Wedding insurance is increasingly common. People want to protect the large investment they’ve made in planning their big day. With so many large expenses associated with weddings, it’s no surprise that many brides and grooms are looking for the cheapest wedding insurance.
There are a lot of ways to save money on your wedding budget, from a buffet dinner to holding a weekday reception. Wedding insurance policies vary greatly, and there are many options to choose from. Couples have the ability to decide what is most important to cover for their event. You can tailor the wedding insurance to suit your needs to make the most cost-effective choice for protecting your big day.
You don’t need to purchase certain kinds of coverage if it isn’t a priority. For example, a bride who is planning a wedding at her parents’ home does not need deposit coverage, but she may want coverage for her $3,000 wedding dress. If you aren’t serving alcohol, you might not need liquor liability insurance.
The costs for purchasing a wedding insurance policy typically ranges between $150 and $550, depending upon your policy coverage. Buy the best insurance to suit your needs and the only tears you’ll shed on your wedding day will be when happily walking down the aisle.
With the help of an independent agent, you can calculate exactly how much you want to spend on wedding insurance based on the coverage you want. Your insurance costs will depend upon:
- The wedding date. The further in advance you purchase the insurance, the cheaper it will be.
- The deductible and premium amounts. If you have a larger deductible, you will have a smaller premium, and vice versa. By paying a lower premium, you are taking on a greater risk. If something were to happen, like a vendor not showing or a ruined wedding dress, you will have to pay more to in a deductible amount to remedy the situation.
- Liability only. By purchasing a general liability policy for your wedding, you will likely have $1 million in coverage and $1,000 in both medical payments and property damage. This will be your cheapest option with the broadest coverage. Adding cancellation, loss of deposits, gifts, jewelry, and attire will be an added cost to your premium and deductible.
Finding a cheap policy is easy. Be warned, however, to read through the fine print of the coverage before purchasing. Wedding insurance will not cover every disaster that may befall your big day. For example, if you or your significant other has a change of heart, the cancellation will not be covered. Wedding insurance also won’t cover cancellation due to rain; only catastrophic weather-related issues are included, like flooding and earthquakes. A jewelry policy will cover the wedding rings, but not the engagement ring (which is usually much more expensive). Other jewelry also won’t be covered, like watches, a pearl necklace or earrings, or semi-precious gemstones.
A general liability policy will cost around $150. One of the most expensive wedding insurance policies costs about $1,290 and includes $1 million in liability, $1 million in property damage, and $175,000 in cancellation coverage. Comparing the two, you can understand why including additional protection will give you peace of mind but at a cost.
Remember that all wedding insurance policies can be considered cheap when you think about the costs of the average wedding today. Whether you plan to spend $15,000 or $50,000 on your wedding, spending a few hundred more dollars in order to protect your investment is well worth it.
An independent insurance agent is familiar with all of the wedding insurance options and can help couples weigh the various types and levels of coverage. By enlisting the advice of a professional agent, couples can be confident that the wedding insurance they purchase will be appropriate for their event and budget.
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Enhanced Insurance is not written by attorneys. If you’re looking for legal advice, you need to contact a lawyer. Further, insurance practices and forms change constantly and are varied from state to state. For definitive answers in your area, contact a local agent.
While the majority of people want an agent involved in their purchase of insurance, many people want to see if they can save money by buying direct from the insurance company. Others want to try a direct quote to make sure the premium they’re now paying through their local agent is fair. If you want a quote for your coverage, click on the competitive quote button on the right side of this page.