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Do I Need Wedding Insurance - Facts To Know

By Edited Oct 23, 2016 0 0

Wedding Fire

There are all types of insurance out there: auto, home, business, etc.  You have many of them, as do all of your friends and family.  More recently, companies have begun offering wedding insurance for grooms and brides that want to protect their big day.  The question that needs to be asked, however, is wedding insurance worth what you're paying for?
What is wedding insurance?
In short, wedding insurance covers almost all 
components of the wedding that may involve unrecoverable expenses or additional expenses due to circumstances outside of your control.  Some examples of this include
  • If your dress or tuxedo is lost or stolen
  • If a vendor goes out of business, declares bankruptcy or does not show up
  • If your weddings rings are lost or stolen
  • If weather forces the postponement of your wedding
  • If your wedding gifts are damaged
  • If the bride or groom is called into military duty that forces the postponement of the wedding
And more.....
How do you get wedding insurance?
Like many insurance policies, you will need to go online to get a quote for your wedding.  Due to the relatively newness of this insurance, there is not a ton of competition in the marketplace.  Two of the most popular are WedSafe and Protect My Wedding, both of which offer a variety of options to insure. 
Policies cost between $150 and $500, depending on the types of coverage you receive.  Obviously the more expensive your vendors are, the more you're going to have to pay in premium. 
Should you buy wedding insurance
The big question here is whether or not you should pull the trigger and buy wedding insurance.  The average wedding in 2012 cost over $25,000 according to The Wedding Report.  Some of the most expensive items you will have for your wedding are the photographer (4-8K), wedding dress (1k-10k), and rings (2-5K).
Recent claim data shows that the most frequent causes of claims were because of a vendor (24%), illness / injury (19%), and venue issues (15%).  A question you want to ask yourself is do you think that your vendors are reliable?  It may seem silly to answer 'NO', but you get what you pay for, and some people are willing to take a little more risk to (hopefully) get items like photos, cake, dj, etc.. at a better value.
Another thing to take into account is your venue.  Are you planning a wedding in Florida during the hurricane season?  In the mid-west during tornado season?  What is the reputation of the place you are booking at?  These could all factor in - or be the deciding factor - in your decision.
With all of that said, the best answer I can give as to whether you should buy wedding insurance is it depends.  You are never going to be able to 100% protect yourself against wedding mishaps, and even with the insurance, you may face some exposures that are out of your control (you're never going to be able to completely recreate the wedding photos for example).
A big part of planning the wedding is the stress that goes with it.  If you're typically a high-strung individual, and this will help ease some anxiety, then by all means get the insurance.  If you're comfortable letting things play out and are more worried about expenses, then don't.
With there being arguments on both sides, I'd like to hear from individuals that have faced this situation before.  What did you end up deciding and did you unfortunately have to file a claim for any reason?  Please let me know in the comments below!
Happy Wedding




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