One of the many questions that we get as a planner from our clients is … “Do I need wedding insurance?”  Well, today is your lucky day because we have insight from the expert!  Steve Lauro of WedSafe has answered some of the most important questions regarding wedding insurance.  It’s crucial that couples understand what wedding insurance is all about, so they are informed of what is being covered, what the fees are all about, and most importantly so they know they can feel at ease if there happen to be any mishaps the day of!  Wedding insurance is becoming a very important part of planning, whether it be an umbrella policy or coverage through WedSafe.  So enough introduction … dive in and get some answers! And be sure to check back soon for the second part of WedSafe’s expert advice.

Image by Brian Adams PhotoGraphics

How does a couple know if they need to get insurance?

The protection that Wedding Cancellation Insurance affords applies to all types of weddings, local, destination, large scale, intimate, indoors or outdoors. Brides, grooms and their families are making a significant investment and while we always hope that our day will go off without a hitch, perils still remain regardless. Wedding insurance can protect against financial loss associated with covered losses.

Is there a certain budget/price point for weddings that you recommend getting insured?

The average wedding across the USA is less than $50k, and for those brides and grooms who are investing that amount of money into their special day, wouldn’t they want to protect it just as much as the brides and grooms who are spending much more? When you choose not to insure something, you are essentially assuming that risk on your own. Would you go without insurance on a $40,000 car?

Image by Kristin Spencer Photography

How is the insurance charged and how does it work?

Generally speaking, wedding cancellation insurance is based on the total wedding budget. There are different levels of coverage for every size budget, starting with premiums slightly over $100. You should choose a coverage level based on your total wedding budget – how much you will spend on your venue, your gown, wedding rings, caterers, flowers;, photographers, and all the other deposits and purchases you will make for your wedding. This is the investment you would stand to lose in a worst-case scenario.

Describe the types of insurance and coverage.

The term wedding insurance typically refers to two very different kinds of coverage:

1.  Wedding Event Cancellation and Postponement – protects your financial investment in your wedding; covers cancellation / postponement, lost deposits, and more

2.  Liability Insurance – protects you against financial liability arising from your wedding; required by many venues

How many days prior to the event do I need to get insurance?

For event cancellation insurance it is best to protect yourself as soon as you begin placing deposits with vendors.  Whenever you write a check, ask yourself what would

happen if that vendor could not fulfill its obligations. Even the most reputable wedding vendors can find themselves with financial or other types of problems. And while credit cards do offer some level of protection to the consumer, a wedding insurance policy can provide so many benefits at such a relatively low cost, it makes all the sense in the world to consider protecting yourself.

Image by Diana Daley Photographers

A big thanks to Steve of WedSafe for filling us in with all of this helpful information!  Check back soon for the second installment of Steve’s expert insight on wedding insurance.

New England, Florida, and Baltimore wedding insurance company, WedSafe is a member of my Kate Parker Wedding your online wedding resource guide geared towards directing couples to quality vendors based on their price range and state.