5 things to know about wedding insurance

If you're engaged to be married, you're probably waking up full of vim and vigour every morning. You've been dress-shopping, assemblingyour bridal party, planning the menu, making guest lists, deciding on flowers and decoration, maybe even reserving an outdoor garden venue. In short, you've been rejoicing. But, yikes, with all those moving parts, what happens if even one serious unforeseen crisis occurs? Aside from your big day being compromised, you could be out a lot of money that you've put down as a deposit or even pre-paid to the planner.

It's not cheap to get married. A typical wedding in Singapore can cost anywhere from SGD 50,000 on up, and can incur total expenses of SGD 130,000 or more. Seen through a different lens, that same amount of money could pay for a down-payment on a 4-bedroom HDB flat. That's the astonishing amount that your wedding - a one-time event with no financial investment value - can cost.

Given these figures, it's important to know your options to prepare for the unlikely event that something goes wrong. To help you decide whether you need to have your wedding insured, here are some key points about wedding insurance in Singapore.

What is wedding insurance?

A wedding insurance policy can protect the cost of your wedding from a wide range of event-sabotaging mishaps such as bad weather, supplier failure, illness or accident.

What does wedding insurance cover?

Every insurance package is different. Some insurance companies offer comprehensive, albeit more expensive, all-inclusive packages. Others offer a basic coverage plan and allow you to add optional items at additional cost.

Depending on the package you choose, your wedding insurance can cover monetary loss from postponement, cancellation and abandonment of the wedding due to accident, illness or inclement weather. It can also cover losses or damages to your wedding attire, wedding gifts, rings, decorations, photos/videos and third-party properties. Be sure to shop around with different insurance companies to find the best selection of coverage appropriate for your own wedding.

What does wedding insurance NOT cover?

Most wedding insurance policies do not cover a change of heart. According to Damian Yong from Pacific Insurance Brokers, no policy offers coverage for a case of cold feet: . If you or your fiancee decide not to show up at the altar on the wedding day, then all the money you've already spent on the big event will be lost.

In addition, wedding insurance will not cover anything that was already damaged or lost before you purchased the policy. So be sure to sit down with your fiancee early on during the wedding planning and discuss whether you want your event to be insured. According to Investopedia, you can purchase a policy as far as two years in advance, and up to 24 hours before your wedding date.

As they say, the devil is in the details. Be sure to read the fine print on an insurance policy before signing anything to know exactly how much coverage you will be paying for. Do not hesitate to ask the insurance company representative about any details you are unsure of. If the coverage includes inclement weather coverage, ask what your insurer considers to be an extreme weather condition, especially if your wedding venue is outdoors. If you are insuring your wedding attire, will the coverage include headpieces, jewellry, watches and shoes? Or does it cover the wedding gown only? If you are insuring your wedding rings, how often will you need to have them reappraised?

How much does wedding insurance cost?

According to Her World Brides, one couple who booked a photographer's services for SGD 3,000 availed themselves of the complimentary wedding insurance that the provider offered as part of their package. Such a package might include reimbursement for data corruption of wedding photos and videos, damage to wedding attire, unreasonable delay of floral arrangement delivery and loss of wedding rings on the wedding day.

Insurance companies sometimes have quote request forms on their websites. You may be asked to provide some details in order to get an accurate online quote. These may include the date of your wedding, a brief description of the wedding programme, estimated wedding cost, total number of guests, the total number of people to be insured in case of non-appearance, the venue, and the use of any marquees, tents or fireworks. Visit the websites of different insurers to compare prices and find the best package to fit your budget.

Is wedding insurance worth it?

Your marriage is - hopefully - a once-in-a-lifetime event. It is understandable that you and your partner want everything to run smoothly. In the grand scheme of things, the cost of a wedding insurance policy may be negligible, especially if you are already blowing tens of thousands of dollars on your wedding banquet alone. If you and your groom are truly worried about facing any unwanted disasters on your special day, then purchasing a wedding insurance policy may be worth it just to gain some peace of mind.

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