ASK THE EXPERT: Wedding Insurance

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Ask the Expert
Wedding Insurance
Story Provided By: Linda Krisko, Nationwide Insurance

PW-wedding-insurance-You plan for what seems like ages…everyone is invited…then the venue shuts down! Wedding Insurance to the rescue!

The average price of a wedding can exceed $25,000, at this cost insuring the day makes sense. Wedding Insurance offers some peace of mind, and even though it can’t get you a new venue it can mitigate the financial losses.

Most insurers offer two types of Wedding Insurance:

Liability & Property Damage Insurance, this is can be required by the venue, it covers you or one of your guests if there are damages to the venue or if there is an injury. Without this coverage you could be financially responsible for repairs/replacement or even medical bills.

Imagine some of your guests get into an argument. Instead of punching a person, someone puts their through a wall with vintage wallpaper! You are now responsible for the repair to the wall and replacing a very expensive wallpaper! With Liability & Property Damage Insurance the most you will pay is the deductible!

The cost for Liability & Property Insurance varies depending how much coverage you desire, and the requirements of the venue, if any. Industry data state the approximate cost to be $150-300, often with a possible discount if bundled with the cancellation insurance.

Event Cancellation/Postponement Insurance protects your non-refundable deposits/expenses if you need to cancel due to extreme weather, unexpected illness, etc. It will also cover no-show or bankrupt vendors, and even replacement of lost or damaged gifts.

It can happen to any of us, a vendor forgets, or Mother Nature takes charge! One well known TV program touts “expect the unexpected!” Imagine you had planned the perfect holiday venue at a mountain resort and the groom breaks his leg skiing the day before! You would have lost all your deposits, along with your beautiful day all because the he was laid up in the hospital. With Cancellation/Postponement Insurance you could re-coop the money if not the day!

The cost for Cancellation/Postponement depends on your approximate wedding cost; for instance a $25000 wedding will run about $200 and $50000 will run about $300 (these are not exact amounts just approximations based on industry data).

For a relatively small price, comparatively speaking, Wedding Insurance will provide a little relief during the hectic preparations and on the day of the event! Contact your agent for all the details before your big day.