Wedding Insurance -- Do You Need It?

As the bride-to-be you've thought about your gown, weighed the pros and cons of various venues and looked at photographers' portfolios until you just couldn't turn another page. You're doing great so far! However, you may have ignored a very important part of planning a wedding. We're talking about wedding risk management, more commonly known as wedding insurance or event insurance. After all, when it comes right down to it, there's plenty that can go wrong when you're trying to put together the perfect wedding.

With the average costs of weddings pegged at about $30,000 (and this number is expected to continue to climb, even in the current economic climate) insuring your big day against all kinds of glitches just makes good sense. Event insurance typically covers cancellation or postponement of a wedding if a member of the bridal party dies or gets sick... as long as they didn't have a pre-existing condition.

Wedding insurance also covers a bridal party member's failure to show because they are injured or are called up to active military duty or there is a shutdown of commercial transportation. The insurance policy also kicks in if one of your wedding vendors can't make the wedding or you need to reassemble the entire wedding party for a second photo shoot because the original photos were lost or damaged by the wedding photographer. Finally, your wedding insurance will cover the cost of the wedding bands if they are stolen or lost, and the value of wedding gifts that are stolen or lost.

The typical cost for a basic policy is between $125 and $350 with a $25 deductible. Like any other insurance coverage, the premium varies depending on the amount of coverage needed. But unlike other coverages, the premium is a one-time payment even if the policy is purchased well in advance of your date. In most instances, a policy can be purchased two weeks to two years prior to the event.

The only thing it definitely won't cover? A change of heart by the bride- or groom-to-be.


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