The average wedding in the United Kingdom now costs £17,674 (as of early 2019). On top of this statistic, individuals in the country are posting record levels of personal debt, including student loan and credit card debt. At the same time, wages have not kept up with the rising cost of living.

When the financial situation of many living across the UK is so uncertain, having the right insurance coverage is essential. In addition to health related insurance, life insurance, vehicle insurance, and the like, having coverage for one’s wedding ceremony and reception is becoming a popular choice. Learn more about what wedding insurance entails, and how it can protect you financially in a number of scenarios.

What is wedding insurance?

Just like it sounds, wedding insurance is a type of insurance policy that provides reimbursement for various aspects of your ceremony or reception. In addition to weddings, this type of insurance also covers civil partnerships and conversions. Similarly to how you would protect other major investments (such as your vehicle, boat, home, etc.), this coverage allows you to recover the costs of your wedding day expenses if something unexpected occurs.

Why are couples purchasing wedding insurance?

Managing finances as a young adult comes with the responsibility of handling numerous expenses. From student loan payments to housing payments, it is more challenging than ever before to keep one’s budget balanced. For many in their 20s who plan to get married, the cost of a wedding is already enough of a stretch on their finances. However, in the event that something goes wrong with the wedding day plans, financially recovering from the setback isn’t possible for the vast majority of people. Additionally, with the legalisation of same-sex marriages, there have been frequent instances of vendors not delivering on products and services. Emerald wedding insurance includes discrimination cover to help with legal costs for breaches of the equality act.

What does this kind of coverage protect?

For those who do opt to purchase some level of wedding insurance, what do policies cover? All policies reimburse couples for wedding day cancellation and rearrangement, wedding gifts, wedding attire, rings, cakes, flowers, photography, video services, legal expenses for vendor discrimination claims, and more. What makes the difference in which policy is selected is how much financial coverage is needed. Couples who are planning to spend right around the UK wedding average (£17,674) will often find plenty of coverage in a more basic plan. However, as your costs go up, so should your level of protection. Example scenarios in which claims may be filed include illness, inclement weather events, and vendor bankruptcy. Wedding insurance should be purchased as soon as you set the date for your big day.

Is wedding insurance expensive?

Briefly stated, no. When spending money on everything that goes into a ceremony and reception, an insurance policy to cover those expenses will be the least of your costs. Couples who opt for the lowest level of coverage will spend just £49. For weddings that cost tens to hundreds of thousands of pounds, full coverage can be obtained for as little as £199. What makes this insurance even more flexible is that it can be used worldwide. This is especially helpful for those who are planning a destination wedding.

With all of the financial uncertainties that currently exist, protecting your wedding makes as much sense as protecting any other major investment. Rather than having the worry of recovering thousands of pounds in lost services, items, or legal fees, wedding insurance can affordably provide you with peace of mind.

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