Weddings under-insured by 30%
by Richard Kilner
Story link: Weddings under-insured by 30%
With the wedding season in full flow, compareweddinginsurance.org.uk has revealed that couples under-insure their wedding by 30% on average.
From May 2009 to April 2010 the average cost of a wedding was £17,000, but couples only took out cancellation coverage of £12,000.
Adam Leyton, founder of compareweddinginsurance.org.uk, has described a wedding as the most expensive purchase many people will make and said it is concerning that there is such a large degree of under-insurance.
Leyton went on to say that the lack of adequate insurance could leave couples hugely out of pocket should disaster befall their wedding.
Couples with wedding insurance are financially protected against unforeseen calamities before, during and after the day itself.
Last year specialist insurer Hiscox commissioned research which revealed that 53% of professional couples were under-insuring by not informing their insurers about the wedding presents they receive.
With the sum value of wedding presents increasing home contents can increase in value by £12,000 following a wedding, making an increased level of coverage essential.