Wedding Insurance is VERY important, but not discussed enough or thought about when planning a wedding. Todd Shasha, a Spokesperson for Travelers Insurance, walks us through the ins and outs of wedding insurance. We talk about what it is, why you need it, how much it costs and some examples highlighting exactly why the investment is worth it. Liability, cancellation, ‘event insurance’...let’s dive in!
Many venues require liability insurance. When you sign the contract and pay the deposit, you are essentially renting the venue for a certain amount of hours and the venue is requiring you to hold additional insurance covering the venue itself. In case one of your guests falls and breaks a leg - the insurance YOU hold will cover the guest, the venue won’t have to deal with it. The venue’s insurance protects them. Your event liability insurance protects YOUR interest, in the event of any lawsuits. Like if your clumsy guest breaks a window at the venue...the venue isn’t going to want to use their own insurance to pay for that damage - they’ll want you, the renter, to deal with it. And your insurance will help you do that.
Travelers bundles it’s special event insurance - per customer. You start with their Core Coverage, then you can add liability and liquor liability. Their policies are more comprehensive than simply getting a $150 liability insurance online to satisfy the venue requirement. A Travelers policy would cover property damage for the rentals you use, the linens, etc. The Core package also covers lost deposits. So if you pay a tenting company $5000 for an awesome tent for your reception and they just don’t show...the wedding must go on, and that’s why you want a wedding planner, but the insurance policy will help you recoup the lost deposit...get your money back. Everything is explained on their website and they have agents that will answer questions and walk you through each step.
(We are not sponsored by Travelers, btw. They contacted us wanting to talk about their product and why the topic is good for our podcast, and we agreed! If you want to look into event insurance, you can start online, and also contact your own homeowner insurance agent and see what they offer. Compare it all to Travelers and see what policy is best for you! Basically, we are encouraging all our listeners to consider event insurance for their wedding...lots of options, big price range...but we think if you are spending $20k or more on your wedding...you need insurance.)
Weather is covered with these policies...if you need to cancel or postpone the wedding because there is a huge storm, the insurance policy will help you recoup the lost deposits and cancellation fees, so that you can plan for another date.
‘Change of Heart’ is not covered under the insurance policies. So weather or an injury may derail your wedding plans and Travelers will help navigate the process of recouping your deposits, but a runaway bride...you’re on your own and out the money.
Links we referenced
https://www.travelers.com/event-insurance - Travelers main site
https://www.protectmywedding.com - Travelers Event Insurance Site for online quotes
https://www.zola.com - our fave place to register for wedding gifts and our sponsor!
“Do you have any episodes cover the $1M liability insurance that some venues require? My understanding is it might be called "event insurance," but Google has led me astray. I looked up event insurance online and the prices range quite a bit, so I was wondering if there are specific search terms to look into (or, if this is a task for a month-of coordinator)? Surprisingly, ‘purchase wedding insurance’ is missing from The Knot's timeline/checklist (or maybe I missed it)!” - Susan, our dear listener asking about insurance
“Even if nothing goes wrong and you don’t end up needing to make claims on your insurance, the couple of weeks of peace of mind that you had right before your wedding, is worth the pitch for my clients.” - Christy
“We recommend that you purchase the policy when you start paying your deposits. You want to make sure you have coverage at that point.” - Todd Shasha, insurance agent
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