There are hundreds of things that need to be taken into account when planning a wedding. Prospective brides and grooms spend hours picking the right ceremony location, wedding reception venue, colour schemes, dress and cake, to name a few.
It is a well known fact that weddings aren’t cheap, yet recent research from a leading wedding insurance comparison website, has revealed that most couples under-insure their wedding by an average of 30 per cent.
According to the story on Insurance Daily, between May 2009 and April 2010, the average cost of a wedding was £17,000, without counting the honeymoon. However, during the same period, couples were typically only taken out cancellation cover for around £12,000.
However, couples aren’t just failing to buy sufficient policies, they are also failing to inform insurers about the wedding presents they receive. According to specialist insurer Hiscox, research they carried out last year showed that more than half (53 per cent) of professional couples forgot to insure their gifts.
Wedding presents can increase the amount of contents in a home by as much as £12,000. It is therefore essential, that newlyweds ensure they increase their level or insurance as necessary.
Adam Leyton, the founder of an insurance company, described a wedding as the most expensive purchase most people will make and he expressed his concern that so many couples under insure their big day.
“Should the unthinkable happen and a wedding has to be cancelled or re-arranged, the couple may end up significantly out of pocket despite believing they were financially covered,” he said.