The Basics of Wedding Insurance
It’s probably something you’d rather not think about, but you may find that you’re not able to help yourself. What if something goes wrong on your wedding day? As readers will be aware, a wedding involves much expense and a great deal of planning. Such an investment of time and money is bound to make us at least a little bit nervous. Naturally, we all look forward to breathing a sigh of relief after everything goes off without a hitch. However, we might also harbour some niggling doubts. Is there anything we can do for greater peace of mind?
For those couples who are particularly concerned about their investment in their wedding day, wedding insurance can be a prudent and reassuring purchase. In this week’s blog post, we’ll be explaining the basics of wedding insurance.
What Is Wedding Insurance?
Wedding insurance is much like any other form of insurance: it protects your investment against unforseeable misfortune. For example, if there is a problem with a venue or a vendor, wedding insurance can protect you in the event that you need to book a replacement at short notice. More extensive policies may also protect against damage to or loss of essential items like wedding attire or wedding rings, among other things.
As with other forms of insurance, the level of cover provided depends on the specific policy. However, there are some basics that can be expected as standard.
What Does Wedding Insurance Cover?
Most basic wedding insurance policies will provide cover against problems with your venue, problems with vendors, and problems with essential people. Typically, they’ll also provide protection in the event that the wedding can’t go ahead due to sickness or injury, or weather conditions.
As mentioned above, more extensive policies may cover things like wedding attire, wedding rings, wedding gifts, and even honeymoon bookings. It’s essential to be familiar with the exact level of cover provided by a policy before purchasing it. Other important details include the maximum amount that may be claimed, as well as the excess (that’s the amount you must pay yourself, before you’re entitled to make a claim).
It’s important to remember that no wedding insurance policy will cover a simple change of mind. If you decide for your own reasons that the wedding will not go ahead as planned, you’ll be liable for all the expenses incurred, regardless of whether you have insurance. So, beware of cold feet!
When Should I Buy Wedding Insurance?
Most insurance providers will set limits on when insurance may be purchased. This will differ between insurance companies, but a typical example would be no earlier than 24 months before the date of the wedding, and no later than 10 days before the date of the wedding.
If you’re going to purchase wedding insurance, it’s probably best not to wait until the last minute. A good rule of thumb is to purchase insurance at around the same time that you’re paying deposits to secure venues and services for the date of the wedding.
Is Wedding Insurance Essential?
Of course, you can get by without wedding insurance, although you may not want to take that chance. Nevertheless, you should be aware that a separate insurance policy may be redundant in the event that your venue or vendors provide insurance commitments as part of their own service.
Before purchasing a wedding insurance policy, you should check with your venue and vendors whether they’re already providing you with insurance.
How Much Will Wedding Insurance Cost?
The answer to this question will depend entirely on the specific policy and the level of cover provided. In Ireland, basic policies will be available for less than €100, while the most extensive policies may cost over €1000.
Wedding insurance can be a wise purchase for those seeking peace of mind. However, it can also lead to confusion. The most important thing to take away is that you should know exactly what’s covered by an insurance policy before you buy it. We hope that you’ve found this a useful explanation of the basics.