Wedding Insurance: What Is It, And Do I Need It?
For years now we’ve all been used to stories about the cost of living rising, the economy being stagnant and households everywhere having to watch the pennies carefully as income growth stalls. But one thing that people are definitely not afraid to splash out on is a quality wedding.
According to Brides magazine, the average spent on a wedding in the UK in 2018 topped £30,000 for the first time, a gigantic 10% increase on the previous year and the latest in a series of significant year-on-year rises.
Perhaps it is a sign that costs are going up, perhaps it is a sign that a value really can’t be put on true love. Either way, it is a figure that suggests that most couples (and their families) are making serious financial investments to make their special day as magical as possible. And whenever you talk about saving for or financing something on that kind of scale, there are inevitably sacrifices involved.
The question is, given that level of expenditure – what would happen if something went wrong? If that was you spending £30,000 on your wedding, would you be able to take the extra financial hit if the venue suffered some sort of catastrophe and you had to cancel, or a costly item like the brides’ dress or engagement ring was lost or damaged and had to be replaced?
Peace of mind
Wedding insurance does exactly what you would expect. Just like the insurance you buy for your home, your car, your holiday and so on, the purpose is to give you financial protection. If something goes wrong with your big plans and you end up losing money or having to pay more than you expected, wedding insurance provides you with that extra peace of mind.
So what could go wrong? Well the biggest disaster any happy couple could face is something happening so your chosen venue cannot be used. A disaster like a fire or flood close to your wedding day can reap absolute havoc with your plans. In the worst case scenario of not being able to relocate elsewhere at short notice, you would probably get a refund from the venue itself, but costs and deposits for other expenses – wedding cake, entertainment, catering, transportation, flowers and so on – could easily be lost.
One of the reasons the price of weddings is reaching such proportions is that many of the individual component parts carry significant price tags in their own right. For example, the average couple spends over £3000 on engagement rings and £800 on wedding rings, almost £1400 on a wedding dress, £1000 on photography and almost £4000 on catering.
That’s a big hit if the rings go missing or the bride’s dress is somehow ripped, your catering supplier cancels last minute or your photographer suffers a disaster with their digital files.
Wedding policies tend to offer cover in three areas – the cost of having to cancel outright, failure of individual suppliers and specific cover for rings. You can also find bespoke policies that offer protection for other things if you shop around and ask.
So is it something you need to add to your already considerable list of wedding expenses? Well considering that you can easily find policies for under £100, with basic plans starting at under £50, it should be a definite yes. That is a drop in the ocean for your overall budget and could just end up saving you from financial disaster.
If you’re looking for a cost-effective yet stunning contemporary venue for your wedding, contact The Colony today to arrange a viewing.