Chances are that you’re feeling a bit stressed out if you’re planning for your future wedding right now. Especially if you’re dreaming of a destination wedding.
The pandemic has created a lot of uncertainty and many couples are unsure as to how to move forward with their wedding plans without the risk of losing money in the process.
If you’re planning for your future wedding and want to protect yourself and your hard -earned cash this guide is for you.
In this guide, you’ll learn fool-proof tips on how to:
01. Types of wedding insurance and coverage
02. How much does it cost?
03. Do you need it?
04. Lowering your risk of lodging a claim
#1. Types of wedding insurance and coverage
How many types of wedding insurance are available in the market?
There are two types: liability insurance and cancellation or postponement insurance.
1. Liability insurance covers incidents that happen during the wedding day such as property damage to the wedding venue and injuries to your guests.
Many insurance suppliers say that this’s the most common type of insurance they sell.
For instance: if one of your guests slips and falls, your liability insurance will cover his/her medical bills up to your policy limits.
2.Cancellation insurance provides refunds for the deposits made to vendors — i.e., your events space, caterer, band, photographer, florist — if you’re forced to cancel or postpone a wedding.
The accepted motives could be severe weather, sudden illness to the bride or groom (or an immediate family member), military deployment, or anything else beyond your control.
For instance, if your chosen venue cancels on you or go bankrupt, you’ll be covered.
After a successful claim based on the basis that the wedding was off, you would receive cash from your insurer to reorganize your big day to a similar standard as originally planned.
The insurer should also cover the cost to substitute other suppliers and services for the new date.
If one of your pre-booked suppliers lets you down- florist, cake maker, photographer- your cancellation insurance should cover the deposit you have put down and any other additional cost you incur because of this.
Be aware though that you’ll need to have a pre signed contract in place to show your insurance provider.
Most policies usually add to their coverage other bits and pieces that add a lot of value to their offer, in my opinion.
Such as: they cover lost, stolen or damaged wedding property such as the wedding rings, the cake, flowers, the outfits, gifts.
Some of these items can be quite expensive as you know.
So, it’s reassuring to know that if the worst were to happen you won’t be left out of pocket.
And finally, coverage in case photos or videos don’t turn up due to technical problems or if the photographer fails to show up.
Insurers will foot the bill for you and your wedding party to get dressed up again and retake the pictures.
One of the things NOT covered is a change of heart.
So, you can forget to cash on that refund if one of you turns into a runaway bride or groom!
Other things NOT typically covered on more basic policies or standard policies are:
1 – Marquee Cover
2 – If bad weather spoils the experience
3 – Public Liability
4 – Destination Weddings
However, you can ADD most of the above by paying a bit extra.
So, make sure you read the small letter and talk always to an insurance specialist!
Now listen to this: due to the COVID pandemic most insurance companies have stopped selling cancellation policies. They were hit hard and were taking huge losses.
And the most relevant part to you: Insurance companies have reclassified COVID as a “known event”
Result: new cancellation insurance policies won’t cover COVID-related cancellations.
Imagine you or your groom falling ill with the virus, that wouldn’t be covered anymore!
#2. What is the cost for the policies?
Costs vary, depending on a number of factors, such as the venue, length of the event, location, number of guests and amount of coverage you need.
You could pay anything between £20 and £300 for a policy, depending on the level of cover you choose and the insurer.
If you go to WeddingPlan , you can find a variety of wedding insurance to suit all budgets and needs: be it a lavish bash or an intimate wedding.
Their policies start at just £ 19.44.
At John Lewis, another popular supplier, you can pay as little as £ 60 for a basic policy that provides up to £ 10.000 in cancellation policy and up to £ 2.5 million in public liability.
For bigger weddings you could pay as much as £ 310 for up to £100.000 cancellation policy coverage and up to £ 5 million in public liability.
According to hitched.com, the average wedding cost was £ 32.000 in 2019.You’ll need around £156 at John Lewis to purchase cancellation cover up if you’re planning the average wedding.
If you’re planning a more expensive wedding expect to pay much more for cancellation insurance.
Because insurance rates vary so widely, I recommend shopping around to find the most competitive plans. More on this later!
Be aware though, that due to COVID pandemic most insurers aren’t selling new wedding insurance policies.
#3. Do you need it?
#4. Lowering your risk of lodging a claim
Hire professional suppliers when having a potentially dangerous entertainment.
There are certain types of popular wedding entertainment that can be potentially very dangerous.
The one that immediately comes to mind is Fireworks.
It should come as no surprise then that it’s most often not covered by wedding insurance.
So, if you’ve your heart set on it call the best pros!
Again, reliable suppliers can make the whole difference to your day! – Take your time to do your supplier research and if possible meet then face-to-face before booking to ensure they’re really professional and honest.
Keep communication channels open with your guys! – When you finally choose your team make sure you keep in touch with them and go over all the details to make sure you’re all on the same page.
Always have a plan B – ask your suppliers about their contingency plan in case of illness or emergencies. Could they recommend a fellow reliable vendor who could step in should the worst happen to them?
Always use your credit card to pay for any deposits – paying with a credit card is always safer than any other means thanks to section 75 of the Consumer Credit Act.
Keep in mind though that CC aren’t a substitute for a proper wedding insurance since you wouldn’t be covered in case of illness or personal liability, for instance.
Keep a record of everything you book in writing, make sure you have written agreements or contracts with your suppliers and get receipts for everything you pay for. You may need to dig these out when making a claim.
Larger hotel chains, like Marriott or the Four Seasons Resorts, will typically refund any deposits in a disaster.
Still, smaller businesses may not have funds to recoup. At least be aware of the that risk if you plan to reserve with a boutique hotel.