Wedding insurance may be a good ideaPosted: Updated:
PHOENIX -- In the wake of the sudden closure of Inspirador Chandler and the revelation that those who booked it as their wedding venue will not be getting refunds, many Valley couples are wondering how they can protect themselves from similar losses.
There are a few measures people take, but the one that jumps out is actually the most surprising. It's called wedding insurance.
Professional wedding planner Amy Mancuso knows that weddings can certainly take an emotional and financial toll on brides, grooms and anyone else involved.
"Well, it is one of the most important days of most couple's lives," she said.
If you're spending $25,000 or $30,000, which is the average cost of a wedding now, you want to protect yourself. To keep from losing money or getting ripped off, you might want to consider something called wedding insurance. It's a relatively new concept but it's really gaining in popularity.
"They have a ton of different plans and different premiums,” Mancuso said.
She's right. One of the largest wedding insurers is a company called WedSafe based out of New York.
WedSafe's vice president told 3 On Your Side that policy holders are reimbursed when things go wrong and couples lose money.
For example, WedSafe has something called Wedding Event Cancellation and Postponement Insurance, which pays for lost deposits and vendor bankruptcy throughout the planning of your wedding.
Mancuso says wedding insurance may be a good idea but admits not many of her clients actually get it.
"Every client is different," she said. "Every wedding is different. And so you have to look to see where your parameters are and see if it's a fit for you."
Insurance companies like WedSafe offer different levels of protection and, of course, the more protection you want, the higher your premium will be.
But if couples are spending up to $30,000 on a wedding, insurance might be a good idea.
"Some couples choose to get it," Mancuso said. It does give you peace of mind. And it can get expensive depending on what coverage you want."
Look at it this way. If you buy a $30,000 car, you don't want to drive around with no insurance. The same thing goes for a wedding. If you're spending that much money, spend just a little bit more and buy insurance to protect yourself.