Newlyweds are risking financial disaster by not having the correct levels of insurance cover in place when they get married, following our latest research.
The value of a home’s contents can rocket
Home insurance policies only usually cover the total value of a home’s contents up to a certain specified limit. This also applies to the single items in a household.
So cover limits may need to increase by thousands of pounds around the time a couple ties the knot. Policy Expert’s research shows the value of wedding jewellery averages £2,849, for example, with dresses, flowers and a cake adding hundreds more, often for each item. The value of gifts from guests, which might be kept in the home, can also run into thousands.
Wedding rings alone could break allowed claim limits
Take engagement rings. Policy Expert’s research shows that the average spent on the little band of love is £1,772, but many policies have claim limits for single items which are set at £1,500 or even less.
Dresses, flowers and cakes; it all adds up
The sums splashed out on other wedding items are also considerable.
The average British bride spends £1,098 on a dress, the study reveals. Then there are bridesmaids’ dresses, on which an average of £97 and £130 is spent; with two in three brides having up to four little helpers, that means possibly keeping hundreds of pounds worth of dresses in a property.
As you’d expect, grooms aren’t quite as extravagant, spending £329 on their outfits.
There are also decorations and the all-important cake; another £560 goes on flowers and £290 is spent on sponge and icing.
Guest gifts can add thousands to a home’s contents
The gifts given at weddings can also add thousands more to the value of a home’s contents.
Policy Expert’s figures suggest the average spent on a wedding gift by those who aren’t part of the main wedding party is £44. As the survey suggests that the average wedding attendance is 91, a typical couple might be storing gifts worth 91 x £44 in their home; or £4,004.
Those within the wedding party spend a lot more on presents, potentially adding even more to the groaning value of wedding-related items in a home. Parents give gifts averaging £715 in value, while grandparents splash out £245 and brothers and sisters £144.
UK homes already insured to the max
UK homes are already full-to-bursting with contents worth an average of £55,000, Policy Expert says so the cover provided by a typical policy might easily become inadequate around the time of a wedding.
Any claim for loss, damage or theft relating to single items, such as expensive wedding rings, might be rejected on the grounds the items hadn’t been specified, or are over the single item claim limit.
Or if there’s a claim related to a number of items, such as after a fire or burglary, and an insurer decides a home was under-insured for its total contents, the claim might then be adjusted downwards by a percentage related to the overall under-insurance.
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