Is wedding insurance worth it?

Couples spend thousands of dollars on their wedding day. But what happens if something goes wrong? That’s where wedding insurance comes in.

A policy typically covers three things. The first is cancellations if the wedding has to be postponed due to a storm or illness. The second is liability which covers damages that could happen during the wedding. The third covers loss of deposits. “If the vendor doesn't deliver or if they go out of business before the big day, that's when that kind of coverage is going to kick in. And that's a big one because vendor fails are actually the number one reason for wedding insurance claims,” says PEMCO business development manager Allison Leep.

In some cases, you are required to get insurance by your venue. But in other cases you are on your own. Leep also says in some cases, you might already be covered. For example, if you have a wedding at home, homeowners insurance would offer liability coverage. Credit card companies can offer some form of protection if you’re using their cards to pay for wedding services.

Leep says just be sure to do your research first. Never assume something is covered by your insurance policy unless it is spelled out.

So is wedding insurance worth it? Leep says it depends on your comfort level. If it puts you at ease on your wedding day, it’s worth it. But also take the price into consideration. Depending on what’s covered, it could cost between $200 and $2,000.