Insurance Basics

How Much Does Wedding Insurance Cost?

There are two types of wedding insurance coverage. The first is event cancellation coverage that handles costs and expenses associated with the cancellation or postponement of your wedding. The second is liability coverage for any bodily harm to guests or others that may result from attending your ceremony or reception. 

Average Cost Of Wedding Insurance

With weddings in the United States costing on average around the $30,000, the average cost of wedding insurance would be $275. This would provide sufficient coverage limits to pay for all expenses that you might be on the hook for financially should you be required to cancel or postpone your ceremony or reception. For a specific event however, your premiums will largely depend on the coverage limits you elect. 

What Does Wedding Cancellation Coverage Cost?

Scroll through the following table to see what your coverage could cost based on the various limits of coverage by category. 

Cancellation Extra Expense Photo / Video Gifts Attire Jewelry Deposits Counseling Premium
$7,500 1,875 1,000 1,000 1,000 1,000 1,000 500 $130
15,000 3,750 1,500 1,500 1,500 1,500 1,500 650 180
25,000 6,250 2,500 2,500 2,500 2,500 2,500 750 235
35,000 8,750 2,500 2,500 2,500 2,500 2,500 850 275
50,000 12,500 3,000 3,000 3,000 3,000 3,000 1,000 350
75,000 18,750 4,000 4,000 4,000 4,000 4,000 1,000 450
100,000 25,000 5,500 5,500 5,500 5,500 5,500 1,250 555
125,000 31,250 7,000 7,000 7,000 7,000 7,000 1,500 660
150,000 37,500 8,500 8,500 8,500 8,500 8,500 1,750 780
175,000 43,750 10,000 10,000 10,000 10,000 10,000 2,000 875

As the size of your coverage increases, the % you pay in premiums for that coverage goes down. At the high end consumers are paying approximately 0.5% of the total cancellation / postponement coverage in premiums.

How Much Wedding Insurance Do You Need?

Not everyone needs to have coverage to handle the risks of a cancelled wedding. It may not make sense if there is a very low likelihood that something will occur. In instances where you're working with a venue that handles everything for you, any failure on the venue's part might be fully refundable. They may also have insurance coverage of their own. If you feel that you can absorb any additional costs as they arise then it may not make much sense to pay for additional coverage.

If however you're set on getting wedding cancellation coverage for peace of mind, then you should look at limits that handle most of the major costs in your wedding. This should include the cost of the venue, vendors, flowers, any catering as well as clothing that you may purchase for your ceremony and reception. Depending on your policy, it may also include pre arranged travel plans for your honeymoon that may go to waste should your wedding plans change. If you're opting for coverage then take a look at these expenses to make sure you have adequate coverage. 

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