Should I insure my wedding?
In the midst of COVID-19 and the many cancellations and postponements faced in 2020 the uncertainty of whether to book a wedding continues well into 2021. Personally, I have had wedding cancellations for each of the 3 Queensland lockdowns from January to June and the impact for all concerned is devastating. Given that a typical wedding costs over $30,000 many couples have been inquiring about the value of wedding insurance.
The reality is that wedding insurance is not likely to cover cancellations due to COVID-19. Many of us were caught out with our travel insurance last year booking trips that ultimately were cancelled and, in many cases, not refunded or given “credits” for future travel. This leaves the couple needing to negotiate directly with the vendor (venue, hair and makeup, caterers, photographers etc) to determine how to move forward.
Understanding your rights is important at these times. The Australian Competition and Consumer Commission has provided some useful information on its website with a section on weddings: https://www.accc.gov.au/consumers/consumer-rights-guarantees/covid-19-coronavirus-information-for-consumers
Should I still consider wedding insurance?
Wedding insurance typically covers unexpected events and losses that cannot be predicted. A common issue is severe weather (I have personally experienced being at an outdoor marquee wedding when severe wind and rain damaged the entire event) or unexpected illness of the bridal party or family tragedy prevents the wedding from going ahead. Damages and losses can also be a problem with replacement costs prohibitive. The tip here is to look carefully at what the policy covers and under what circumstances. Policies can usually be taken out from 18 months to 30 days prior to the event.
Here are some of the things that are typically covered by most wedding insurance policies but, obviously, that varies depending on the vendor:
- Supplier failure
- Marquee and equipment damage
- Weddings rings
- Wedding gifts
- Wedding attire
- Wedding transport
- Personal liability
In short, the idea behind wedding insurance is simple. Research your policy, make sure you’re fully protected and then enjoy your special day knowing that if things go wrong, you’re, most likely, covered. And, hopefully, you won’t have to think about it again!