You definitely need wedding insurance, even if you’re marrying your soulmate

It may sound silly, but wedding insurance is definitely something we need.

In a country where 40 – 50% of married couples divorce and 13% of engagements fall through, Americans still seem to put a lot of stock into their weddings.

Stock in an emotional but also a fiscal sense. Couples spent an average of $31,213 in 2014 on wedding costs, according to research from popular bridal site for millennials, The Knot.

Recently, a friend told me that her friend had been dumped via text on her way back from the airport. She was returning home from her bachelorette party, where she’d brought ten of her closest friends to Texas.

“You’re pretty, but that’s the only thing going for you,” the deflector said to her in a subsequent phone conversation. There are middle schoolers mature enough to know that a virtual breakup is a particular kind of cruel, but what’s even more troubling is the amount of money spent up to that point by both parties on a wedding that’s not going to happen.

This got me thinking. We have health insurance, car insurance, plane insurance, the list goes on and on. Why don’t we have wedding insurance?

The point of any insurance is to protect against the unforeseen and to give buyers peace of mind. Whenever you put a lot of money into something, there’s a chance that you’ll lose a lot of money too. Even a low likelihood of something terrible happening to your fiancé, or to your investments, drives most of us to pay a lesser cost initially because no one wants to be that couple. Accidents, mistakes, and cancellations are common in our hyper-hectic society.

According to The Knot, there are different kinds of wedding insurances out there to help ensure that your big day goes smoothly. “Problems with the site, weather, vendors, key people, sickness or injury” are covered under most wedding insurance plans. There are policies that provide coverage for items. These protect from the loss of everything from wedding bands to videos and range from $155 to $550. Note, however, that engagement rings are not usually covered. For blanket coverage, which covers up to $1,000,000 in accidents, the fee is typically $185. Whenever purchasing an insurance policy, it’s important to know that each plan is distinct. Read the fine print or speak thoroughly with your insurance agent to confirm exactly what you’re getting.

Wedding insurance protects the couple’s investment.

Consider the following examples:

What if your limo driver doesn’t show up and you have to book another one the morning of the wedding—for three times the price?

Or what if the groom’s custom-made tuxedo is lost in airport baggage, and he has to buy a new one the day before the wedding?

What if your reception space goes out of business a month before the wedding, and you lose your deposit and have to book another space?

Wedding insurance even covers an unexpected call to duty for military personnel or a last-minute job relocation.

Wedding insurance, however, doesn’t cover cold feet. If the pair splits last minute, costs still apply.

This means that the individuals will have to negotiate with the vendors to see how much of the costs can be recovered. The venue deposit is typically the hardest to reclaim, followed by honeymoon expenses. There are sites like, however, that attempt to ease the financial blow by connecting couples for the purpose of selling reserved venue and trip dates.

The bottom line: there’s no such thing as engagement insurance. If you’re having any doubts about your significant other, it’s always better to wait to pop the question.