I know this post will be ready by many of you at different stages of the planning process, however, right now we are smack dab in the middle of the Covid-19 quarantine and I thought this would be a perfect opportunity to shed some light on wedding insurance.
Wedding insurance is something that many venues now require you to have. Even if your venue doesn't require it, I do always advise my couples to purchase it (for those of you who have worked with me, you'll probably recall seeing this on your customized planning checklist!)
So what exactly is wedding insurance? Well to start, there's two major types of wedding insurance: liability insurance and cancellation/postponement insurance. I recommend getting a dual policy that offers both but at the very least, liability insurance is a must, especially for weddings on private residences or other unique spaces that don't already carry specific event-related insurance!
What is the difference between the two? Liability insurance as defined by wedsafe.com is "a specialty policy designed to protect and reimburse the wedding couple for certain losses from accidents that occur during the rehearsal, wedding and reception. Wedding liability insurance covers items such as damage to the facility caused by a guest or vendor, bodily injury to guests, or even alcohol-related accidents." So in essence, liability insurance is a policy designed to protect you in the event of injuries or property damage.
Cancellation/Postponement insurance as defined by wedsafe.com: "protects the non-refundable deposits on everything connected with the wedding, should it be cancelled or postponed for a covered reason. This is the investment you would lose if you were forced to reschedule your wedding at the last minute and lost all of your non-refundable deposits." Do any of you remember that time that Alfred Angelo randomly went out of business and left tons of brides without dresses that they already paid for? Yep. That kind of situation can be covered by this policy. Other scenarios include severe weather, sudden illness, venue or vendor bankruptcy, as well as coverage for damaged attire, damaged or lost photo/video, etc. Life is unpredictable and even though we plan for almost everything, sometimes things arise that are out of our control. Knowing you are protected will give you peace of mind throughout the process.
In terms of where to obtain a policy - I usually advise my couples to look into www.wedsafe.com. Their policies are very comprehensive and they specialize in weddings & events. If your wedding is taking place at a private residence, you can also usually add one day event insurance coverage to your existing policy. As with anything else, feel free to compare quotes and shop around a bit.
For many people, a wedding is one of the biggest expenses they will incur in their lifetime. Just think about it, you have health insurance, car insurance, even pet insurance these days! Why wouldn't you also want to insure investments you've made for one of the biggest days of your life?