wedding insuranceYou planned the big day, the cake, the flowers, the caterer, and all is perfect. But you didn’t plan the hurricane that blew through town the day before, taking power with it. Or maybe it was a caterer that went out of business two weeks before your wedding, taking your deposit with them. Or perhaps your fraternity brothers got carried away and set fire to the banquet hall bathroom.

Wedding mishaps happen. Usually they’re of the “someone forgot to invite Uncle Fred” variety, but when a wedding falls through due to an unplanned weather or liability event, it can be a devastating financial blow. Cancelled plans are of no concern to your venue manager, who had you sign a contract stating you’d forfeit that deposit if you cancelled within a week of your event. You’re out the money, and you’re still not married.

Time for wedding insurance. Protecting the money you’ve put into the different aspects of your special day is more critical than ever since wedding costs average just over $24,000. Should one of your plans fall through, you could be shelling out even more money to ensure your wedding can take place. A wedding insurance policy can protect you from unexpected weather, liability, and service-related events.

Here’s what the typical policy includes:

Event Cancellation: Coverage for cancellation due to such issues as accidents, military service calling away an intended spouse, illness, severe weather, hall rental contract cancellation, fire at the venue, and more can protect your deposits and help you recover from the cancellation. Sorry, cancellation due to a change of heart is not covered.

Liability: Oh, those rowdy relatives! Because of past damages, many venues are now requiring couples carry their own liability insurance to cover damage caused by guests. It also covers you for any alcohol-related liabilities (check with your wedding insurance carrier to see specifics of this coverage).

Vendor issues: Caterers lose booking reservations, bakeries drop cakes, and videographers forget to show up. Wedding insurance covers cancellation or rebooking issues associated with vendors unwilling or unable to honor their contractual agreements.

Supplemental coverage: Spilled wine on your wedding dress or a photographer whose photos are damaged or never arrive can be covered with an additional insurance supplement.

Wedding insurance costs between $300 and $550, depending on the coverage level and the insurance carrier. It’s a small investment considering the large amount of money and energy you’ve put into planning the perfect day.

Photo: Flickr, Hamner_Fotos, Creative Commons 2.0 Generic