Relationships:Marriage Articles

Wednesday, March 11, 2009

Protecting Your Big Day: Wedding Insurance

Protecting Your Big Day: Wedding Insurance

With the average price of a wedding in the UK hovering around £20,000 and businesses going belly-up over night, insurance might be just the thing to make sure the big day goes as planned.

Wedding insurance is set up to protect the bride and groom from the many “what ifs” surrounding the preparation for the walk down the isle, but what can a couple expect from their policy?

Johanna King examines the ins and outs of wedding cover, what you can expect to pay, what policies do and don’t cover and if the insurance is really worth buying.

What is wedding insurance?

Wedding insurance is exactly that – insurance to cover your nuptials in case something goes wrong.

Policies are offered by both stores and traditional insurers, and generally cover everything to do with planning up the actual event and often 24 hours after the last toast is made.

Replacement of presents, flowers, cake, rings, transport, photographs and wedding attire is included if any of the above is lost, stolen, or your supplier fails to show up.

If your outdoor wedding gets rained out or the reception hall double-books? The insurance will pay all the last-minute rearrangement expenses.

Some insurers will even go so far as to have a mini re-do of the big day - including re-renting tuxedos and buying a new cake - if the photographer doesn’t show or ruins your prints.

And if all the planning is getting you worked up, Marks & Spencer’s policy even includes stress counselling.
Ian Fleming, head of personal finance at Debenhams says: “Unfortunately disasters do occur but wedding insurance can stop a drama becoming a disaster by providing reassurance that the situation can be rectified.”

Pricing

The cost of insurance varies depending on the price tag on your wedding, which provider you choose, and how much cover you want.

Most insurers offer varying levels of cover that are based on the overall cost of your ceremony. Premiums range from as low as £30 for a £5,000 wedding to as much as £355 for a £50,000 event. The premium is paid only once.

Ele Field, insurance product manager for Greenbee, reminds couples to compare the cost of the premium to that of the ceremony, and to consider the economy when deciding if the price is right.

“Particularly in the current climate, there’s no guarantee that suppliers will still be trading,” she says.

“Most claims that come through, around 50 per cent, are around failure of suppliers.”

Make sure to look at what each policy does and does not cover. For example, all charge an additional premium to cover marquees. Some include public liability cover and cover if the company goes bankrupt in the base price, while others do not.

Also, not all policies insure ceremonies taking place abroad or couples who are not both UK nationals.

Some policies are more flexible than others. Many will stick closely to the tier system while others will give you more individualised quotes.

Ecclesiastical, for one, offers a “mix and match” system that allows a customer to select cover for the dress from the top tier of cover, cake from the bottom tier, and the venue somewhere in the middle.

Chris Pitt, spokesperson for Ecclesiastical Insurance, says his company introduced the mix and match policy last year in order to meet demand for a wide range of weddings.

“Weddings don’t follow the formula anymore,” he says.

What isn’t covered

Reimbursement of deposits if you have to cancel the celebration due to something like illness is included, but if the bride or groom gets cold feet don’t expect help getting your money back.

If costs balloon and the couple can no longer afford the wedding, the policy won’t help, but many policies will cover costs if the person paying for the wedding is made redundant.

And if any accidents arise from someone enjoying a bit too much champagne, don’t expect your insurance to cover it.

Making a claim

Most insurers have a phone number to call to make claims, with hours varying from company to company.

Mr Pitt says many claims can be solved in a matter of minutes, and monetary compensation paid very quickly. Although some claims – like flooding of the venue - require more time and inspection.

“If it’s a small claim, it’s very quick and easy to sort,” he says.

Ms Field says at Greenbee, the average time it take it settle a claim is about three months.

“What the claim is determines when it’s paid out,” she says.

Where and when to buy

Some department stores, including Marks & Spencer, Debenhams, and John Lewis through their trading partner Greenbees, offer wedding insurance. Many major insurance providers also offer cover for the big day.

Almost all major wedding insurance providers allow policies to be purchased online. Debenhams even offers a ten per cent discount for those who buy online instead of in person.

Providers recommended buying wedding insurance as soon as the first deposit on flower or a church is made, to make sure the cover can fully protect the wedding.

Wedding insurance can be purchased up to two years and as late as fourteen days before the date of “I do.”

“Sixty-five per cent purchase a policy seven months in advance - it’s not a last minute consideration but it’s not at the top of people’s minds,” Ms Field said.

Do I need it?

The answer is: it depends on the type of wedding.

If the newlyweds-to-be have home insurance and are planning a very small wedding, they probably don’t need additional cover.

Most home insurance will replace items like wedding attire, gifts, and the rings if they are lost, damaged or stolen.

It is recommended that the policy is checked, however, to ensure the level of cover is sufficient. Policies tend to have limits on the price and quantity of valuables, like jewellery, it will cover.

But if you’re planning a more elaborate affair using a variety of different vendors and venues, or you’re worried about suppliers going bankrupt, then you should consider wedding insurance.

Mr Pitt says: “A wedding is arguably the most important day of your life and it’s a big investment for brides and grooms.

“No one would drive a £15,000 car without insurance.”

Mr Fleming agrees: “In these difficult financial times insuring one of the most expensive, and hopefully happiest, days of your life goes off without a hitch, has to be a priority.”

