Wedding Venue Insurance

Wedding Venue Insurance

Let’s face it: weddings are expensive. In 2013, the average cost for a wedding in the United States was approximately $30,000. If you want to get married in Manhattan, you’ll probably be spending almost three times that amount. The largest expense is usually the wedding venue and catering. In fact, it can account for almost half your total wedding budget, including the wedding rings and honeymoon. On average, wedding couples spend almost $13,000 on the venue and catering. So, what’s the best way to feel assured that your special day will go off without a hitch? Wedding venue insurance

When you think about the costs of your wedding, it makes sense that a large portion of the budget would go towards the venue and food. You and your guests spend the longest amount of the wedding day at the reception. The venue is key to making any wedding successful.

Wedding venue insurance is increasingly common as couples and their families are growing more and more interested in protecting the significant financial investment they make in planning their big day. Wedding venue insurance includes several different types of coverage.

First, most wedding insurance policies will cover the deposit paid to a venue under certain circumstances that require cancellation or postponement. When the wedding venue is the largest part of your budget, you certainly don’t want to lose thousands of dollars just because you need to cancel or reschedule. Many standard policies include cancellation coverage. Situations such as bad weather (excluding rainstorms), an illness or death, call to active military duty, or vendor bankruptcy are protected. If you or your significant other changes their mind, then the cancellation insurance will not reimburse you for your venue deposit. Cancellation coverage will also help to recover losses due to vendor deposits, just just your venue.

Though it is highly unlikely, something unexpected could happen to the venue before your wedding day. There have been cases of venues burning down, going out of business, or having to temporarily close. When the Minnesota state government shutdown for most of July 2011, dozens of brides and grooms were left without a venue. Weddings that had been scheduled to take place at state-run museums and other government facilities had to be cancelled, postponed, or pay for a last-minute venue change.

Second, some venues actually require that couples purchase their own liability insurance to protect them as the hosts of the event. And, it isn’t uncommon for brides and grooms to purchase liability insurance even when it isn’t required by the venue. Liability insurance covers incidents resulting in bodily injury or property damage. Many venues that require proof of insurance want you to have a liability policy equal to the cost of the entire wedding. This means that you will need coverage for hosting liquor, the caterers, other vendors, and the venue itself.

The cost of a wedding venue insurance policy are minimal compared to the thousands you are probably paying to have your wedding. A typical liability policy costs between $150 and $550 dollars. Even if you plan to have a lavish wedding, the cost of an insurance policy will be low. For example, a woman in New York City was worried about having to potentially postpone her wedding if her elderly grandmother were to pass away. So, she invested in a wedding insurance policy. She was able to ensure her $200,000 wedding for only $1,200. Her policy included liability, cancellation (including loss of deposits), and photography. Spending a bit more to have peace of mind is well worth it.

It may be confusing to understand the available options for wedding venue insurance, from covering a potential lost deposit to the actual event itself. Thankfully, an independent insurance agent can help couples to determine which types of wedding venue insurance are right them and their event.

Other Enhanced Insurance articles related to Wedding Insurance:

Best Wedding Insurance

Destination Wedding Insurance

Commercial Insurance Coverage for Special Events and Events Planners

Wedding Dress Insurance

Wedding Rehearsal Dinner Insurance

Wedding Insurance Cost

Wedding Liability Insurance

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.