When it comes to weddings, you’re not talking about chump change. The most recent figures reveal that, on average, a bride and groom will fork out more than $36,000 on their big day.That’s the kind of money that could secure a decent car, a kick-ass round-the-world holiday or an extension on the home. As far as investments go, a wedding is right up there.
Just as most rational people opt to take out car, travel or home insurance to protect their investment from the unexpected, wedding insurance is also worth consideration.
Every deposit paid is another area where things could potentially go awry and leave you out of pocket. If the hotel burns to the ground, the marquee gets swept away in a freak tornado, you crash the wedding car or the DJ doesn’t turn up due to an unforeseen hangover, it’s handy to have back up.
Wedding insurance can cover all manner of eventualities: cancellations; changes in bookings; transport; supplier failure or disputes; theft/loss/repair of clothes, gifts, rings, documents; damage to hired equipment; and public liability.
There's always a chance one of you could get sick (or, forbid, kicks the bucket) before getting to the altar—although if the two of you end the engagement in a frenzy of regret and ring-throwing, you’re probably on your own.
It’s always wise to familiarise yourself with the fine print of any and all contracts with suppliers so you’re clear on any deposits and refunds due in the event of a cancellation. Even with these contractual obligations, insurance can help recoup any money spent and it can be useful for covering the expense of making alternative arrangements if a supplier goes bust or a booking falls apart.
As with any insurance policy, the level of coverage varies between insurers. Be certain that the policy suits individual needs, particularly if you’re getting hitched overseas. It’s worth consulting any pre-existing insurance providers to see what might be covered or incorporated into an existing policy.
Start shopping for a policy once the wedding budget is decided and you have an idea of the level of coverage needed. Many insurers won’t come to the party more than a year out from the wedding date or less than sixty days beforehand, so time it right.
Always shop around for the best deal so you can sit back and wait for Armageddon to arrive without a care in the world.