Wedding Reception Insurance
Do you need to include in your wedding budget?
Even the most budget-conscious wedding costs money but things can go wrong on your special day and while wedding insurance may seem like an area to scrimp on, it's equally important to consider for those on a tight budget.
And one of the most important areas to consider is wedding reception insurance, as the actual venue is usually the most expensive part of any budget.
Wedding Event Insurance
There are two types of wedding insurance; policies that cover liability of guests and the wedding party and ones that cover cancellation or postponement. Some policies also cover both.
Every wedding venue will ask for a deposit which can be several $100's of dollars depending on the size of the wedding.
So it makes sense to take out at least a policy to cover the wedding venue in case of cancellation.
Reasons for Wedding Cancellation
Aside from a simple change of mind like cold feet at the eleventh hour, here are some reasons for wedding cancellation or postponement to another date:
An injury to the bride, groom or a close family member.
A sudden death in the family.
The wedding venue goes out of business.
The wedding dress is damaged/destroyed.
The bride or groom falls ill.
The groom is "lost" after a drunken stag weekend - it does happen!
Wedding Insurance Policies
A wedding insurance policy for cancellation will cover that expensive wedding venue aswell as all other aspects of the planning like flowers, cars etc but to keep insurance costs down, a specific policy can be taken out JUST to cover the wedding venue.
This is useful for example if most other parts of the wedding are being done DIY; there's no point in insuring against yourself if things go wrong as you can have much greater control if organizing everything on your own.
Cost of Wedding Venue Insurance
While full wedding insurance cover can be expensive, the cost of specific wedding reception insurance can be as little as £20 or $30 for around £5000 or $7500 dollars of cover. This may be enough for a small wedding and it's a tiny price to pay versus the huge loss incurred from a lost deposit if the worst should happen and the wedding has to be postponed.