Wedding Insurance: Do You Need It?

Wedding insurance is a smart investment. There are two main types. Liability insurance covers you if a guest is injured. Many venues require it. Cancellation insurance covers you if you have to postpone. Reasons include illness, extreme weather, or vendor bankruptcy. Cancellation insurance typically covers 25 to 50 percent of your total budget. It does not cover change of heart. The cost of liability insurance is usually $250 to $500. Cancellation insurance is 5 to 10 percent of your total budget. You need insurance if your venue requires it. You need it if you have a high budget. You need it if you are having a destination wedding. You do not necessarily need it for a small, local, backyard wedding. Ask your vendors about their own insurance. They should have liability coverage. Read your contract carefully.