Wedding Insurance 101 – The New York Times

What cancellation insurance doesn’t cover is a change of heart, said Todd Shasha, the managing director of personal insurance product management at Travelers Insurance, which is based in New York. “There’s no insurance for a runaway bride or runaway groom,” he said.

Costs vary, depending on a number of factors, such as the venue, length of the event, location, number of guests and amount of coverage you need. As a benchmark: A liability insurance policy, providing $1 million of coverage starts at around $175 from Allstate Insurance, which is based in Northbrook, Ill. Bill Borst, a vice president of Allstate, said a cancellation policy providing $7,500 in coverage costs about $130. Customers can obtain discounts by bundling insurance plans, he added. For example, a wedding insurance plan that offers both $1 million of liability coverage and $7,500 of cancellation coverage costs as low as $275 from Allstate.

If you’re planning an expensive wedding, expect to pay a higher premium for cancellation insurance. For instance, a cancellation insurance plan that provides $175,000 of coverage costs, on average, $875, according to data from financial research firm ValuePenguin.

Because insurance rates vary by provider, Mr. Hunter recommends consumers shop around to find the most competitive plans.

Megan Hiltbrand, a wedding and event planner in Syracuse, N.Y., advises her clients to at least buy liability coverage. “The cost is a drop in the bucket compared to your total expenditure,” she said. “I don’t see a reason not to have it.” (One caveat: If you’re having a wedding at your house, your homeowners’ insurance may provide liability coverage. It’s worth reviewing your plan before you buy a separate liability policy.)

Ms. Hiltbrand is less keen on cancellation insurance. “Currently, the only time I recommend cancellation insurance is for winter weddings, since we’re in the Great White North and blizzards that knock out power and shut down roads are fairly common,” she said.

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