Is It Worth Taking Out Wedding Insurance?

Is it worth taking out wedding insurance?

Introduction

If you're getting married in the UK and have a big budget, adding wedding insurance might not be your first thought. However, if you're planning to host a lavish ceremony or reception - or both - it could be worth considering. Wedding insurance can cover everything from cancellation and rearrangement costs to loss of gifts and clothes, so it's definitely something to think about if you're nervous that something might go wrong on your big day.In this guide we'll cover everything you need to know about wedding insurance including what it covers, what exclusions there are on policies (and which ones not to forget).

First things first - do you actually need wedding insurance?

There are three main reasons why people take out wedding insurance. The first is if you have a lot of money tied up in the wedding and you're worried about losing it all. If this applies to you, make sure to get a policy covering your entire budget, not just what's covered by your credit card or bank account.

Secondly, if there are certain things that could jeopardise or ruin your big day then these can be covered by getting the right policy. You may also want to consider whether you want disability cover as well - if either of the wedding couple is ill on the day itself then this might be an additional expense that needs to be accounted for as well! And finally: if there are any other concerns about cancellations or damage then these too should be included with any policies bought before going ahead with anything further down the line!

What does wedding insurance cover?

Here's some areas that insurance can cover:-

1.      If the suppler doesn’t provide what you both agreed to

2.      If the wedding venue or supplier goes bust (but do check if the venue/supplier has their own insurance as this may impact on your wedding insurance)

3.      If you have to cancel due to illness, jury service, accident or death of wedding couple

4.      If items are stolen or damaged during the wedding, such as clothes, rings

5.      Theft of wedding gifts, but not if they have been left unattended

Does wedding insurance cover cancellation, rearrangement or interruption?

It's important to know the difference between cancellation, rearrangement and interruption cover.

●     Cancellation:The most common type of wedding insurance is cancellation cover. This pays out if the wedding is cancelled due to unforeseen circumstances, such as illness or on some policies bad weather. It will usually pay you back some money depending on how far in advance you've paid for your venue and other suppliers (but not always). If you have a package deal with one particular photographer or band, they may be able to help out by refunding some of your fee if something goes wrong but they are more likely to offer another date.

●     Re-arrangement:If something happens which means your wedding has to be moved from its original location - for example if there is an accident at the venue - then injury cover might apply here too

●     Interruption:This covers any disruption caused by accidents suffered by either yourself or a close relative who lives near enough to attend your ceremony

What about loss or damage to wedding clothes, rings and presents?

It's important to note that the cover provided by a wedding insurance policy can be used to replace your wedding clothes, rings and other presents if they are damaged or lost, but again check whats included in your policy. For example, if you lose your engagement ring on your big day and don't have any other jewellery as an emergency plan B,wedding insurance could potentially help to pay for the cost of replacing it with an identical one. It's worth bearing this in mind when you're planning your big day - not only so that you can budget accordingly but also so that nothing happens to ruin it!

How much does wedding insurance cost?

The cost of wedding insurance depends on the level of cover you choose, but it's not cheap. For low cost weddings premiums can start at around £50 and for higher value weddings around £500. Check out the British Insurance Brokers Association to find a broker, and always ensure your wedding insurer is FCA regulated to give you that optimum reassurance.

What isn't covered by wedding insurance?

You shouldn't expect wedding insurance to cover everything.Some things that are usually not covered on standard plans include:

●     Damage or loss caused by flood and fire (if you live in a high-risk area, check with your lender about what coverage there may be).

●     Things out of your control. For example, if there's bad weather on the day of your wedding and it rains heavily, you won't be able to claim for any possible damage caused by the rain. But some policies will include if say 50% of your guests cant get to your wedding due to bad weather, you might get some compensation.

●     Things that are already covered elsewhere. If you're using a photographer or caterer who has their own insurance policy, they may not allow their policy to be extended onto clients. Make sure you know all the ins and outs of what each supplier covers before you book them so that nothing falls through gaps in your coverage as a result of double up policies!

●     Check to see if the marquee is covered

●     However, it does not cover the cost of the wedding itself. So if you're expecting a few hundred guests but only have budgeted for 100 people because it's cheaper (don't do this), then insurance won't pay out additional funds if all 250 bookings fall through.

●     Likely wont cover small hiccups during the wedding

●     If you decide not to get married

●     Look to see if it includes public liability cover, or alternatively you might want to consider purchasing that as separate cover. That way it will protect you and your guests if they cause injury.

Are there any exclusions I should be aware of?

While wedding insurance can be a great way to safeguard your finances against unexpected costs, it's important to know that there are some exclusions. Wedding insurance does not cover:

●     The cost of the wedding if you run into financial difficulties and now cant afford the wedding

●     The cost of your honeymoon or other travel arrangements (such as flights or car hire) relating to the wedding

●     Likely wont cover costs associated with the wedding (including accommodation for guests)

●     Covid - many insurance companies now do not cover against covid related illness or restrictions

While not all couples will need the cover, it's worth considering if you have lots of expensive arrangements in place.

If you're planning a wedding with lots of expensive arrangements in place, it might be worth considering taking out insurance.

This is especially true if you have a big wedding party or are planning to have a destination wedding.

If you're having an outdoor ceremony and reception, or are hosting a large number of guests at your venue then this can also increase the risk of loss and damage.

How Can you Lower the Risks?

Consider paying by credit card.

Always use a trusted reputable wedding supplier, and ask them for their insurance details and risk assessments. Read their terms and conditions, as every venue and every supplier will have different ones! And never assume something will be covered. Keep checking in with your suppliers, and dont be afraid to ask them questions!

For example: what will happen if you (the supplier) are ill on the day?

Dont take unnecessary risks yourself. For example having open fires with noone to ensure they are safe, or letting off your own fireworks. It always pays to have a professional to take care of things or discreetly sorting any hiccups should they occur. A wedding planner or coordinator on the day will always ensure things run smoothly, so you dont have to be running around problem solving!

Conclusion

In short, if you've got a big wedding coming up and lots of expensive arrangements in place, it might be worth considering getting wedding insurance. It can be really useful if something goes wrong with your big day! But remember to read the small print of any insurance as to whats included -v- whats not included.

Wanna Have Your Cake and Eat It?

If you want more wedding advice from an expert wedding planner, then contact Amanda-Louise Knight Weddings Proposals & Events email or telephone

Alternatively click here to go straight to the wedding planner pages