Do You Need Wedding Insurance?
Despite their wedding being one of the biggest investments in their lives – usually second only to their mortgage – a surprising number of couples do not take out wedding insurance. So it is worth asking yourself, Do You Need Wedding Insurance? As a busy wedding photographer in London I can testify that a couple’s plans do not always run smoothly. I know of couples who have had to cancel or rearrange their wedding due to their own, or close family illness; a bride whose pre-wedding diet was so effective she lost her engagement ring; a caterer who stopped returning a couple’s calls a fortnight before the ceremony and couldn’t be tracked down; and torrential rain and flooding preventing guests reaching their reception venue.
What does Wedding Insurance Cover?
Policies can vary on the details but most wedding insurance policies will cover couples for all of the above instances, as well as things like your wedding dress being damaged, your cake being involved in an accident while you are transporting it to the venue (this would be covered by your cake maker if they were delivering it), if your wedding needed to be postponed due to illness or bereavement, if a wedding supplier goes out of business, or if a venue is damaged or destroyed.
Some policies also provide personal and public liability cover, and protect couples if one is made redundant. Wedding insurance does not cover costs if a couple changes their mind about getting married, or many aspects of destination wedding (for which you can buy a separate policy).
How Much Does Wedding Insurance Cost?
The cost of wedding insurance will largely depend on the aspects the couple wants to insure and the amount they want to insure them for, however policies range from around £20 for £2,500 worth of cover, to over £200 for £60,000 of cover.
What to Look for When Buying Wedding Insurance
Firstly, check that aspects of your wedding, like the storage or transportation of wedding gifts to the venue, or your engagement and wedding rings, are not already covered by your home insurance, or can be included on it for a small fee.
Make sure whatever policy you purchase gives sufficient cover. The most common reason couples claim on their wedding insurance is because of last minute cancellation or rescheduling due to illness, bereavement, or accident. If you have the misfortune to need to do this, can you afford to lose the cost of your wedding – an average £21,000 in the UK? Verify what the cover for rearranging a wedding is. Some companies offer 100% for cancellation but only 50-75% if you are rearranging your wedding as the loss is assumed to be less.
The bride and groom are not always the only people who have a financial interest in the wedding. If a bride’s parents are paying for her dress, or the groom’s parents have contributed towards the reception, the policy should make allowances for this.
If you are going to get cover you should buy it as soon as you sign any contracts. Ask your vendors about their insurance to make sure you are not already paying for something they have covered.
While most weddings go ahead exactly as planned there is always a risk that something out of your control will create unforeseen expense. Whether you decide to insure is up to you, but it is certainly worth considering.