Wedding Insurance 101

According to WeddingStats.org the average cost of a wedding in 2014 is nearly $28,000, not including the honey-moon. This is around the same amount that you would pay for a high-end new car. Similar to the notion that you wouldn’t want to drive off the lot without car insurance, you may want to consider wedding insurance. Wedding insurance usually only costs a few hundred dollars but could save you much more if unfavorable weather, sudden illness or a bankrupt vendor ruins your big day.

The most important coverage to buy is personal liability insurance. Just as you're financially responsible if someone slips and falls in your home, so you could be sued if someone is injured at your wedding events. Many venues require liability insurance and either include it in the rental cost or require you to submit a certificate of insurance from your own policy. And don't forget liability insurance if you're hosting events at home.

Make sure all major wedding suppliers (caterer, limousine service, etc.) maintain their own liability insurance. In addition, any venue providing alcoholic beverages should carry liquor liability insurance -- ask for a copy of their certificate of insurance before signing the contract. To play it safe, you may want to buy your own host liquor liability coverage as well.

Other common wedding insurance options include:

• Extreme weather. If members of the wedding party or the majority of guests cannot reach the wedding -- or the venue is damaged -- because of severe weather conditions (e.g., major snowstorm, earthquake, hurricane), costs for rescheduling the event will be covered. Note: Gloomy skies or drizzle don't qualify.
• If a member of the wedding party or immediate family is seriously injured, becomes too ill to attend or dies suddenly, rescheduling costs will be covered. However, illness or injury caused by preexisting conditions may be excluded.
• If an essential vendor (caterer, florist or person conducting the ceremony) goes out of business or doesn't show up, you're covered for any deposits paid and possibly for the complete cost to reschedule the event, within your policy's limits.
• Some policies will pay to restage the wedding (including travel costs, cake and flowers, etc.) with the principal participants and immediate family members if the photographer fails to appear, botches the shots, or the negatives are lost, stolen or damaged; others may only pay an allowance toward reshoots.
• When a professionally-produced video is damaged, most policies will pay a certain amount toward creating a video montage of still photos and other wedding memorabilia.
• Gift coverage pays to repair or replace non-monetary gifts that are lost, stolen or damaged within a limited time period. A police report is usually required in cases of theft.
• Wedding attire coverage will pay to repair or replace the bridal gown, tuxedo and other special attire bought or rented for the bride, groom or attendants, when lost, stolen or damaged.
• Military absence coverage offers protection if the bride or groom is in the military and gets called up or shipped out to service.
• Honeymoon insurance protects against having to cancel your honeymoon due to illness, bad weather or other circumstances. Note: Lost luggage may be covered under your homeowner's insurance.

At McClone, we are able to help you determine if wedding protection insurance is right for your big day. Being newlyweds often brings up a lot of questions regarding the insurance coverage a couple should have and how to successfully merge personal insurance policies into one plan. Our team is able to assist with all of your pre-nuptial and post-nuptial concerns. For the best value, experience and tradition in insurance and financial solutions, contact one of our McClone offices today.

For more resources on planning your wedding, contact our good friends at Premier Bride of Northeast Wisconsin.

Sources: Should You Buy Wedding Insurance?