Are you planning a wedding? Planning a wedding can be fun at time but it’s not a walk in the park. It involves loads of decision making. Don’t feel bad about yourself if you second-guess a decision. It is normal! How much money will you be spending on your big day? Quite a sum, right? Have you considered taking out wedding insurance ….and Why do you need to take out wedding insurance.
Wedding insurance! Why on earth would anyone need to take out wedding insurance? That might be the question lingering in your mind. Having a wedding cover can give you a financial safety net in case things go south on your wedding day.
Why is wedding insurance important? Why do you need to take out wedding insurance at all?
“Hope for the best but prepare for the worst.” How many times have you heard the phrase?
This is the main reason why you need wedding cover. I know it is your sincere hope that your wedding day will turn out to be excellent and that nothing will go wrong. However just think for a second, what if the exact opposite happens and the ceremony, for example, ends up to being cancelled or rearranged? What happens to all the money that you will have spent? Chances are you could end up losing all the money. You could be a little lucky if you made payments with a credit card. A part of the money can get recovered, but not as much as insurance can cover.
Some of the general reasons that could lead to cancellation of a wedding and are acceptable to most insurers include:
- Demises or illness of the couple getting married or a close family member.
- The venue goes bankrupt.
- The venue is inaccessible due to calamities like floods or fire.
- Wedding outfits are damaged in storage.
- Extreme weather making 50% of the guests not to attend the wedding.
Some covers (depending on the insurer and the package) protect you from suppliers let down.
Some of the significant exclusions are that are not allowed by insurers as reasons to claim compensation include:
- Either of the partners getting afraid of completing the wedding process.
- Death or sickness due to a pre-existing condition.
These are things that Sam and I didn’t think about when planning for our wedding. When we did learn about what could happen, to be honest, we just didn’t want to take the chance. It’s a once in a lifetime event and an occasion that you want to minimise any happenings. If they happen however, at least you are protected.
How much does the insurance cost?
The cost of insurance is hugely dependent on the insurance company, and the package preferred. In the UK, companies like John Lewis, Debenhams, Dreamsaver among others have different packages depending on the total cost of the wedding and the pay-out amount of the policy.
When should you buy a cover?
Most insurance companies allow you to purchase a cover as early as two years before the wedding. It is advisable to get the cover before you start booking and paying suppliers.
Wedding insurance comes as a saving grace when things go south. It is important to note that wedding covers are not mandatory. Before settling and putting your signature on the document, make sure you understand every single clause in the document. I hope this answers questions around why do you need to take out wedding insurance?