No matter how thoroughly you’ve mapped out your upcoming event, it’s impossible to prepare for everything.

Sometimes life steps in and unravels what you’ve been working toward.

Since we opened for business, we have been encouraging clients to purchase event postponement and cancellation insurance, which covers customers if an emergency interferes with their big day. This is not the same as vendor liability insurance, which protects you if a vendor is responsible for an injury or property damage during your event.

Here’s a closer look at event postponement and cancellation insurance and how it works.

The Basics

With event postponement and cancellation insurance, you pay a one-time fee to cover a wedding or major event in case unexpected circumstances, like a weather event or a serious injury, impede your ability to move forward with your plans.

Depending on the policy you choose, it will reimburse you for non-refundable payments you’ve made to book an event venue along with vendors (flowers, food, entertainment, etc.), and maybe even honeymoon expenses.

EventInsuranceQuote.com puts it this way: “Event Cancellation Insurance provides coverage for the loss of revenue derived from OR expenses committed to an event due to a cancellation, abandonment, interruption, curtailment, postponement, or relocation caused by covered perils as defined in the policy as covered perils.”

Notice the “as defined in the policy” phrase. If you do invest in postponement and cancellation insurance, be sure to take the time to research multiple providers and plans. Find out exactly what the policies you’re considering will cover. Are there any exceptions you should be aware of?

Money and Other Considerations

How much can you expect to pay for event cancellation and postponement insurance? The cost of your policy will vary by provider and the level of coverage you want. Generally, policies begin at $130 for $7,500 in coverage, according to Money.com.

From what we’ve seen, buying policies in the $400 range meets most clients’ needs.

Here are a few more things to keep in mind as you research your options:

Purchasing windows: Some insurers won’t sell policies more than two years in advance or later than 16 days before a wedding or special event.

Changes of heart: Policies rarely cover brides or grooms backing out of a wedding, though there are exceptions.

Budgeting: Many insurers require payment in full upfront; they will not accept installments.

Do We Really Need Event Cancellation Insurance?

You may be wondering if wedding cancellation insurance is worth the money, especially with all of the other wedding expenses you’re facing. But the idea behind getting cancellation and postponement insurance is to protect the money you’re investing in your wedding.

In the U.S., the average wedding costs about $20,000. Cancellation insurance helps you ensure that if something happens to derail your plans, those expenditures and deposits won’t be lost.

From our perspective, while wedding cancellations and postponements don’t occur frequently, they do happen. At The Bell Tower on 34th, we believe cancelation and postponement insurance is so important that we reimburse couples up to $400 when they show us their policy.

Coverage Options

Being forced to postpone or cancel a wedding is one of several situations you can cover with insurance. Here are a few other possibilities to ask your prospective insurer about:

-The officiant or a major vendor, like the florist, doesn’t deliver agreed-upon services.

-Special attire or jewelry, such as a wedding dress or ring, is lost or damaged.

-Gifts are lost, stolen, or destroyed.

-Event photographs are destroyed.

-An immediate family member, event participant, or your officiant cannot attend because of a military deployment.

While shopping and purchasing event-cancellation insurance involve some extra time and expense, the coverage you purchase can protect you from significant loss and stress in the long run. And having coverage in place frees you to focus on planning and enjoying your event.