CHARLOTTE, N.C. — Almost half of the weddings scheduled for 2020 were canceled or postponed due to the COVID-19 pandemic. That breaks down to about 1.1 million weddings, and there's no question, a lot of tears.
So, going forward into 2021, is wedding insurance something more couples should consider?
There's going to be a surge in a lot of things this year, including travel, weddings and many of those weddings that were postponed because of COVID-19. So, if you're spending tens of thousands on that big day, you should think about protecting it.
Before COVID-19, planning the wedding ceremony, the band, the flowers, the venue and guest list were top of mind. If 2020 taught us anything, it's to be prepared to pivot and protect our investment.
Jeffra Trumpower is the Senior Creative Director at Weddingwire, she knows weddings.
“What’s the first thing people should think about when buying this? They definitely need to reach out to a few different insurance companies, figure out what are their options and talk to their venue because the place might have a policy you can buy, but see what it covers and do your research” said Trumpower.
By the numbers, 41% of couples moved their wedding date into 2021. Over half of couples, 58%, cut their guest list almost in half and budgets for weddings were slashed by a little more than 30% across the board. The industry as a whole took a hit, so you might want to think about insurance to protect your investment before you sign a contract.
“Not all policies are created equal, like with travel insurance, sometimes you get what you pay for," Trumpower said. "You really do, because it may not cover a weather emergency. We've been dealing with this for the past year, so you have to think about what makes the most sense for you and what coverage you really need."
So when buying a policy, ask what’s covered, make a list and consider the worst-case scenario. Think about things like a death in the family, a hurricane, sickness, or the band not showing up. What if the caterer goes bankrupt or you need liability for an open bar? Also ask about your honeymoon and see if your policy covers that. Don't go cheap, and as with any policy, it's important to see what's not covered so you don't get surprised.
According to the Knot, a basic policy that covers loss of rings, deposits photos and video, that can run anywhere from $150 to $550. If you want a general liability policy with $1 million, that'll set you back around $185.
Just so you know, cold feet, meaning someone doesn’t show and cancels for that reason, is not usually covered.