Love is in the air! Wedding season is underway and the most popular months for couples to get married are upon us. Whether you’re getting married, hosting a wedding, or attending one (or five) this season, there are risks you may run into during the event (or events!) along the way. Luckily, insurance can help if something goes wrong, no matter your role in the festivities.
For the couple
If it’s your own big day that you are preparing for - there are many insurance considerations depending on the type of event you will be having in honor of your marriage.
The big day often comes with a big price tag - couples spent an average of $32,641 on their weddings in 2015 according to The Knot. With so many moving pieces at work - the venue, the caterer, the florist - there are many opportunities for something to go wrong. Whether it’s the weather, an injury or illness, or a vendor going out of business, wedding insurance can help you recoup your losses if something does go wrong.
Before purchasing wedding insurance, be sure to speak with your agent so that you and your partner understand what is and what isn’t covered and how much each event is covered up to. Cold feet aren’t covered, so wedding insurance isn’t a backup plan!
You may find that your venue requires you to take out a liability policy for your wedding. There are several ways to go about getting this coverage, from bespoke policies from wedding insurance specialists to working with your homeowners or renters insurance agent to add-on coverage for that day, with your venue added to the policy as an additional insured. There are pros and cons to both. Speak with your agent to understand the implications of filing a claim on this coverage if you add on to an existing policy and ask lots of questions to make sure you will get the coverage you need for your big event.
You’ll no doubt be receiving many gifts during this exciting time. Don’t forget to examine your renters or homeowners limits to ensure that all of your new items will be covered. You may need to increase your personal property coverage.
For the host
According to The Knot, the bride’s parents contributed 44% of the overall wedding budget for the average wedding in 2015. If you’ll be hosting your daughter or son’s event, you’ll be putting a lot of money on the line.
Parents can purchase wedding insurance, though they should be careful about who is named on the policy - if it is just the couple getting married, money would be paid out to them in the case of a claim. Look for a policy that will allow the parents to be listed as insureds to avoid any confusion.
If you are hosting the wedding on your property, you’ll want to give your agent a call to ensure that the event is covered if something were to go to wrong. You may want to consider a supplemental liability policy for the day of the event, especially if you will be serving alcohol. Speak with your insurance agent to talk through your existing coverage and what it offers as well as options you may want to consider for additional financial protection.
For the guest
According to The Knot, 49% of couples were married 200 miles or more from where they lived at the time they were married and 21% of couples had a “destination wedding,” according to The Knot. If you’re like many wedding guests this season, you’ll need to travel to get to wedding festivities this year. Traveling can cost you a bundle and open you up to risks you may not encounter if you were staying closer to home.
If you’ll be taking a road trip to get to the event, you’ll want your auto insurance to be in top shape, should anything happen out there on the road. Check out our road trip insurance tips here to make sure you have the right coverage.
If you’ll be flying or staying in a hotel, you may want to consider travel insurance should anything go wrong. Travel insurance can help you get your money back if your travel plans are interrupted.
If you’re a member of the wedding party, your suit or dress, shoes, gifts - it all can add up! If you’ll be packing up your valuables to bring along, you’ll want to check to see if you have coverage under your homeowners or renters insurance for items away from your home.
Your wedding should be one of the best days of your life - make sure to protect your planning and investment in your celebration by ensuring you have proper coverage!