Johanna King

Taken From MyFinances.co.uk

June Wedding? Cancel It, Quick!

June Wedding? Cancel It, Quick!

Planning a June wedding? Consider getting hitched this month instead.

I don't mean to be a total killjoy. But given that the average wedding these days will set you back about $20,000, you may be looking for ways to keep your special day from costing more than the down payment on your first condo.

A stroll down the aisle doesn't have to mire you and your lovely in debt. A little creative thinking can cut your wedding tab 25% to 50%. Think nontraditional. Think memorable. Think laser tag, as my colleague Robert Brokamp and his bride did for their nuptials.

OK, don't think laser tag. (Although I know a few grooms who would go teary-eyed with joy if their bride suggested it.) Here are a few ways to save on your big day:

Timing is everything:

Lovebirds pay a premium to tie the knot on a Saturday or in June. Pair the two and you're facing a few extra Gs on the bill. Off months such as March and April are more affordable, as are morning weddings where expenses such as food, transportation, and hall rentals can be a lot cheaper.

Location, location, location:

Modern Bride estimates that a wedding reception costing $4,000 in San Diego would cost $9,000 in Chicago and $15,000 in New York City. See? Even not-so-small towns have their charm.

Wouldn't your mom be thrilled if you got married in your childhood stomping grounds? Your guests will certainly appreciate cheaper lodging costs. Even if you live in a high-priced city, nontraditional places such as public parks and art galleries can cost less than rental halls and hotel ballrooms.

Bite your tongue:

Anything that has the word "wedding" attached to it can instantly fetch a 25% premium (or more) over the generic version. When shopping for your cake, flowers, tablecloth, "ring pillow," or dress, beeline away from any options preceded by the "w" word.

Put your pals to work:

In lieu of another Crate & Barrel tchotchke, ask your talented friends for a gift that you could really use: their help. Perhaps you know someone who can perform music at the service (or change the CDs you and your sweetheart make yourself), take photographs, tend bar, or play videographer -- all functions that will cost you $500-$900 to have someone else do. Chances are your best friend's brother won't charge a corking fee.

Trim the guest list:

At $80 per person for food, wine, cake, napkins, and every one of your variable costs, this is the fastest way to save. Remember, this isn't just some kegger that's open to all of your office mates. It's your wedding.

Just say "no":

Anti-etiquette bride and author of Fire Your Wedding Planner Stephi Stewart says that assertive brides and grooms need to learn to just say "no." Party favors? Feh. Engraved napkins? Puh-leeze.

Dream of the future:

Before you shampoo the rice and rose petals out of your hair, start planning your financial future -- together. Saving for a house, college for future critters, paying cash for a vacation -- these should all be things in the back of your mind before you write a check for your wedding gown.

By putting just a few money-saving steps into place, couples can begin their married life in that rare blissful state called "debt-free."

Taken From Fool.com

Thursday, March 5, 2009

Plant City's Strawberry Festival Sees Its First Wedding

Plant City's Strawberry Festival Sees Its First Wedding

PLANT CITY — Four years ago, Jennifer Faircloth and Jeff Lingerfelt had their first date at the Florida Strawberry Festival.

"It was just the day my family always went to the festival each year," said Lingerfelt, explaining why he chose to take Faircloth.

On Saturday, surrounded by their families, closest friends and hundreds of fairgoers, Faircloth, 19, and Lingerfelt, 22, became the first couple to be married at the festival.

"It's awesome" to be married at the site of their first date, said the bride.

The Lingerfelts tied the knot at the festival's pavilion, accompanied by a procession of wedding party members, sheriff's deputies and the Durant High School Junior Air Force ROTC honor guard.

The couple was selected from a number of contestants who asked to be married at this year's festival, said Sunny Smith, who coordinates special events.

The contest ran during September, Smith said. Entrants had to submit a photo with a 300- to 500-word essay explaining why they wanted to be married at the festival. The contest was limited to eastern Hillsborough County residents and it had to be a first marriage for both the bride and groom.

Angel Carter, chairperson of the entertainment tent came up with the idea last year.

"I passed it on to have the board look it over and they went for it. They thought it was the greatest thing," Smith said.

In addition to the service, the couple received a free reception, complete with strawberry wedding cake, free dresses for the bride and her bridesmaids, a free room for the wedding night at the Red Rose Inn and Suites in Plant City, as well as free festival admission for up to 50 guests. The festival's official photographer also shot a wedding album for the couple.

While the ceremony was open to all festivalgoers, only invited guests were allowed at the reception.

Jeff's mother, Lorie Lingerfelt, said the free wedding was a nice surprise.

"I didn't even know Jennifer wrote the (contest) letter," she said.

Jennifer's mother, Julie Faircloth, said she was happy about all the freebies that came with the wedding.

"It came out better than we could afford," Julie Faircloth said. "And she found herself a good man."

Smith declined to say how many couples entered the contest. The selection committee was impressed with the fact that the Lingerfelts met at the festival and are both graduates of Plant City High School.

They were also touched by the fact that they wanted to get married last year, but couldn't due to financial problems, Smith said.

Jeff Lingerfelt said he was grateful to the festival for making their day memorable.

"It is such a wonderful blessing," he said.

Taken From TampaBay.com