According to a survey from The Knot, average U.S. weddings cost over $30,000 in 2014. Couples and their families may not realize the financial impact that they could suffer if an illness, severe weather, or even a military deployment disrupts their plans. Wedding insurance policies provide an affordable way to protect that investment and ensure peace of mind.
What is Wedding Insurance?
Like many other policies, wedding event insurance might be tailored to unique needs. The basic coverage provided by this type of coverage might include:
- Wedding cancellation or postponement due to a natural disaster at the venue
- Wedding cancellation or postponement due to the injury, illness, or even military service of a key participant
Also, many policies also offer partial reimbursements for major inconveniences that don’t actually cancel or postpone an event. This could include a missing florist, photographer, or caterer. Additional coverage might be offered that covers physical items like wedding clothes, jewelry, and gifts if they are not already covered by homeowners insurance. The purchaser might also be able to extend their insurance with a type of trip cancellation insurance for the honeymoon.
Wedding Liability Insurance
Wedding liability insurance may also be offered as a separate policy or rider to the original one. This kind of coverage provides protection against claims of injury or property damage at the wedding or reception venue. However, many wedding and reception venues already carry their own liability policies, so this might not be needed.
Couples who choose to get married in a private home might need to consider liability insurance more than people who intend to marry in a church, hotel, or other public place. However, homeowners may already have enough liability insurance as part of their homeowners policy. These are questions to explore with an insurance agent or the venue’s owners.
Wedding Ring Insurance
In most cases, whoever possesses the wedding ring at the time is responsible for covering it. Wedding, renters, and homeowners insurance policies may cover jewelry as personal property. However, this kind of coverage is often limited for expensive jewelry. In any case, it is limited up to the policy’s limits for personal property in general or jewelry specifically. Obviously, $1,500 of coverage won’t be enough to protect a $15,000 ring.
The material point is that the ring is expected to last beyond the actual event, so the ring’s owner might check his or her own homeowners or rental insurance policy and extend it if needed. While this task might be part of wedding planning, it might get separated out from purchasing actual wedding event insurance. Of course, jewelry can get covered by a standalone policy if the person who possesses the ring doesn’t have other coverage.
How Much Does a Wedding Policy Cost?
The average cost of weddings varies a lot by area of the country and the budget of the people who are sponsoring the event. Wedding insurance premium costs vary by the amount of coverage desired. Also, these policies can get tailored for particular needs. However, wedding planners might expect average premiums to average from around one-half to one percent of the total amount of cancellation and postponement coverage desired. Wedding liability insurance is extra Typically, the more coverage purchased, the cheaper the premium is in comparison to total coverage.
ICNJ Can Help You With Special Event Insurance
At ICNJ, we can answer your questions about wedding insurance from our Hackensack, NJ office. As independent agents for clients all over New Jersey, we will take the time to understand your wedding plans and shop the market for the best coverage at the right price.