Avoiding Wedding Risk

How can you protect yourself from unknowns like sick vendors, really bad weather, and fire damage when planning a wedding? You, bride, need some wedding insurance.

Wedding insurance (also known as event insurance) is a type of property and causality policy that originated in Great Britain in 1988, but has only been available in the U.S. since the mid 90s. It typically covers cancellation or postponement of a wedding if a member of the bridal party dies or gets sick. Keep in mind that if the wedding party member becomes sick or dies because of a pre-existing medical condition your wedding insurance probably won't cover it.

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. Additionally, it will help pay for the reassembling of the bridal party in the event another photo session is necessary because the photographer lost the film or it's damaged at the lab. Finally, it will provide money for new wedding rings if the originals are lost and the replacement of damaged, stolen, or lost wedding gifts.

What isn't covered? Changes of heart! If you or the groom gets cold feet, your wedding insurance will not reimburse your expenses.

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 wedding date. In most instances, a policy can be purchased from two weeks to two years prior to the event.