Have you ever thought about the merits of wedding insurance? According to a survey by TheKnot.com the average cost for a U.S. wedding is now more than $35,000. That’s also about the average price paid for a new car, according to 2018 figures from Kelley Blue Book. And few would argue the merits of car insurance.
What if storms shut down a major airport, causing you to postpone the wedding? Or, what if that adorable ring-bearer drops the diamond-studded bands off the pier at your beach ceremony? Wedding insurance is a type of special event insurance (also called one-day insurance) that covers injuries and venue damages. It can also cover loss or damage of things like photos, attire, gifts and rings, as well as deposits in case of cancellation.
Before you buy insurance, check with your vendors to see what sort of coverage they have for their services and facilities. You wouldn’t want to pay for overlapping coverage if, for example, the reception hall has liability coverage for accidents. Ask for copies of any vendor policies, and then sit down with your insurance professional to determine where you may benefit from additional coverage.