The average cost of a wedding in the United States is about $26,500, and that’s just an average! Most people don’t think about insuring the event even though the cost of mitigating the financial cost of all the things that can go wrong is minimal. Typical wedding budgets include these items:
• Venue, catering and rentals. This usually consumes most of the budget. Bearing in mind that venues are usually booked up a year in advance and usually require a hefty deposit to hold a date; Few think about the “lost deposit” that could occur if, say, the bride or groom or their immediate family were unexpectedly ill on the big day.
• The venue will also require a “Certificate of Insurance.” Your homeowners policy will no longer do this for you! Make sure your event coverage can issue that for you, including your “liquor liability.” This covers your liability for guests who may get drunk at your reception and then try to drive home. Some policies also include the Rehearsal Dinner.
• Wedding attractions. Dresses may take many months to obtain. After paying a significant deposit to have that $3,000 dress made, you could suffer a monetary loss if the wedding dress store suddenly goes bankrupt while waiting for it to be made or altered.
• Photos and video. Documenting the events of the day is important for many years to come. What happens if the photographer or videographer loses his “file” or her equipment is damaged and cannot deliver these memories? Make sure your event insurance covers bringing the wedding party together for retakes if necessary, even if the best man lives on the opposite shore.
• Destination wedding. Perhaps you have always imagined getting married on a Caribbean beach. You have been planning for months and a hurricane decides to wreak havoc on the weekend you had planned to get married there. Postponing or canceling the event may result in you incurring the loss of deposits for transportation, venue, catering and lodging.
Here are some additional tips to consider during the planning of your great day:
• Be sure to sign the contracts with the suppliers that will provide services for you and keep a copy.
• Get “event insurance” early in the process, as some coverages have “waiting periods.” You can buy coverage sometimes up to two years before the event.
• Keep receipts for your expenses related to the event.
• List the services of a wedding planner if you are planning a large event. They can be a great help in the planning process and in making sure the day goes as smoothly as possible.
Unfortunately, in the real world, “stuff” happens. It may be worth spending a few hundred dollars to get some “peace of mind” for your main event. Congratulations!!