Wedding Insurance - Everything You Need To Know
Photography by Jasmine Andrews PhotographyWe need to talk about something that sounds really serious and difficult, but is not really serious or difficult at all. Wedding insurance is an important consideration for your wedding day and should be treated with priority. Why? Because your ability to have the wedding day you want may very well depend on it. There may be some circumstances, however, where you don't need to consider a separate wedding insurance policy. We've detailed everything you need to know below too. Plus, the insurance experts at Bionic have looked into some of the most useful things you should look to cover in your wedding insurance policy.
Everything you need to know about wedding insurance from cost to useful things you should look to cover
What is Wedding Insurance?
Wedding insurance is a type of insurance (yes, just another one to add to the list) that is an entirely optional policy that will give you financial protection if something goes wrong during the build-up to your wedding as well as any issues on the day of your wedding. The wedding insurance is there to ensure you get to have your wedding day while covering any costs such as lost deposits.
Do I Need Wedding Insurance?
Wedding insurance is entirely optional and might not feel worthwhile to you if you’re having a really small or intimate wedding costing under £10k. However, in our eyes, it’s always better to be safe than sorry. Most couples are fairly confident that their wedding venue isn't going to go bankrupt, but since it's unlikely that you have any insider knowledge of how the business is run or how tight their finances are managed, it's not a good assumption to make. Likewise, you need to be prepared for unforeseen circumstances with your venue such as a flood or fire. Most insurers will cover theft or damage to wedding outfits too. However, some will only cover theft from a car if the garments are in a locked boot. Make sure you really check the details of your policy to understand what is and isn’t covered and work out what is essential for you. Generally, you will receive cancellation cover for adverse weather conditions whereby half of your guests are unable to make it.
REASONS YOU MAY NOT NEED WEDDING INSURANCE
If you're paying for your wedding goods and services via a credit card and something goes wrong, you may be able to claim your money back via your credit card company. Obviously, this is going to be based on the card terms and conditions and whether or not the supplier in question was in breach of contract. You may also be covered even if you just used the card for the deposit. It's worth mentioning though that this does not cover illness or personal liability. Likewise, your home insurance may cover part or all of your wedding. This is worth checking out, especially if you pay for a premium home insurance policy as it could save you from doubling up on insurance costs.
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Take out a policy that covers your total costs, if you have to cancel your wedding at short notice (for one of the insured reasons) you would be likely and liable to pay the vast majority of the wedding cost. Having insurance can allow you to recoup that money. Public liability is usually limited to just the bride and groom. You may have to pay a premium if you want to extend this to the wedding party or your guests. Not all insurers will cover deposits you've paid before purchasing your policy. In light of this, it's important to choose and purchase your cover as early as you can in your planning process. Be aware and clear of any excess you may be charged and for which section of cover. For instance, your cancellation excess amount may be different to the public liability excess amount. Find out what your insurer's stance is on any preexisting medical conditions for yourself or the wedding party. Some insurers cover these, some don't.
What should your wedding insurance policy cover?
From unforeseen weather disasters to catering mishaps, wedding insurance offers a safety net, providing financial protection and peace of mind. Here are some of the things to consider covering under your wedding insurance policy to protect the happiest day of your life, thanks to the insurance experts at Bionic:
1. Getting cold feet
Whilst suggesting cold feet insurance might raise a few eyebrows, it can be a practical offering for couples awaiting their wedding day. Typically covering expenses like venue deposits, catering suppliers and travel arrangements, it can safeguard against being left high and dry if one partner gets cold feet and backs out of the wedding.
2. Cancellation
Weddings take months, sometimes even years, of planning. When it finally comes close to the big day, illness, extreme weather conditions or supplier bankruptcy could all result in the need to postpone or cancel. Therefore, insuring your wedding day in the event of cancellation will cover any financial losses. This could also apply to a supplier no-show.
3. Love, laughter and liability
When alcohol gets involved family and friends brawling at big events isn’t uncommon. Wedding liability insurance protects against financial loss due to property damage, bodily injury, or personal injury that may occur during the wedding or reception. It may also include liquor liability coverage if alcohol is served. Planning to have fireworks or extravagant displays? Hire a professional or pay extra for cover. If you're planning to mark your celebration with a special stunt, note that most wedding insurance won't provide cover for firework displays or where fire is involved.
4. Photo blunders
If there were to be a technical fault and your wedding video or photos couldn’t be developed, you could be covered to hire outfits and flowers to reshoot key images. Of course, the cover wouldn’t extend to circumstances where you didn’t like the photos or if the photographer wasn’t as expected.
5. Precious presents
Gift insurance may seem like an unconventional addition to the wedding checklist, but it can save newlyweds a lot of stress. With the excitement of the big day comes a flurry of gifts, ranging from sentimental keepsakes to valuable items. From accidental breakages, theft, and even loss during transport, gift insurance ensures that the generosity of loved ones is protected. Of course, if you have a wedding gift list this wouldn’t be an issue!
6. Honeymooning
If you have a honeymoon booked and plan to jet off soon after your wedding, you should look at purchasing travel/honeymoon insurance too. Couples travel insurance covers both you and your partner in one policy and should cover:
- Cancellation, missed connections, journey delays and disruptions
- Lost or stolen bags (with baggage cover an extra in some policies)
- Emergency medical expenses, such as the cost of treatment and getting you home
It can be tempting to give wedding insurance a miss, however, remember if you don’t decide to get cover you could be left out of pocket if something goes wrong. Assessing the value, necessity, and details of any insurance policy will help to ensure it meets your expectations and offers you real benefits. You can always discuss your needs with a professional to make sure every angle you’re worried about is covered.
HOW MUCH DOES WEDDING INSURANCE COST?
Before you get your wedding insurance and compare deals, you’ll need to write down all of your expenses and come up with an approximate wedding cost figure. You’ll also need to note any extras you may need, such as an outdoor wedding or pre-existing medical condition cover. You’ll also need to note the venue and know the level of cover you want, then you can start looking at appropriate policies.
Wedding insurance can start from £20 and range right up to £300 depending on the total projected cost of your wedding and what type of cover you require. Cover for a £20,000 wedding can be a one-off payment of around £60. At just 0.3% of your total wedding spend (that could end up saving you £20,000) we'd say that's money very well spent.
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Destination weddings are slightly different as they’re not always covered by standard wedding insurance policies, so always double-check before purchasing wedding insurance or consider a specialist policy.
Is wedding insurance really worth it? Our answer is yes!
Wedding insurance is one thing, but there are also quite a few more hidden costs when it comes to wedding planning. Take a look at our wedding budget breakdown, which highlights all those costs that might sneak up on you. Plus, it’s a great starting point to work out your wedding budget in total. For more helpful planning resources, don't forget to visit the rest of our wedding planning posts here.
