Weddings can be very expensive indeed. Although the average cost has come down since 2009. Research by the Clydesdale and Yorkshire banks showed that in 2009, the average wedding cost £20,900, though this fell by over £4,000 in 2010, to £16,569.
The average couple saves for around two years for the cost of their big day so wedding loans are common.
Wedding insurance is usually paid for in a one-off premium. There are two kinds of policies, which both cover weddings or civil ceremonies. The first type covers for the unexpected – or any incidents which could ruin the event at the last minute, such as the caterers going out of business. This type of insurance provides cover for replacements before the big day.
The second type covers for any damage or loss, such as the expensive designer bridal gown being ripped. This type of insurance pays out after the wedding.
A range of insurers provide wedding insurance – and the market is becoming larger. There are many specialist insurers which are dedicated to offering wedding insurance and some of the high street retailers, such as Marks & Spencer and Debenhams, sell it. Policies can start at £50 but premiums can go up to £150 depending on the cost of your wedding.
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