When planning a wedding, it’s important to be aware of wedding insurance and what it covers.
First and foremost, wedding insurance is not going to cover any pandemic-related postponements or cancellations. (There may be exceptions if you purchased it before the pandemic, but it’s very unlikely. Check with your provider to learn more.)
But it still could be worth it.
There are two types of wedding insurance: liability and cancellation. Liability insurance deals with accidents and injuries, even those related to alcohol, and is often required by a venue or city/county in order to serve liquor. Cancellation insurance deals with covering the money spent in case the wedding is called off due to extreme weather, injury or illness, or other reasons beyond your control. There’s other options you can add to increase your coverage, such as covering the honeymoon or even gifts, but those are dependent on each provider.
The cost will depend on the type and amount of coverage you’re seeking, as well as the number of guests attending, so make sure to thoroughly check what is, and isn’t, covered before purchasing. Check with your venue to see if they carry liability insurance already that covers your event. If you’re having a backyard or other type of home event, check with your homeowners or renters insurance policy to see what is covered and whether you need to purchase additional coverage.
According to NerdWallet, the most common claims paid out under wedding insurance deal with vendor-related issues, and nearly two-thirds of those are venue specific, if it closed unexpectedly or had to reschedule the event.
Anne Tegerdine of AnnaBelle Events in Columbia said she normally requires her brides carry wedding insurance, and her company carries liability insurance, but since neither covers COVID-19, she stopped booking events for 2020 and only held two events, when she would normally average more than 35 in a year. She noted that in her experience, vendors have been great to work with during the pandemic, being very understanding when dates are changed or canceled altogether. No one has held back deposits or refused refunds, she said.
“Everyone’s been super flexible,” Tegerdine said.
If something comes up, check your policy, and reach out to your vendors to see what can be done that works best for everyone.