Your wedding is certainly the biggest day of your life and simultaneously one of the most exciting, stressful and exciting you may ever have. Wedding costs in the UK are pegged at an average of £11,000 each. The wedding industry in UK alone is worth more than £2.5bn annually. Getting everything right and exercising prudence would make the wedding more exciting and less stressful.
Getting married to the one you love is one of the luckiest things that could happen to you. Hoping that the luck would hold until marriage is inviting disaster. It is understood that the stress of an added job of insuring your wedding is time taking, but it is certainly advisable keeping in mind that a lot of things are organized to happen in a particular way, anything can go wrong. Being covered for any eventuality that might render your wedding a bad memory is a safety measure and has financial implications. In the UK, only 15-18% of weddings are insured.
Anything could go wrong, misprinted invitations requiring reprinting; damages to flowers, cakes or marquees, loss of gifts or any other items. Any of these happening could lead to heartburn, not that insurance would prevent these happening, at least it will take care of the financial implications.
Wedding insurance covers more or less everything related to your wedding
- Damages to your wedding clothes
- Photography losses - the photographer not turning up, the original film loss or damage, loss or damage of negative before any copies are made, non-developable film or negatives.
- Cancellation of the wedding due to due to illness or death in the family.
- Absentee caterers at the reception.
- Loss of wedding rings.
- No show by the wedding transport.
- Venue double-booking.
- Property damage and Public liability
- Loss or theft of wedding presents
- Financial failure of any of the selected wedding suppliers.
Wedding insurance facilitate any one the following:
- Paying for a replacement, for instance if the florist goes bust, the insurance will make sure you don’t lose out.
- Pay compensation, for instance if the photos could not be developed and obviously it is impossible to take new ones, you will be paid cash. This cash may come in use towards paying of other wedding related expenses.
If a wedding insurance does not cover something, it is the bride or the groom getting cold feet.
Cost of a wedding insurance
Wedding insurance is a one off insurance policy and therefore involves a single premium. The amount of premium depends upon the cost of your wedding.
- In short, the cheapest premium is £40 that entitles a £3,000 payout if the wedding is cancelled due to reasons beyond control.
- If your wedding costs around £15,000, as most weddings average at, the premium comes to about £175. This premium entitles you to a £15,000 payout on cancellation of wedding due to uncontrollable reasons, £2,000 payout for damage to the wedding attire and £1,500 on loss or theft of rings in the preceding week and the day of the wedding.
- In case the wedding is scheduled in a different country, make sure the policy covers the wedding along with the trip. Approximately 20,000 UK residents have their weddings abroad every year and carry expensive material with them. For more specific details take the advice of the insurance broker.
How to save on a wedding insurance premium?
- Always make sure that you pay deposits on wedding clothes and the reception using your credit card. The credit card insurer will be liable if the service provider goes bust.
- Always put everything you need from a service provider in writing. No disagreements should crop up in the last minute.
- Make sure you ask your reception venue to provide a secure area to keep your gifts and ask any of your friends or relatives to keep a watch on them.
- Advice the photographer to take digital photos, so that they can be verified before leaving the venue.
- Always have a plan “B”¯ alternative ready for outdoor weddings.
Have a happy and disaster-free wedding!
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