House insurance and home contents insurance is a contentious issue currently. Whilst many of us are cutting back on cover that seems less important during this time of economic struggle, insurance premiums are continuing to increase in price whilst the industry and press warn us of the rise in thefts and burglaries and the absolute need to continue those home contents insurance payments.
However, as we move into summer and the wedding season, those who are planning to get married over the next few months are also being advised to check and increase their insurance, despite reports elsewhere that couples are going to extreme lengths to cut costs.
In an article at abcmoney.co.uk, leading insurers are urging to-be-weds to check their existing contents insurance (if they have any) to be sure that it will cover wedding gifts and other expensive items acquired around the big day. They suggest that on average, wedding gifts are each worth about £79, meaning that one gift each from 50 guests will total £4,000 - and one gift each from 150 guests will mean an additional £11,850 worth of items.
Additionally, it is also typical for the bride and groom to spend another £4,000 on items - which can also include such things that may not be covered by a standard home insurance policy, such as a wedding dress. However, wedding plans that are cheaper in price are also dominating the press, with reports of brides buying second hand bridal wear, and having a barbecue instead of an expensive sit-down meal.
Alongside the need to check your contents insurance, The Daily Mail has also reported of the increased importance of considering specialist wedding insurance, citing the global economic crisis being the cause of a higher number of business failures currently. Wedding insurance specialist, Chris Pitt, argues that hotels, restaurants, dress suppliers and caterers are all struggling in the downturn and advises that cover for such an eventuality is entirely logical.
According to The Independent, the average price of a wedding today is 97 percent higher (£21,089) than it was 11 years ago, even though we are in a recession. However, creditexpert.co.uk does also highlight that many of us are postponing marriage plans during the economic crisis. It seems to me that those who do choose to get married this year should certainly acknowledge the cost of insurance, or maybe consider re-scheduling until a better time.
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