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Those getting engaged on Valentine's Day are being urged to compare wedding insurance to ensure they are sufficiently covered.
New research shows 37 percent of policies provide £25,000 or more of cover for wedding cancellation, and only 23 percent pay the full cost of rearranging the wedding.
According to Defaqto, only 18 percent of policies cover for the failure of wedding suppliers, such as caterers, to provide what has been paid for.
"We all know that weddings are expensive and there are many elements that involve cost early on, such as placing a deposit on a venue,” said Mike Powell, Defaqto's General Insurance insight analyst.
"When planning the big day it is essential that people focus on purchasing appropriate insurance as soon as they commit money.”
What to Look for in Wedding Insurance
Weddings can be costly affairs, and although the main consideration for many when comparing different wedding insurance policies is price, this may not be beneficial for when you may need to claim on it.
Take a look at these key elements of wedding insurance to decide on the overall cover you require.
The cancellation and rearrangement costs – how much of this does the provider cover? They can sometimes ask for a high claim charge for doing so too, so take this into account.
Does the policy cover you if one or both of you are made redundant? This is important in the current economic climate, and if you feel you job is at threat you should take appropriate measures to ensure you are adequately covered to meet your wedding expenses.
Cover for if the wedding venue goes into administration and the booking is cancelled – often if this occurs, the venue will not be able to compensate you so in this instance wedding insurance would need to include this.
Compare Wedding Insurance with MoneyMaxim