We’re certain insurance isn’t first on the list when you begin planning a wedding or special event. However, if there’s one thing we’ve learned in over 90 years in the insurance industry, it’s to expect the unexpected. When you think about how much money is involved, tacking on an extra few hundred dollars for some peace of mind is a no-brainer.

So, what IS wedding insurance? Technically it falls under special event insurance. Essentially, you are protecting yourself in the event of cancellation or postponement, and against any liabilities/damages that might occur during the event itself. For example, what if the groom’s tuxedo is lost in airport baggage and he has to buy a new one the day before the wedding? What if one of your vendors goes out of business a month before your big day, and you lose your deposit and have to rebook last minute? These are all examples of financial losses that can be avoided with wedding insurance.

The Two Types of Wedding Insurance

Insurance can be complicated, and wedding insurance is no exception. Similar to how auto insurance has liability and comprehensive options, wedding insurance has two main types of coverage: liability and cancellation.

Liability

Liability insurance policies cover any damage to the venue as well as bodily injuries to attendees during your ceremony or reception. This often extends to alcohol-related events as well (liquor liability insurance), which pays out in case you are sued for damages that drunken guests cause after they leave the party.

Cancellation or Postponement

Cancellation coverage reimburses you for any money spent in the event your wedding is called off for circumstances beyond your control. This could be anything from inclement weather to family emergencies. The caveat is this: nearly all policies do not include change-of-heart coverage. There’s no insurance for a runaway bride or groom.

How much does it cost?

Costs vary, depending on a number of factors such as the venue, length of event, location, guest count, and amount of coverage needed. The entry-level policies start around $150, but can run up to $1000.

Why You Should Purchase It

Once considered a luxury, now some venues require that you at least have basic liability coverage. It also ensures you’ll receive some sort of reimbursement for what you’ve already paid. The cost is a drop in the bucket compared to total expenditure. It also saves you the financial burdens that might befall you in case something goes south.

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