Is Wedding Insurance Worth It?

beautiful wedding dresses on a hanger

Not every wedding goes to plan. Of couples who'd originally set a 2020 wedding date, 47% ended up postponing their reception, according to a recent study from wedding planning website The Knot. A last-minute change of plans can create a logistical nightmare—and cost a lot of money if it means losing out on security deposits.

Wedding insurance, a form of special event insurance, can ease the financial burden of canceling or postponing your nuptials. Whether it's right for you really comes down to your unique situation. Let's take a closer look at how this type of insurance works.

What Is Wedding Insurance?

Wedding insurance is an often-overlooked form of insurance designed to protect couples if they have to cancel or postpone their wedding. Many policies also provide additional protection if someone gets hurt at the event. In other words, wedding insurance is designed to safeguard your financial investment in case something goes wrong.

Research from wedding insurance provider WedSafe found that 38% of claims filed in 2019 were due to canceling or postponing the big day. Almost a quarter had to do with property damage; 18% were related to injuries or accidents sustained by the couple or their guests.

What Does Wedding Insurance Typically Cover?

Coverage is generally broken down into two main categories, though it's always wise to read the fine print:

  • Liability insurance: This protects you if someone is injured during the event, which may include the rehearsal dinner, ceremony and reception. Property damage caused by a guest or vendor might also be covered.
  • Postponement and cancellation insurance: This could come in handy if an illness, weather event or other unforeseen circumstance forces you to reschedule your wedding. Some policies will even help cover the cost of lost or damaged attire, wedding gifts, rings or photos. Chances are you won't be covered if someone gets cold feet or simply decides to change the venue or wedding date.

In the event you need to file a claim, you'll likely have to lay out the expenses and then wait to be reimbursed by the insurer. Just keep in mind that if you have a deductible, you'll have to pay that amount before your insurance kicks in.

Is Wedding Insurance Required?

Your wedding venue may require some level of liability coverage to protect against potential property damage and injuries. Beyond that, couples might also opt for travel insurance for their honeymoon. Comprehensive plans generally cover trip delays, cancellations and interruptions, as well as lost or delayed luggage and rental car insurance. What's more, some plans offer protection if you're injured or suffer a serious accident during your trip.

How Much Does Wedding Insurance Cost?

Every policy is different, but coverage often plays a big role in the cost. The size of your guest list and the length of the wedding are important factors as well. The Knot puts the average price range for liability insurance at $155 to $550—with a $185 policy usually covering $1 million in accidents. Meanwhile, the cost of wedding cancellation insurance can vary depending on the amount of coverage. For example, Merkel Insurance provides $5,000 in wedding cancelation insurance for $50.

How to Purchase Wedding Insurance

If you already have homeowners, renters or car insurance, check to see if you're eligible for a discount on wedding insurance. Major carriers including Nationwide, Progressive and Allstate offer special event coverage. You can also look to companies such as Travelers, WedSafe and Wedsure, which specialize in wedding insurance.

Alternatives to Wedding Insurance

Whether wedding insurance is a good investment depends on your situation. If you're planning a large wedding with multiple vendors and a lot of guests, going without it could leave you liable if property is damaged, someone is injured or other issues arise. The peace of mind that comes with liability insurance may be worth it to you.

One alternative is to touch base with your vendors to see if they already have insurance of their own. If they do, ask if you can review their policies. You may feel comfortable saying no to wedding insurance if coverage is sufficient through your venue and other vendors. If they don't have insurance, or their coverage seems thin, you might consider getting a policy of your own.

It's also wise to carefully review all vendor contracts before signing. What are the repercussions if you have to postpone or cancel your event? If you'll face a hefty financial burden, wedding insurance can help mitigate that risk.

The Bottom Line

Your wedding is a milestone moment for you and your partner. It can also be a big expense. Prioritizing your financial health allows you to start this next chapter off right. Experian provides free credit monitoring before, during and after your nuptials to help you do just that.