How Much Does Wedding Insurance Cost?

You're engaged and planning your happily ever after — congratulations! As you step into the whirlwind of venue tours, caterer tastings and dress fittings, a detail you might not have considered yet is wedding insurance.

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What's that, you ask? Think of it as a safety net for your big day. It protects you financially if unforeseen circumstances force you to cancel or postpone your wedding. With that in mind, let’s find out what wedding insurance costs.

How Much Does Wedding Insurance Cost?

There isn’t a one-size-fits-all answer to wedding insurance costs. However, we can break it down to give you a clearer picture. Here are the main factors that influence the price:

• Your overall wedding budget: This is often the biggest cost influencer. Insurance companies base their quotes on the amount you're spending because a more expensive wedding translates to potentially higher losses if something goes wrong.
• The type of coverage you choose: Most policies offer basic coverage for cancellation or postponement due to unforeseen circumstances, such as illness, severe weather or the venue closing. You can then add optional coverages, such as liability insurance if someone gets injured at your wedding, lost or damaged gifts and even interruption of honeymoon travel.
• Your guest count: The number of people attending your wedding can affect the cost of liability insurance. More guests generally mean a higher risk of something happening, so the premium might adjust accordingly.

Here's a ballpark range to give you an idea:

• For a smaller wedding requiring coverage of between $15,000 and $25,000 (CAD 20,292 and CAD 33,819), expect premiums to be between $180 and $235 (CAD 244 and CAD 318).
• Mid-tier weddings with required coverage between $35,000 and $50,000 (CAD 47,347 and CAD 67,638) will likely see premiums between $275 and $350 (CAD 373 and CAD 474).
• Luxury or large weddings costing between $75,000 and $100,000 (CAD 101,457 and CAD 135,275) will naturally see the highest premiums, usually between $450 and $555 (CAD 609 and CAD 751).

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What Wedding Insurance Covers

The cost of wedding insurance rises with each additional coverage requirement. Therefore, more coverage equals higher premiums. Common types of coverage soon-to-be newlyweds may request include:

• Reimburse you for lost deposits: The insurance provides coverage if a vendor goes bankrupt or you have to cancel due to a covered reason.
• Cancellation or postponement: The policy reimburses you for nonrefundable deposits on your venue, catering, photography and other vendors if you're forced to cancel due to covered reasons, such as illness or severe weather.
• Wedding venue: If your dream venue goes out of business unexpectedly, some policies can help cover the cost of finding a new one.
• Property damage: Wedding insurance with property damage coverage can help ease the financial burden of property damage, such as a sudden downpour destroying your wedding decorations.
• Wedding gifts: Some insurance policies offer coverage if wedding gifts are stolen or damaged.

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Additional Things to Consider

Lastly, here are some tips to help you avoid future headaches.

• Read the fine print: Don't only focus on the price; understand the specific terms and exclusions of each policy before you commit.
• Plan ahead: The earlier you buy insurance, the more affordable it might be. Some companies even offer discounts for purchasing insurance within a certain timeframe of booking your venue.
• Consider your comfort level: If your budget gives you wiggle room and the idea of losing deposits or having to reschedule stresses you out, then wedding insurance might be a worthwhile investment for your peace of mind.