Wedding insurance, do I need it?

Let's put it this way, the average Australian wedding costs $36,000. Would you buy a car for $36,000 and not insure it? Would you go on a $36,000 holiday and not get insurance?

Weddings are romantic and beautiful and a dream come true, but they are also a financial investment and there are many factors that are out of our control. Take 2020 for instance, the wedding industry saw around 6 months of weddings cancel or postpone. Some of these couples lost money. One of my couples had to cancel their wedding within days of their big day, after their wedding cake was made, their flowers were purchased and they still had to pay for them. This is thousands out of pocket but their wedding insurance covered it. Smart and savvy people!

Many things can happen and here are just a few examples:

- Everything is ready to go but a few days before your wedding your mum has a heart attack. It is not the time to be celebrating a wedding, you want to be with your mum and family and so everything needs to be postponed.

- It is the week of your wedding and your wedding celebrant calls, she has had a family emergency and has to leave the state. You are now in a frantic panic to find a replacement celebrant which could charge a fee for last minute services.

- On your wedding day one of your guests has drunk a little too much, he is throwing insane moves on the dance floor when he falls in to the band, putting an elbow through the drum and making the lead guitarist drop and break his guitar. Not to mention the speaker he knocks over when his foot catches on the cord and the two speaker stands that also go down. All of these breakages need to be paid for.

Depending on the type of cover you take out you could be reimbursed for these out of pocket expenses.

A typical insurance can be taken out 18 months to 30 days prior to your chosen wedding date. We recommend you take out insurance as soon as you have a date set.

Here are some of the things wedding insurance could cover:

• Cancellation;

• Rescheduling;

• Supplier failure;

• Marquee and equipment damage;

• Wedding rings;

• Wedding gifts;

• Wedding attire;

• Wedding transport;

• Personal liability;

• Health of the bride and groom and

• Bad weather on your wedding day

Obviously you need to read the product disclosure statement to be certain of what is and is not covered. Speak with several insurance companies and be clear and educated on what they are providing for you. Also be certain to know who the cover extends to along with when the cover commences and claims can kick in.

Typical wedding insurance will range in price from just over $200 to $1300 depending on the level of coverage you are hoping for.

Your next steps... research wedding insurance options, find out what each policy covers, choose the one that is the best fit for you, secure the policy then forget about anything that could go wrong and get ready for your ideal wedding day x