Wedding and Events Insurance

Big Day, Big Bills

People spend on average anywhere from 6 months to 2 years planning their wedding, taking care of every detail from the perfect venue and dream wedding gown right down to the grape, vineyard and year of the wine. But the time you commit to making your big day just right is just part of the investment you make, the average cost of a wedding in 2008 was around £17,000.

Do you Need Insurance?

Weddings in the UK can cost as much as much as a new car, yet amazingly despite the enormous amounts of money involved, only 2% of people surveyed by Which? in 2008 had ever taken out wedding insurance or been directly involved in a wedding that was insured. So what does wedding insurance cover?

Though all policies and levels of cover differ in what they cover Wedding insurance typically covers you in the event that the bride, groom or close relatives fall ill, requiring you to cancel or postpone the wedding. It can also protect the following from loss, theft and failure of suppliers:

* presents

* flowers

* cake

* transport

* rings

* wedding outfits

* photographs

In addition you may want to check a policy to see whether it will pay any costs you may incur for re-arranging your wedding.

Decisions and Deposits

One of the main deciding factors in choosing the wedding date is the availability of your desired venue, which couples sometimes need to book 18 months in advance. Usually a deposit is needed to secure the venue and from then on its full steam ahead – arranging everything from the caterers to the photographer – all of which need to be booked in advance and secured with a deposit.

When Things Go Wrong

A lot can happen in 18 months and unfortunately, no matter how well you plan, unexpected events can occur that may leave you out of pocket. Let’s look at one couple as an example. The caterers they hired for their wedding (15 months before the event) were self employed and by the time the big day rolled around the caterers were no longer trading. Wedding Insurance can cover any deposits, so this kind of situation needn’t end in tears – but it’s a good example of how being well prepared can leave you vulnerable.

Be Prepared

What people often underestimate is how, thanks to deposits, you can be financially exposed at a very early stage of planning. Taking out Wedding Insurance is a good idea if you want to protect yourself financially for any deposits that have been put down. You can usually take out Wedding Insurance up to 2 years prior to the wedding date and be safe in the knowledge that you are financially protected should things go wrong.

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