Guide to Wedding Insurance
While every bride intends for her wedding day to go off without a hitch, this isn’t always the case. In such circumstances brides can be left with large costs that they are unable to cover and lost expenses.
Just as you would insure your home and car, insuring your wedding can be a very important step in safeguarding your big day. If things do go wrong, wedding insurance can cover you.
A wedding is one of the largest expenses Australian couples will make with most couples now paying for their own weddings, or the bulk of it anyway. Weddings are a big financial and emotional investment for couples with a small fortune of their hard earned cash going towards their wedding budget. So there will come a time amidst the wedding planning when bridal couples will need to decide whether or not to get insurance.
Wedding insurance will protect any money outlaid by couples if any unforeseen events are to arise which are detrimental to their big day. A wedding insurance policy should prevent the loss of your deposit and will cover any expensive cancellation fees. A select few insurance companies offer a wide array of policy options with affordable premiums to insure your entire wedding.
You may think wedding insurance is one expense you can do without however the following list details things that can go wrong and have for brides in the past:
– Contractual disputes with your suppliers
– Illness to the bride/groom, bridal party
– Severe weather
– Your venue or supplier may have double booked
– Your venue burns down
– Your ceremony location gets flooded
– Rings could be lost or stolen
– What if you’re supplier goes out of business
When Things Go Wrong
Should you need to cancel, postpone or rearrange your big day wedding insurance will not only act as a safeguard to the money you have already spent but will also help you to afford to fix any potential problems that may arise. Wedding cancellation insurance will help you to avoid any potential debt which could affect your honeymoon and home. Some companies will allow you to choose a basic coverage and then add extras on top to tailor the policy to suit your wedding and needs. This can include protection against damaged property or attire and with the addition of personal liability insurance personal injury can also be covered.
If you are interested in purchasing wedding insurance be sure to read all the fine print and understand exactly what circumstances your policy covers. There will be some limitations and exclusions within your coverage so be sure that you understand exactly what events you are not covered for. The wording within such contracts can sometimes be misleading so it is always a good idea to have a trusted friend, relative, colleague or professional look over the contract before you sign anything.
Understanding Wedding Insurance Policies
It is important that you realise that if you’re expenditure for your wedding increases after you have signed your insurance policy you will still only be covered for what was outlined in your initial contract when you signed. If you want additional coverage to cover the larger costs you will need to increase the level of cover.
Some policies will not cover pre-existing medical conditions of the bride, groom or immediate family members which results in hospitalisation or death. It is important to be aware of this within your policy as illness can often be the cause for postponing, rearranging or cancelling a wedding.
On the other hand within the contracts you sign with your wedding vendors and suppliers it should outline their policy in the event of a change to the wedding plans. This clause within your contractual agreement with your vendors may make the need for wedding insurance void. It is important to go through all wedding contracts ensuring you understand everything and know the stance of everyone you are dealing with if something was to go wrong.
Also, if you are tying the knot overseas there will be different insurance for destination weddings as opposed to the policies which cover couples getting married in Australia.
With the amount you’re likely to spend on your wedding it can make sense to spend a little extra and invest in an insurance policy to protect this money. However deciding to get wedding insurance is purely a personal choice.
Many couples go through their wedding day without a hitch or without one significant enough for the need for insurance. However there are cases when things do unfortunately go wrong so having wedding insurance just offers couples some peace of mind keeping for a more calm lead up to the big day.