We need to talk about something that sounds really serious and difficult, but is not really serious or difficult at all. But before we go any further you should know something... This post has zero affiliation with any wedding insurance company. That's right... Not an ad. A lot of posts about wedding insurance tend to be. But since we don't do ads around here and it's such an important topic that requires demystifying that we wanted to lay it all out for you in one big informative post. Read on, because this could be the most inexpensive way to save your wedding.
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 these below too. Let's start with a reader who very kindly got in touch to tell us her story.
"Hey RMW, Hope you all had a lovely festive period! Wondering if you could pass a message on to Charlotte and Becky on the podcast. I started listening to them in March last year once I got engaged. I'd never heard of wedding insurance before but following their advice as the first thing to do, my other half and I quickly got some sorted! Last month (December 2019), Fifteen Cornwall, our wedding venue went bankrupt and took with it £11,000 of our money. We are now in the process of getting this money back from our insurers. Yes we now have the stress of rearranging our whole wedding with 4 months to go BUT thanks to their advice, we still have a wedding. If we hadn't had insurance we would have had to cancel everything as we wouldn't have been able to afford it. So please thank them for not only lighting up my commute once a fortnight and getting me excited but for saving us a whopping £11,000. Frances xo"
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 of, or damage to wedding outfits. However, some will only cover theft from a car if the garments are in a locked boot. So do be sure to check the details of your policy. Generally, you will receive cancellation cover for adverse weather conditions whereby half of your guests are unable to make it. And if you think you're immune from this by being a summer bride, I can tell you from personal experience that three days before my wedding all transport was canceled because of an Icelandic volcanic ash cloud... in May. Luckily all guests were able to make it in the end. But weather and global affairs can be pretty unpredictable, no matter what time of year. Another consideration would be suppliers going out of business after you've paid your deposit (or total upfront). Some suppliers such as boutiques, cake designers or photographers may find themselves in financial difficulty. Although this is unfortunate, you want to be sure you can afford to rebook another supplier by recouping your costs from an insurer.
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.
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 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. Worth checking if this level of cover is important to you. As with all insurance purchases, it is always worth sitting down and taking a good look through the policy details. Be clear on where you're covered and where you aren't to avoid any unnecessary disappointment if things do go awry.
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.
Like we mentioned at the beginning of this post, we are not affiliated with any insurance providers. But if you're looking for a good place to compare insurance costs and covers, try checking out Compareweddinginsurance.org.uk or Money Saving Supermarket. Also, do let us know if you have any wedding insurance stories to tell. It will help our readers understand the importance of getting the right financial protection for their day. The peace of mind alone is worth the small one-off payment. For more helpful planning resources, don't forget to visit the rest of our wedding planning posts here.