What could the cost be of your wedding going wrong?

By Daniel Culpan

We're already well into 2012, and at this time of the year many couples will be making plans to tie the knot this summer. But along with plans for the rings, invitation lists and venue, there's an important additional cost that many people could easily overlook: financial protection.

Independent financial research company Defaqto has reminded couples planning a wedding this year to ensure they have adequate insurance to cover the cost of their big day - or else they could end up with a large amount of debt for nothing.

Weddings can be one of the most expensive events in many people's lives, once all the various aspects have been covered: the wedding dress, venue hire, rings, flowers, entertainment, transport, etc.

And unfortunately, many things could go wrong. For example, an unexpected job loss could mean the ceremony has to be delayed for financial reasons, or the caterers/photographer may fail to turn up. If these costs are not properly insured, many couples could fall into debt problems as a result.

Defaqto found that only 9% of insurance policies will pay the full cost of rearranging a wedding, and just 14% of policies will cover wedding suppliers who don't provide what they agreed.

Related:

• Planning a wedding on a budget

Image © iStockPhotos / Ivan Bajic

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Tags: wedding, wedding insurance, wedding debt, debt, insurance, Defaqto, financial protection

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