Everyone hopes their wedding day will go perfectly, but unfortunately that’s not always the case. While you can’t control people not dancing or your ex-boyfriend trying to object during the ceremony, thanks to insurance, there are multiple wedding-related disasters you can protect against.
We spoke to Greg Schaefer, the owner of the insurance agency Schaefer Enterprises, about the importance of purchasing insurance policies for your big day. “I recently heard about a wedding that had to be completely cancelled because the reception venue went out of business just a few weeks before the wedding. Luckily, the family had bought insurance. In this circumstance, they had to move the wedding venue, but the insurance company repaid the family for all of the deposits made to the venue, so all was not lost,” explains Greg.
Read on to see the four types of coverage he recommends – and why – to make sure the wedding goes smoothly.
General Liability Coverage for the Venue
This is without a doubt the most important piece of insurance on your wedding day. It protects for accidental property damage or bodily injury. One time we experienced a bridesmaid who left a candle burning in the dressing room. Sure enough, the facility caught fire, but at least they had insurance!
Liquor Liability Insurance
We all know it’s very easy to have a few drinks at a wedding – it’s a time to celebrate! But if someone drives away after your wedding and causes an accident while intoxicated, you could feel repercussions, so be careful.
There are two types of wedding insurance for jewelry – “agreed value,” which is based on the item’s appraised value and “replacement cost,” which is based on replacing the item with one of ‘like kind or quality.’ We always suggest paying a bit extra to obtain agreed value coverage, but because replacement cost is the default coverage and less expensive, it’s frequently chosen. Diamond jewelry is the most commonly insured because of the rarity and value it holds, not just financially but emotionally to a bride. Just don’t fall into the trap of insuring jewelry that doesn’t need it. For example, since synthetic diamonds have no real appraisal value, it’s unlikely that an insurance carrier would even offer agreed value or any type of coverage in general. Jewelry that requires insurance should be valuable – so if you have natural diamonds as part of the wedding, make sure they’re covered!
Insurance for Deposits
There are many moving parts to a wedding that require money down in advance – photographers, hairstylists, makeup artists, rehearsal dinners, etc. We strongly suggest a policy that will include the deposits you make, especially if someone cancels.