Wedding Wednesdays: Say 'I Do' to the Right Insurance

Happy Wedding Wednesday! And welcome to our new site design. We hope you love it as much as we do! Big thanks to my boyfriend Chris and his colleague Tristan for making this happen. We finally feel like our blog is complete and couldn't be happier to show readers what we're all about through our awesome look! Now, on to the good stuff. This Wedding Wednesday we wanted to share some tips on the wedding insurance planning process. It is something that you may not think of but should really consider doing. And here's why!

What Is Wedding Insurance?
Basically, wedding insurance protects a couple's investment from circumstances beyond their control, and reimburses expenses incurred. For example, if your limo driver doesn't show up and you have to book another one the morning of the wedding, for three times the price or if your reception space goes out of business, a month before the wedding, and you lose your deposit and have to book another space, with wedding insurance you can protect yourself from financial losses like these.

Why Get Wedding Insurance?
Consider this scenario...Becky and Mat spend months planning their winter wedding. But on the wedding day, their reception site is made inaccessible by an ice storm. Tragic but with the right wedding insurance policy, the couple can postpone their wedding and receive every penny they lost (less the deductible)—including money for the invites, cake, catering, attire and nonrefundable deposits for ceremony musicians, a floral designer and other vendors thanks to wedding insurance.

How Much Does Wedding Insurance Cost?
A basic insurance policy that covers loss of photos, videos, attire, presents, rings and deposits usually costs anywhere between $155 and $550, depending on the amount of coverage you want. General liability insurance, which covers up to $1,000,000 for accidents, costs around $185. Not a huge cost to budget for. And better to be safe than sorry.

You can also get free wedding insurance if you book your wedding venue through The Knot Venue Concierge, where $27,000 in free wedding insurance coverage is included in the policy. How amazing is that? We always utilize The Knot for updates on all things wedding. We highly recommend creating an account with them as you plan your wedding.

Do You Really Need Wedding Insurance?
Before you buy wedding insurance, check with your each of your vendors to see how well they're covered. For instance, your reception site or your caterer may already have their own insurance, so you wouldn't want to pay for overlapping coverage out of your own pocket. Ask your vendors for a copy of their policy, and then figure out where you aren't fully covered.

When Should You Get Wedding Insurance?
The sooner the better because let's say you put a deposit on your wedding reception hall 12 months prior to your wedding date and then it burns to the ground a few weeks before the big day. With wedding insurance, you'll be sure to get your deposit back. Most insurance companies have limitations on how far in advance you can purchase insurance so just check that policy out before deciding on which insurance to go with.

What Does Wedding Insurance Cover?
Problems with the site, weather, vendors, key people, sickness or injury are the top concerns come wedding day. There's usually a specified maximum amount, which can be claimed under each section, and a deductible also applies. Be sure to find out the details of your insurance plan. Couples can also take out supplemental policies to defend against damages incurred by other wedding-related items such as photography, videography and gifts in addition to a basic policy.

Wedding Insurance Typically Doesn't Cover...
A change of heart. In other words, cold feet don't count. So figure that out before you start planning. Watches, jewelry or semiprecious gemstones or pearls (even if they are attached to clothing) may not be covered. While your wedding rings may be covered by the policy, your engagement ring probably will not. Go over all of the items on your wedding list and crosscheck to see what might not be covered. If it's too big of a risk not being covered, decide if you really want to include it or not.

Just keep in mind that every insurance policy and every wedding scenario is different. Research and find which works best for you, coverage and budget-wise. Be sure to talk to your insurance agent and have him or her explain the nuts and bolts to you. You want to make sure you understand every detail of your policy. We hope this has been helpful! Visit The Knot for additional information and join an open forum to ask any questions. Now go on and devour the details of your wedding insurance plans.