Wedding Insurance Policies

Wedding insurance can help reduce the financial stress on your wedding day.

Though wedding insurance cannot assure a happy marriage, wedding insurance can reduce the financial risk if a problem causes a delay or cancellation of a planned wedding ceremony. With the high costs of many weddings, couples should consider buying wedding insurance. However, the couple should understand how wedding insurance works to determine whether or not wedding insurance is right for their specific situation.

Covered Wedding Costs

Wedding insurance helps protect many of the investments associated with getting married. For example, if a weather emergency or illness causes a couple to delay the ceremony, many deposits and payments to event facilities, florists, caterers, photographers and others will not be refundable. These are the costs that wedding insurance covers. Policies often provide coverage for service problems as well, such as a caterer that does not show up. As each wedding insurance policy will vary, couples should carefully examine the terms of the policy to make certain the coverage meets their needs. Insurers may modify standard policies to meet any of the couple's specific needs.

Common Exclusions

Wedding insurance typically will not pay for pre-existing health problems that cancel or delay the wedding. For example, if a groom has known health problem that incapacitates him on the day of the wedding, the insurer will not pay. Most wedding insurance policies do not cover a bride or groom simply changing his or her mind. However, if a parent or other person is paying for the wedding, some insurance providers will allow that person to buy coverage in case one party or the other backs out.

Liability Coverage

While few people worry about liability issues when planning a wedding, liability issues present a larger potential financial loss than a cancelled wedding. Injuries from falls, alcohol-related incidents and theft are some of the liability issues a wedding may present. Many wedding locations will even require couples to have liability insurance before agreeing to rent the property. Most wedding insurance policies do not cover liability, but couples should consider buying separate coverage. Most multi-line insurance companies will sell a liability product for events such as a wedding.

Other Considerations

Wedding planners and event locations may offer wedding and liability insurance policies. However, couples should determine what these policies cover and the cost of the premium versus policies purchased from other sources. Regardless of where the couple buys the insurance, they need to make certain that company issuing the policy is financially strong and has a solid reputation. Various companies such as A.M. Best and Fitch provide financial strength ratings for insurance companies. Each state's insurance commission can provide information on complaints against insurance companies.

References

• Commonwealth of Massachusetts: Section I: Risks To Your Special Day
• Commonwealth of Massachusetts: Section II: Insurance Coverage
• Bankrate; Protect Your Wedding With Insurance; Pat Curry; July 18, 2007
• "USA Today"; Your Money: Wedding Insurance Can Cover All Sorts Of Things; Sandra Block; April 30, 2007