “change of heart”) as well as providing various perks like:
Liability Coverage
Your wedding is an expensive investment and could potentially put a lot at stake; that is why insurance may be worthwhile considering.
Liability coverage, required by many venues, reimburses for damages to property during your ceremony and reception or rehearsal dinner. For example, should any guests become inebriated and damage furniture at the venue or knock over expensive centerpieces during their celebration, this policy would cover their repair or replacement.
Extra expenses coverage is another popular type of cancellation insurance coverage, providing reimbursement for expenses you incur as a result of canceling or postponing an event, such as lost vendor deposits, accommodation and nonrefundable costs. When shopping around for policies from different insurers, having an idea of potential expenses, deductibles and coverage limits ready will make comparing policies much simpler; CNBC Select reviewed several insurers that specialize in wedding event and cancellation coverage – read our detailed reviews on all three. Most policies included liability as well as extra expenses coverages in most policies we reviewed by CNBC Select!
Venue Coverage
Weddings can expose venues to unanticipated damage. By investing in liability coverage, venues can rest easy knowing they’re protected against accidental property damage caused by guests or wedding-related activities.
Insurance provides venues with additional protection against unanticipated events, like natural disasters that might render their location unusable for weddings. Some policies even cover expenses incurred when an essential vendor backs out or no shows; should their photographer or videographer fail to arrive as promised, for instance, this coverage could help ensure that another provider steps in quickly as a replacement – saving couples both time and money by finding another suitable service provider at short notice.
Cost of wedding insurance policies will depend on the limits you choose; higher limits usually cost more. When selecting your policy limits and coverages, take careful account of both your budget and individual item costs to select an insurer that provides quotes online so you can tailor them specifically to you and meet all of your needs.
Cancellation Coverage
Some wedding insurance policies offer host liquor liability – an important feature if your venue or vendors require it – as well as cancellation and extra expense coverage, covering nonrefundable deposits for rehearsal dinner, day-after brunch and other costs associated with events. You can tailor your policy to meet both your needs and your budget by choosing coverage limits as well as adding any desired extras such as the cost of replacing or repairing jewelry gifts or wedding attire.
Most insurance companies provide sample policies online to allow you to compare policies, premiums, and coverage levels and find an option suitable to your budget. Before buying, carefully read over and understand each detail such as known or preexisting conditions; voluntary postponements without covered reason; travel delays caused by weather. Giusti recommends getting wedding insurance as soon as you start planning deposit payments – for this reason he suggests getting it before finalizing deposit schedules.
Extra Expenses Coverage
Extra expenses coverage can reimburse nonrefundable deposits and costs incurred to arrange alternative wedding services, and covers any extra costs you might encounter due to your chosen venue either going out of business, entering into administration, insolvency or liquidation. For instance, it might cover the dinosaur theme wedding decorations you spent your money on.
Coverage such as this can come in handy if someone steals your wedding gifts, accidentally breaks the custom-made attire you paid thousands for or if an attendee of your big day needs to report for active military duty before your big day – thus providing much-needed cover costs incurred due to cancellation or postponement of plans.
Liability policies typically cost around $125 while cancellation / postponement insurance policies begin at about $275. Couples should select their policy depending on their wedding budget and aim for maximum limits in both policies.
