Researching for this blog, I wanted to gain an understanding of wedding insurance. What are companies offering and if it is, in fact, worth it for couples? The recent COVID19 outbreak has meant postponing or cancelling upcoming weddings, resulting in couples losing deposits and payments across various vendors because the COVID19 virus is uninsurable.
This leaves us to wonder, how can we be covered if the unexpected were to happen?
The average cost of a wedding in the UK 31,974 pounds, $33,391 in the USA and $36,000 in Australia; therefore, more couples are considering wedding insurance to protect them against any unforeseeable mishaps financially.
The type of cover offered.
Like all insurance policies, various level of cover is offered depending on the cost of the wedding. In Australia, prices can range from $200 standard cover to $1300 for premium. Most insurance covers the total budget of your wedding e.g. if your wedding budget is $8000.00, purchase the one that will cover that amount.
- Standard cover – approx. $200-250 for total budget cover between $5,000-$8,000
- Intermediate – approx. $400-$900 for total budget cover between $16,000 – $35,000
- Premium – approx. $1100-$1300 for total budget cover between $75,000+
Premiums are higher for destination weddings. I recommend that you purchase insurance with companies that specialise in destination weddings rather than local weddings to get the most coverage.
The type of cover chosen should be in line with the size of the wedding and the costs associated. Compare policies to make sure you are covered accordingly.
The policy should begin 30 days after purchase, with a 14-day cooling-off period.
What your insurance needs to cover:
When deciding on the type of cover, my recommendation is to ensure the following is included:
- Wedding deposits and pre-payments – when you need to cancel, reschedule or postpone your wedding due to specific events
- Protection against vendors and supplier breakdown
- Marquee and equipment damage
- Wedding rings – although these can be insured under your home and contents
- Wedding gifts – what is the minimum and maximum value that can be insured
- Wedding attire
- Wedding transportation
- Illness, death
- Extreme weather – storms, tornados
- Personal Liability – if your guests cause personal injury to a third party or damage to their property.
- Destination weddings – what is covered and what countries are covered.
- When the claim begins – this is usually 30 days after you purchase the cover and what the recommended period of cover is
- What the coverage extends to – family members as they can also contribute to the wedding
- Any value-added services that you will need for your wedding
- Number of guests that are covered in the policy should an accident occurs
- Type of venue, as some venues require you to have insurance before you book with them.
- Overseas cover including medical emergency and hospital
What you are not covered for:
- Cancellation due to weather that is not extreme
- Change of heart
- Switching vendors after a deposit were paid
- Claims outside your country – I recommend looking at insurance companies that specialize in Destination Weddings
- Any issues relating to travel bans, flight cancellations, government acts, regulations and bans on public gatherings
- Pandemics such as COVID19
Before you purchase:
- Speak to your vendors and see what they offer via their insurance company, especially for the venue, caters, and wedding planners. Always read the fine print on their contracts. Do not sign if you are uncomfortable with their terms. It has to work for you.
- Look at your home insurance, as you can be covered on certain aspects of your wedding e.g. wedding rings, travel insurance, etc… This way you can determine what type of cover you can purchase.
- Consider which plan best suits your wedding needs. Do not purchase a policy based on price. Focus on what is and is not covered.
- Read the terms and conditions of each insurance company and most importantly do your research.
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