Imagine that you and your fiancé paid for your wedding venue, only to have that venue become bankrupt and closed. For many couples without wedding insurance, their money paid to a wedding venue that eventually declares bankruptcy is lost.
In 2013, the average wedding budget was $29,858. For many people, $20,000-$30,000 is a couple’s life savings. With wedding venues offering all-inclusive packages, the loss is often not only their reception venue, but also their DJ, florist, food, and other services. The couples who suffer this loss usually have very little recourse to regain funds associated with the venue.
How may a couple avoid this loss? The answer is wedding insurance.
Wedding insurance costs well under $1000, “maybe $250,” or even only $160. Wedding insurance saves the couple, who would have otherwise lost their partial or full deposit(s) for their wedding by reimbursing the couple for payments made toward the wedding. Wedding insurance policies often cover any deposits lost if the date changes, or the officiant or deejay is unavailable.
In addition to purchasing wedding insurance, it may also be beneficial to pay vendors with a credit card because The Fair Credit Billing Act allows consumers to file a dispute if a product or service purchased was not delivered as originally agreed.
Be wary of businesses that ask you to pay for the venue, service, or product in full. Be sure to ask if the business offers a payment plan to ensure that you won’t suffer a loss of the money should the business declare bankruptcy.
Your wedding should be a memorable experience. Don’t risk the heartache of losing your deposit. Purchase wedding insurance.
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