Is wedding insurance worth it? Why one expert says it’s a must ‘for every couple’

You’ve put lots of time, energy and money into planning your wedding. And, while no one wants to think about something unfortunate happening, there’s a lot that can go wrong. Wedding insurance covers everything from a rainstorm ruining your outdoor ceremony to the photographer not showing up.

“Weddings are a significant investment — that’s why wedding insurance is beneficial for every couple,” says Esther Lee, editorial brand director at The Knot. “It protects their investment from circumstances beyond their control and gives them the ability to be reimbursed for any unexpected expenses.”

The real value of wedding insurance, Lee adds, is the peace of mind it provides in such a stressful situation.

But is it right for everyone? After all, even the best policy can’t magically get you a new venue or wedding cake.

There are two different types of wedding insurance policies: 

Cancellation or postponement insurance

A cancellation policy covers non-refundable payments to vendors and venues if you have to cancel or reschedule due to outside circumstances, like severe weather, illness or injury. It may also include vendor no-shows and specialty items at risk of damage or theft.

Think about the wedding dress, and any heirloom pieces or items of value,” Lee said. “Certain policies could cover the wedding gifts, too.”

Liability insurance

Most venues will require you to purchase a liability policy that covers damages or injuries you’re found responsible for. Many insurers offer a liquor liability add-on that covers losses related to alcohol served at the event. Depending on your plan, your liability coverage may extend to the rehearsal dinner and next-day brunch.

Wedding insurance doesn’t cover every circumstance, however. Most policies won’t pay out if you get cold feet, for example.

Wedding policies typically run between $100 and $175 —a paltry amount when you consider the average wedding in the U.S. costs $33,000, according to The Knot.

The cost of a specific policy will depend largely on your wedding budget and the particulars of your ceremony and reception.

To get an online quote, you’ll need a date, guest count, and the minimum liability coverage required by your venue.

We’ve crowned several top wedding insurance companies, including Event Helper, for its affordable rates, and Travelers, for its helpful no-deductible policy.

While cancellation policies are optional, Lee says they’re a “must-have” that couples need to budget for.

“We all have insurance policies on our homes, whether it’s homeowners or renters insurance,” she said. “Knowing that weddings are such a valuable investment, why would you not have wedding insurance?”

Liability insurance, however, is likely required by your venue.

“It helps you avoid having to use your own assets to compensate someone after something unintended happens,” Lee said. “It can protect you if someone is injured, like a waiter tripping or guests getting food poisoning.”

If you’re having alcohol at your reception, you’ll want to add liquor liability coverage. This can prevent you from having to pay for repairs to the venue or to someone else if a guest who’s had too much to drink causes damage.

At CNBC Select, we work with experts who have specialized knowledge and authority, grounded in relevant training and/or experience. For this story, we interviewed Esther Lee, editorial brand director at The Knot. She has been an editor with the brand since 2016, before which she worked in entertainment and lifestyle journalism.

Esther has appeared in numerous outlets, including the Today Show, Bloomberg and Yahoo Finance.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice to help them make informed financial decisions. Every insurance article is based on rigorous reporting by our team of expert writers and editors. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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