Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Trip Cancellation Insurance and other Travel Insurance topics.
In the consumer world we have been drilled into our head that a deposit is a fancy marketing term that means – there is almost no chance you're getting this money back. You tell a hotel you have to cancel reservations. Unfortunately, you don't tell ‘em in time. Bye-Bye deposit. Canceling a party at a restaurant? Bye-bye cash. In most cases this loss of money is minimum. However, the larger the planned purchase you make the larger the deposit you make (like a $10,000 cruise.) In this case a smart move would be to purchase a travel protection policy that includes trip cancellation insurance. This means not only do you get back the ticket and hotel money, but also the initial deposit. This should be standard on most trip cancellation policies. However, before signing read the fine print carefully.