Wedding Insurance
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With the costs of weddings soaring, having insurance in place to cover for any losses on the big day is becoming an increasingly essential option for people.
Wedding insurance is usually paid for in a one-off premium. There are two kinds of policies, which both cover weddings or civil ceremonies. The first type covers for the unexpected - or any incidents which could ruin the event at the last minute, such as the caterers going out of business. This type of insurance provides cover for replacements before the big day.
The second type covers for any damage or loss, such as the expensive designer bridal gown being ripped. This type of insurance pays out after the wedding.
What does it cover?
Many kinds of unexpected events can be covered in wedding insurance policies. There are even plans which pay out for stress counselling for brides, groom and their families.
However, a basic policy will usually include cover for the loss, theft or damage of items such as clothes, rings or wedding presents. They will also cover the costs and expenses incurred if the wedding is cancelled or if one of the services - such as the DJ - cancels. It covers public liability, which could include any damage to the reception venue or cars, for example.
Many will also cover for the costs of re-taking wedding photos if something happens to the originals, costs of alternative modes of transport if the cars don't arrive and the costs involved in any suppliers pulling out.
Who is Wedding Insurance for?
Weddings today, on average, can cost between £10,000 and £25,000. It's a lot of money to splash out. Therefore providing cover to prevent having to pay out even more is seen as a wise investment by many couples.
Wedding insurance can also be used as cover for civil ceremonies.
Pitfalls of Wedding Insurance
Check your policy for any conditions or exclusions. Some insurers might insist you take out the insurance a year before your wedding, so that's worth watching out for.
On the other hand, make sure you don't sign up for a policy which covers eventualities which you know you will not face. And stolen wedding presents or a cancelled honeymoon could be covered under your home or travel insurance policies.
Where to buy Wedding Insurance
A range of insurers provide wedding insurance - and the market is becoming larger. There are many specialist insurers which are dedicated to offering wedding insurance and some of the high street retailers, such as Marks & Spencer and Debenhams, sell it. Policies can start at £50 but premiums can go up to £150 depending on the cost of your wedding.
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