Spring has sprung, which means wedding season is just around the corner. But what if there is trouble in paradise—and someone calls off the wedding? Or weather prevents the parents of the groom from making it to the ceremony? Or the venue closes? Or the photographer gets lost?
The average wedding in the United States costs $35,329 (ranging from $12,769 in Mississippi to $88,176 in Manhattan). Pulling off a typical wedding involves a lot of variables–which all introduce the possibility of financial loss. So if you’re looking for information on wedding insurance – either buying it or offering it – check out our “Wedding Insurance 101” infographic, based on an article by Milliman consultant Elizabeth Bart.
The average wedding in the United States costs $35,329. And organizing a wedding involves a lot of variables that introduce the risk of financial loss. In the article “Getting hitched without the hitch,” Milliman consultant Elizabeth Bart discusses wedding insurance coverage that can mitigate a couple’s financial risk.
Here’s an excerpt:
For such an important life event, at such a high price point, it’s worth protecting your investment. Many insurance companies have wedding liability products to help. Wedding insurance can combine a number of different coverages and can range from only $95 to $500 depending on the types and level of coverage provided. Wedding insurance is easy to purchase online (or over the phone). For example, Travelers offers a Wedding Protector Plan and has a quiz to help gauge the riskiness of your wedding (https://www.travelers.com/personal-insurance/wedding-insurance/why-wedding-insurance.aspx). Other insurers, such as WedSafe and Wedsure, also make it easy to find a quote and buy wedding insurance online.
The most commonly selected wedding coverage is liability coverage. This is typically purchased in situations where the selected venue requires the couple to cover property damage and bodily injury. In addition, certain venues may require the purchase of liquor liability coverage to protect against any alcohol-related incidents.
In the event of a necessary cancellation or postponement, financial losses can be mitigated by cancellation/postponement coverages. Massive amounts of rain and snow can cancel flights, close roads, and even damage or close venues. A severe illness or injury could befall the couple or a parent, grandparent, child, or officiant. Sudden military deployments can also cause wedding cancellations. All of these are “necessary” cancellations/postponements, and insurance exists to protect against any financial losses they may cause.