Is Wedding Insurance Really Worth the Investment?
Your wedding day will cost you a lot of money, which is why sticking to a budget is pretty important. While you never plan on anything going wrong, insurance for that special day might give you a lot of peace of mind. Your vendors will come whether your wedding happens or not, so why waste money?
What is Vendor Insurance?
First you should know exactly what vendor insurance is when it comes to having a wedding. When you start planning the big day, you will have to hire vendors for your linens, the food, desserts and a wide variety of other things. Each of these vendors is paid to show up and perform their specific service at a certain time on the day of your wedding. They will sign a contract with you that gives all the details, but the date and time will be set in stone.
So, what happens if your venue ends up damaged or you get sick and have to postpone the wedding? In any normal scenario, you would just postpone the day and let everyone know to come at a later time. Unfortunately, this is not what you can do when it comes to wedding vendors. With them, you would lose all the money you gave to them, including the deposit. This could mean thousands of dollars lost, which could result in no wedding happening at all.
Do you need Vendor Insurance?
The decision of whether or not you need this type of decision is completely up to you. There are a lot of unknowns that could happen, like natural disasters or emergencies, which could delay your big day from happening. If you didn't have insurance, you could stand to lose a lot of money. This could be compared to driving around without car insurance, which is risky no matter how far you're traveling.
How much is Insurance?
If you pick up vendor insurance separately, you will probably pay around $100- $500 for each. Of course this depends on the exact vendor, how much you spend with them and a variety of other factors. It's common that vendors will offer you insurance, so it's up to you whether or not you take it. Generally it's worth the peace of mind, especially if you're spending a lot of money on your big day.
You might also want to look into insurance policies available through insurance companies, including the one you have your home or automobile insured with. They can offer you liability policies up to $1 million dollars, which could cover your wedding if a disaster were to occur. Of course there are going to be exclusions to these policies, so you have to make sure you know exactly what is covered. There are also deductibles associated with these and they can affect how much your policy is overall if you do have a claim. It's important to talk with your insurance agent in depth so you know what you get, how much you will pay and all the other details necessary.
What does it Cover?
Insurance isn't going to cover your wedding if you decide you don't want to get married. Generally the insurance will only cover you if there is an emergency, like an injury or natural disaster. This differs based on the policy and the vendor, so it's important to make sure you have a policy that you need.
Should you get Insurance?
If you're having a casual wedding where you don't have a booked venue, you cook your own food and you're handling everything else; you probably don't need to get insurance. Generally it's easy to change the date, although you will have to do a lot of work on your own.
Now, if you are spending a lot of money on ice sculptures, a big band, a huge venue and the best gourmet food in town, you might want to consider insurance. Weddings cost a lot of money and you could stand to lose a lot of yours if you weren't prepared for the unknown.
Also ask your vendors if they offer insurance included with the money that you're paying them. Many vendors do this these days because they know things can change. This is going to run you more money, but it's going to be worth it if you do have something happen right before your big day. Whether you get a big insurance policy or one through your vendors; it can provide you with a lot of peace of mind throughout your wedding planning process!