When you start planning your wedding, insurance is probably not at the top of your to do list but maybe it should be. Some people invest significant amounts of money into their weddings which they would not be able to recover without insurance. Also as Covid-19 has shown you never know quite what will happen or whether you might have to cancel your wedding.
That being said not everyone will need wedding insurance. So if you think you might want or need wedding insurance what should you do. Well here is your step by step guide to deciding whether to get wedding insurance and what to cover if you do.
This post contains affiliate links
1. When to organise your wedding insurance
As soon as possible. The sooner you get it the sooner you are insured if anything goes wrong. Usually you can set up wedding insurance up to two years in advance or even as late as 24 hours before your wedding. However, with Covid-19 creating the strange situation we are currently in, most wedding insurers have suspended offering new insurance policies for weddings. With this in mind the best course of action at the moment is to do your research into the type of insurance you need and keep an eye on your preferred insurers. As soon as they offer wedding insurance jump on it!
2. What is your budget?
The first step to selecting your wedding insurance is to work out how much your wedding is going to cost. It is important to have a good idea of what your budget is, not just so you can stick to it but also so that you can work out what to insure. Insurers often put their policy’s in price bands so at the very least you need to know the price bracket your wedding will be in. As such, the cost of your wedding will be key to arranging your wedding insurance policy. After all it is no good insuring a £10,000 wedding if you spend £30,000 on your dress alone. In this case your insurance would only pay you for the £10,000 stated in your policy.
On the whole I would recommend insuring for slightly over your budget to be on the safe side. However, make sure you do not massively overestimate your budget because you will end up spending more than you need to on your cover.
Your budget will also help you decide if you need insurance at all. If you are going for a budget wedding or you have lots of spare cash you might not even need wedding insurance. The test is whether you could afford to lose the money invested in the wedding and pay for a second attempt should it be cancelled or your venue pulls out at the last minute. If you can afford this then maybe skip the rest of this blog and enjoy your financial freedom. After all you should only get insurance if you need it. Of course no one likes potentially loosing thousands of pounds so you could always glance at the next steps.
3. How to find wedding insurance providers
Your first port of call to find wedding insurance providers is to check out price comparison websites like moneysupermarket and GoCompare. They can provide you with a good list of providers as well as the types of policies available and the prices. If you have time and would like more detailed advice you could contact an insurance broker as well. Again with the current Covid-19 situation an insurance broker might be a good person to contact because they will be able to talk you through all the insurance implications of the pandemic. To fins an insurance broker check out the BIBA website
4. What does wedding insurance cover?
When you have found some potential policies you will need to go through and check what they cover and what they don’t cover. Generally policies cover the main things that could cause you to cancel your wedding or would significantly affect your day. These include:
Venue cancellation or failure
Key members of the bridal group falling sick
Supplier letting you down
Lost, stolen or damaged items eg. wedding rings, flowers, cake, outfits, gifts.
Photos or videos not turning up
Personal liability and legal expenses. This is usually just for bride and groom.
When you have some potential policies make sure you check what exactly the policy covers including the amount they cover you for and the excess they charge on each area.
4. what wedding insurance does not cover?
This is the tricky bit that you need to pay extra attention too when evaluating a policy. Often basic insurance policies do not cover bad weather, marquee cover, ceremonial swords and public liability but you can pay extra for these which may be something to consider.
Other things insurers often do not cover include:
Cancellation if something they consider a small part of the day goes wrong. This could be particularly difficult if a close relative or friend is sick or dies and you are unable to cancel
Cancellation due to financial difficulty other than redundancy. Again this could be difficult if your financial situation changes for any other reason.
Cancellation due to pre-existing medical conditions.
Also no wedding insurance policy will cover you for cold feet. Obviously this is not something anyone wants to think about and no body expects this to happen when they start planning their wedding. However, it is good to know this before you continue on with your insurance investigation. If you or your partner changes their mind, wedding insurance can not save you financially.
5. What will your insurer give you if you need to claim?
As well as knowing what your insurance will cover it is also important to know how they will cover you. As having insurance in place does not necessarily mean you will be covered for every eventuality or in a way that suits you. In some cases an insurer will give you a lump sum payment should a supplier let you down. For example if your flowers are not completed in time or your wedding dress is damaged your insurer would give you money after you make a claim. However, they are not going to get you flowers or a new dress. You also will not get the money immediately so you may not be able to replace your items on the day. In these cases the money is not really going to make up for the supplier letting you down.
Also, if your wedding is cancelled due to your venue going bust your insurer may cover the costs of your new wedding. However, in this case you would not get any money paid to you but rather they would cover the costs of your new wedding.
6. Sign up for your wedding insurance
When you have found a policy that covers everything you need and you are happy with the price, excess fees and everything it covers you can sign up and pay. Make sure you keep all your policy documents safe. If you purchased your wedding insurance online keep the email receipts and policy documents in a wedding folder in your emails so they are easily findable.
7. Keep your records in order
When you have your policy in place and you are ready to start your planning and laying down some deposits be sure to keep all your receipts either in your email wedding folder or in a physical paper folder. Also make sure you get all the most important information in writing when liaising with your suppliers and venue. Hopefully this is the end of your wedding insurance endeavour but if something goes wrong you will need to go on to step 8 – making a claim on your wedding insurance
8. Making a claim
The process for claiming on your wedding insurance will be different for every insurer but the basic process will be the same. The first thing to do is to get all your information together – your policy number, contact details, photos of damage, receipts etc. Then with this information to hand you will be able to claim via the phone or online. All insurers will require you to fill out a form detailing what your loss or damage is. Often this is required to be completed within 31 days of the loss but the quicker you make the claim the quicker it can be sorted out. When you have submitted your form and evidence the insurer should get back to you with the outcome of their investigation. If they reject your claim and you still think it is valid try contacting them again or contact the financial ombudsman.
Is there anything else you need to know about wedding insurance? Let us know in the comments how you get on.
Modern Rustic Weddings uses affiliate links. This means that sometimes if you click through to a website and register or purchase something, we get a commission from that sale at no extra cost to you. All opinions and reviews are our own.