Say Yes to Wedding Insurance

Written by Paula Jimenez with Cresco Insurance

It’s one of the most important days of your life, what can possibly go wrong?

You’ve spent a lot of time and money planning a beautiful day to celebrate your love in front of the most important people in your lives. Contracts have been signed and thousands of dollars paid to your venue, catering company, photographer, florist, DJ amongst other vendors. The scene is set for your “I Do’s” and happily ever after. 

Then, the unexpected happens - the venue unexpectedly closes, a vendor is a no show, a loved one becomes critically ill, or nature brings on extreme weather. You’ve made a significant financial commitment and should protect it. We all hope for a perfect wedding day but that’s not the case, here are some options to protect the financial burden that comes with any of these stressful scenarios.

What is Wedding Insurance?

There are several policy types that protect your special day from unexpected events. The main two are Special Event Liability Insurance (Wedding Liability Insurance) and Wedding Cancellation Insurance.

Wedding Liability Insurance protects you against accidental injuries and property damage. For example, one of the bridesmaids accidentally knocks over a candle with her long gown which starts a fire. In this situation, your liability policy would cover the injuries or damage that arise from that event. Most insurance agents will recommend that you add liquor liability to your Special Event Liability Insurance. Liquor Liability Insurance will protect the damages that arise because of someone being intoxicated. For instance, if a guest has a little too much to drink and falls from the stairs injuring himself and damaging the venue’s property, the Liquor Liability portion of the policy will cover the loss.  Some venues carry policies that include this coverage within their contract at the time of booking while others do not and require that the couple acquire these policies to secure the date. It’s important that you discuss this with the venue coordinator during your venue consultation.

Wedding Cancellation Insurance offers protection that reimburses you for non-refundable, prepaid deposits or payments if your wedding is cancelled or postponed. It can also cover any extra expenses that arise if your wedding proceeds but incurs additional expenses due to an unforeseen covered situation. Imagine that you’ve planned the perfect outdoor wedding in one of Grant Park’s gardens. You’ve secured a beautiful tent and are set for a beautiful Chicago Wedding with the skyline as your backdrop. A storm breaks, flood warnings are issued, and the tornado sirens being to blast leaving no choice but to cancel or move your wedding into safety. Wedding Cancellation Insurance would cover the expense incurred from your venue having to relocate or the deposits paid to secure the garden location. This policy will not only cover extreme weather but also protect you financially if your wedding shuts down, a vendor – florist, musicians, makeup artist, photographer, DJ or any other professional service doesn’t show up or go out of business. It can also cover stolen or damaged wedding attire or wedding gifts and reshoot wedding photos on a different day if your photographer does not show up. Its important to note that only severe weather events are covered under this policy. Minor events such as rain alone are not covered.

Coverage Amounts & Costs for these two policies usually start at $1MIL per occurrence and $2MIL aggregate. The price on average starts at $175 and can increase depending on several factors such as the coverage limits and location. Although it’s best to obtain coverage as soon as you set a date and secure a venue, you can purchase these policies with as little notice as 2-3 days before your wedding date.

What isn’t covered?

A change of heart and cold feet. You might have guessed it but most insurance carriers will not pay out any type of benefit or reimbursement if the couple cancels the wedding because they changed their minds. There are only a couple of companies that will take on this type of loss but require that the policy be purchased more than a year before the wedding date.  

Jewelry is also not protected under these policies. It’s very important that engagement and wedding rings be insured on their own under the home policy or renter’s insurance. If you’re not a homeowner or tenant, many companies do offer stand alone Personal Article Policies to insure these precious and expensive pieces of jewelry.

The reality is that your wedding day involves a huge financial expenditure and even more significant emotional investment. Protecting and ensuring that you are prepared for unexpected but tragic circumstances is a lot more cost effective than what’s at stake if you’re uninsured. Talk to your insurance agent about your best options for this special day.  Your agent will be able to work a quote or direct you to an agent/insurance company that can prepare a quote for you.

At Cresco Insurance Agency, we focus on making sure each client understands their coverage and the risks of not being adequately protected. We represent over 30 carriers, which enables us to find competitive rates for our prospective and existing customers. With over 25 years of insurance experience, our insurance agents are available to protect your investment so that you can enjoy that perfect and magical wedding day!