Why Wedding Insurance is Important for Your Big Day
Every year, around a quarter of a million couples get married in California. The average cost of a wedding runs to more than $31,000. That's an awful lot of people and an awful lot of money.
First, it's exciting, then planning and organizing the event becomes daunting. But when the great day arrives, it all seems worth it. Or does it?
That depends on the couple, the guests and, of course, all the activities that are part of the great day. What could go wrong?
Well, the more complex and expensive the event, the more risk there is that things could go wrong. That's bad enough, but if you're also going to be tens of thousands of dollars worse off, it's a potential disaster.
And that's why couples and their families increasingly opt to take out wedding insurance. It doesn’t cost a lot but it can buy you incredible peace of mind.
So What Is Wedding Insurance?
Wedding insurance can cover most of the financial risks of the big day and beyond. The aim is to compensate you for unforeseen events that might disrupt or even ruin the wedding or associated events.
You usually can select from a number of options depending on the scale of the wedding, the venue and any special concerns you have.
Types of coverage you need for a wedding include protection against both liability and cancellation risks. You may want both types of cover, or not, depending on your priorities. Sometimes you can get just liability coverage with an endorsement providing limited cancellation protection.
Another possibility is to get protection through special event insurance.
What Does Wedding Liability Insurance Cover?
The main purpose of wedding liability insurance is to protect against injuries or damage that might occur at the event. This includes injuries a guest suffers or damage to furniture and other equipment at the venue caused by you or your guests.
Liquor liability may also come as standard.
Accidents, injuries and damage to the venue account for more than 40 percent of all wedding insurance claims.
One other thing: No fireworks. Firing them off can void your entire policy. Some other attractions such as bounce houses may also be excluded. Check your policy limitations and exclusions carefully.
What Does Wedding Cancellation Insurance Cover?
Event cancellation claims account for about a third of all claims received by wedding insurers.
Coverage protects against money that you owe the people, equipment, food or organizations you've hired or ordered for the wedding if it has to be canceled or postponed due to certain, defined unforeseen circumstances.
These include severe weather (but not an average rainstorm), illness of the bride, groom or other key people, and trouble with the venue such as bankruptcy or fire damage. Certain events that might disrupt the wedding without halting it -- like damage to the bridal gown -- can also be covered.
Generally, it also covers all the related events including the rehearsal dinner and the honeymoon.
In most cases, you can’t be covered if one of the couple get cold feet and decide not to go through with the ceremony. But if you want this, a couple of insurers will provide it but likely at a high premium and will probably only protect money spent by a third party (i.e., not the bride or groom).
Do I Need Wedding Coverage in Southern California?
Given the average costs, even if you plan a less costly event, it makes sense to buy coverage.
Sometimes, though, there also can be a contractual requirement, say if the venue you plan to book or your caterer insists you have insurance protection in place.
On the other hand, if the wedding is being held at a house -- yours or someone else's -- liability protection might be covered in their homeowners policy, though extra limits may be required through an umbrella insurance policy. Speak to us if you'd like to know more about this.
You may also have special insurance needs, for example wearing an expensive piece of jewelry or using a valuable antique vehicle to deliver the bride. These may fall outside the terms of a standard policy and will needed to be added, for an additional premium, to the policy.
How Much Does Wedding Insurance Cost in California?
Liability insurance costs are low but cancellation will cost more, depending on the cost of the event, limits to how much the policy will pay out, and any deductibles you agree to -- that's money you pay out of your own pocket before the policy kicks in.
That means it makes sense to have a good idea of the wedding's likely cost before arranging the insurance. For a rough estimate, use this cost calculator: https://www.costofwedding.com/
A ballpark premium figure -- and it is only that -- could be around $300 to $500 for combined coverage.
On the other hand, a few losses may be covered under other policies such as homeowners insurance (say if wedding gifts are stolen from your home), or even by refunds provided by credit card issuers. Some service providers, including the venue and the photographer, also may have their own insurance.
You would need to check these carefully -- your insurance agent might be able to help you.
Where Can I get More Information About Southern California Wedding Insurance?
Because wedding insurance can be quite complex and you don’t want to end up paying for coverage you don’t need, it's always wise to speak to an agent who knows all the risks as well as the reputable insurers.
Not only that, but an agent should be able to help you decide on any special needs and whether you can save money by excluding certain types of coverage (such as liquor liability for a dry wedding).
Here at Aldrich Taylor Insurance we take the time to get to understand your plans and to source and negotiate the coverage you need at a competitive price, including any available discounts
If you're ready to talk about wedding insurance, so are we. Please get in touch for a free, no-commitment chat.