While you've already made room in your big-day budget for line items your venue, food, alcohol, and attire, there's another detail you might need to play to pay for: wedding insurance. Like other forms of insurance you pay for—such as health or home—wedding insurance essentially helps protect a couple's financial investment in the event of the unexpected. This generally includes everything from from vendor mishaps and damage to the venue or the need to completely cancel the event, explains Steve Lauro, vice president of Aon Affinity.
Though wedding insurance might not be necessary for all couples, it's never a poor investment. "What happens if a hurricane comes through and wipes out the venue? What would you do if you had to find another venue at the last minute?" asks Hunter Tatum, an insurance agent at Virginia Insurance Services. "Another big-ticket item to consider with wedding insurance is what if illness strikes? Some policies provide coverage for the bride, groom and/or their parents if they suddenly become ill and can't attend the wedding."
While wedding insurance costs varies, it can start out as low as a few hundred dollars. "The cost will depend on factors such as the wedding location, the date and what you are looking to cover," explains Danielle Rothweiler of Rothweiler Event Design, who only recommends it to her clients having destination weddings. "You want to be covered in case your location gets damaged in tropical weather especially; I even tell my destination wedding couples to advise their guests to purchase travel insurance."
Some local venues will require their couples to purchase wedding insurance, too. "Many times you can take out a rider to your home insurance policy. In these cases, you might be covering any damage to the venue, making this similar to a security deposit, but not exactly the same thing," says Rothweiler. "There are options where you are protecting yourself from facing additional charges from the venue or location should they need to make any repairs after your wedding."
The best advice when searching for wedding insurance is to work with a reputable company. You can even make this part of your homeowner's policy if you already have one. If that's the case, talk to your insurance company before you do anything. "If there is a company that the venue recommends, or your planner recommends, speak to them first as well," says Rothweiler. "WedSafe is the company that we recommend to our clients the most, especially our destination wedding couples." Whatever you do, be sure to calculate how much you would need to be covered for, because if you put in a claim, you might not end up getting the full amount you're claiming, Rothweiler adds.