5 Insurance Risks Couples Overlook Around Their Wedding Day
From engagement rings and wedding gifts to honeymoons and new homes, getting married brings many easy-to-overlook financial and insurance considerations.
Image Photo by Yomex Owo on Unsplash
While attention is often focused on venues, guest lists and menus, experts say taking time to review insurance arrangements could help couples avoid unexpected costs and unwelcome surprises.
To help couples this wedding season, here are some of the most commonly overlooked insurance considerations around weddings.
“Weddings coincide with some of life's biggest purchases and financial commitments, whether that's buying an engagement ring, booking a honeymoon or moving in together.
“With so much attention focused on venues, guest lists and seating plans, insurance isn't always top of mind. However, getting married can have a big impact on your finances, possessions and living arrangements, all of which can affect your insurance.
“Taking time to understand what protection you already have, what may need updating and whether any valuable new items should be added to a policy can help avoid unexpected costs and provide greater peace of mind both before and after the big day,” said Alex Cross, Chief Customer Officer at Tesco Insurance.
To help couples before the big day, Tesco Insurance has answered five common questions about weddings and insurance.
1 Are wedding gifts covered by insurance?
Typically in the UK, wedding and civil partnership gifts are covered by contents insurance policies. Gifts are usually insured against loss or damage when they are in your home, in the building where the reception is held or when being transported between your home and the reception.
2 Are engagement rings covered by insurance?
Specified items, such as wedding and engagement rings worth more than £2,000 individually, may need to be listed separately on a contents insurance policy. Maximum limits may vary across providers, so it’s important to check your policy details.
3 Could a honeymoon mishap leave you out of pocket?
Travel insurance is there to protect against unexpected incidents when you go on holiday, so you’re not left out of pocket and can travel with greater peace of mind. Whether you’re taking one or multiple trips for your honeymoon, these may be covered under standard single-trip or multi-trip policies.
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4 Do you need to update your insurance after moving in with a partner?
When moving in with a partner, either before or after marriage, it’s important to review your home insurance as changes to your living circumstances may not automatically be reflected in your policy. Failing to update your insurer could affect your cover and, in some circumstances, lead to issues if you need to make a claim.
5 Have you updated your name and personal details?
Couples who change their name after getting married should ensure important documents and insurance policies are updated where necessary to avoid potential complications if they need to make a claim. It's also worth checking that contact details and addresses are up to date if you've recently moved home.
• For more information, visit tescoinsurance.com
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