Wedding
insurance

How to Insure your Wedding

How to Insure your Wedding?

Going to the expense of having a large and lavish wedding can be a memorable occasion but when something happens to offset the flow, you could be in for an event you have no wish to remember. This is one of the reasons why it is foolish not to insure your wedding.

Considering the thousands of pounds you will be spending on the ceremony and all the before and after festivities, it doesn’t make sense not to spend just a few extra pounds to cover all those mishaps that just might occur.

Choosing the Right Policy Maximum

However, if you are wondering just what does wedding insurance cover the simplest answer is to look at a variety of different policies.

You can find wedding insurance cover that goes up to a maximum of £2,500 or you can find a policy that even extends to £70,000 – and maybe even more with a bit of diligent searching.


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Protecting that Memorable Day

Of course, most of us will not spend nearly as much on our wedding, as much as we would like to, because the funds simply aren’t there. Because you have already invested so much into this most special day of your life, don’t leave yourself open to losing money that you probably couldn’t afford but wanted to spend for a truly memorable first day of the rest of your life.

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Wedding Cancellation Cover

So what does wedding insurance cover? Let’s take a look at a range of policies that have different maximums and of course, cover more or less depending on the premium you pay.

Whilst it is commonly referred to as wedding insurance or wedding cover, what it typically insures is cancellation. Not on your part necessarily, but on the part of a vendor, supplier or perhaps the hall or caterer where you placed a sizeable deposit.

Cover for Loss of Deposit

At the moment, most vendors will require at least 25% down when booking a wedding and that could be as far out as two years from the happy day.

Although you may find some who will only require 10% to 15%, they are few and far between. Now considering the fact that the average wedding currently costs approximately £12,000 to £17,000, losing 25% of that money is a sizeable loss indeed.

Wedding Cancellation Due to Death

In the event of the death of a close family member, many times the wedding is cancelled out of respect or even sheer necessity. Whilst not all policies may cover death, many young couples do choose to carry this cover simply because this is the point just prior to the ceremony and the point where most money has been paid out. As well, although it isn’t something we like to think about, there are times when the death of the bride or groom transpires prior to the nuptials.

Typical Cost of Wedding Insurance

Learning how to insure your wedding isn’t terribly difficult once you have a good idea of what your wedding is likely to cost. If you can get a pretty close approximation of the amount you would like to insure, you can get quotes on policies with that maximum. For example, the general premium for a wedding insurance policy that has a limit of £2,500 cover costs about £19 or £20 a month.

As of last year, the average premium for wedding insurance was approximately £50 which is in keeping with the average cost of a wedding, and most carried a limit of £15,000 which is the current cost of the average wedding.

At the best of times it is wise to carry wedding insurance but in these troubling economic times it is even more urgent.

Vendors doing a booming business today may be bankrupt tomorrow and all the more reason to protect your deposit. Take the time to compare quotes amongst several companies before choosing the policy you feel satisfies your needs. You may pay a few pounds more or less, but always carry adequate cover because this is an investment literally in your future.


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