Kisses & Cake wanted to learn all about wedding insurance and the reason it is so important for couples planning their wedding to consider. So we asked the newly launched Dream Wedding Insurance and it's Director Graeme Dean for some expert advice. We think they are really on to something great!
Why is it important for couples getting married to have insurance?
With the average wedding now costing as much as a luxury car, $30,000-$50,000, it's important that couples have protection against unforeseen instances that could leave them in real financial hardship. If the worst case scenario happens and the wedding has to be cancelled due to injury, illness, severe weather or venue cancellation, wedding insurance not only protects the deposits and payments that have been made, it can also pay the costs involved in rescheduling the wedding to a comparable standard.
As well as providing coverage for major expenses, wedding insurance can cover the smaller disasters that could happen at any time - a last minute drop out by the caterers, band, florist etc, a rip in the best man's hired suit pants, a damaged marquee that you are liable for. Wedding insurance provides a level of protection against these unexpected mishaps, any of which could cost couples thousands, if not tens of thousands of dollars.
What should a couple cover e.g. reception, rings etc?
A good wedding insurance policy should provide coverage in the event of cancellation, rescheduling costs, supplier failure, damaged or stolen wedding attire and rings, marquee damage and public liability. However, the three most important benefits would be:
1. Cancellation & Rescheduling - Covers the costs incurred if the wedding is cancelled or postponed due to venue cancellation, sickness or injury to bride, groom or an immediate family member and severe weather conditions that prevent the wedding from taking place.
2. Supplier Failure - Covers payments and non refundable deposits if the wedding supplier goes out of business or simply doesn't show up on day.
3. Personal Liability - Covers the couple for any third party property or injury which they are legally responsible for. As the 'event holders' the couple are responsible for their guests. Couples often believe that the hiring fee that they pay the venue includes insurance cover for their own liability, but this is often not the case. The venue agreement should be read carefully. It's also good practice to ensure that your wedding suppliers have adequate liability insurance in place for their own business.
At what stage should a couple take out insurance? If they haven’t yet booked their wedding suppliers, how do they know what to cover?
Most policies allow you to take out wedding insurance 12 to 18 months before the big day, and typically not within 30 days. If you've already paid out for the reception and other expenses, you'll still be able to get insurance – and you'll know exactly how much to insure your wedding for. You just need to know the wedding date to take out a policy.
Most couples decide on a high level budget quite early on. Generally you know approximately how much the whole event is going to cost. Cover can range from $5000-$50,000. It's also possible to increase your cover if you blow your budget up to 30 days before the event!
What would a couple expect to pay for insurance?
Policies start from $215 up to $1,265 for bigger budget weddings.
Do you have an interesting story of when a couple really benefited from taking out insurance?
There was an interesting claim from a UK wedding where the marquee and flooring collapsed, sending the bride, guests and catering staff flying. The total mess had damages adding up to £85,000! Luckily no one was hurt and the claim was paid. Here in Australia, Dream Wedding Insurance saw a claim for damages to an expensive marquee. It was caused by a guest who accidentally knocked a table candle into the side, burning a huge hole right through it... You never know when something could go wrong.
Thanks to Dream Wedding Insurance for all this terrific advice. If you'd like more information or help for your wedding, feel free to give us a shout and we'll put you in touch.