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Everything You Need to Know About Travel Insurance

Traveling is one of the best investments we could ever make.  Every traveler comes away with memories that stand the tests of time as well as a deeper understanding of the world around us.  Your destination has been selected, tours and excursions decided upon, a decent idea of what you will pack, all items on your travel checklist accounted for, and a budget set. Now the question is, should we take the means necessary to protect that investment, and how do we navigate all the options that are out there?  Whether you are taking off for a weekend getaway or crossing off another international dream destination from your bucket list, the option to purchase travel insurance will always present itself to you.  We have compiled some important information about travel insurance to help you make the right decision, for you, when it comes to your travel investment.

What is travel insurance?

Travel insurance is a means of protecting you from the unexpected and unforeseen.  Things happen. Bad weather can ground, delay, or cancel your flight. Natural disaster, floods, or fire can damage the resort you are staying at, deeming it uninhabitable.  Your luggage may be lost or stolen. What happens if you, or someone in your travel party, becomes ill while in another country? Travel insurance can offer you peace of mind when it comes to these situations that may arise allowing you to let go, relax, and fully enjoying your trip.

What is covered with travel insurance?

Many people make the mistake of thinking that travel insurance covers everything.  However, it does not cover expected or reasonably foreseen losses. If you can say the following, “I’ll probably have to cancel this trip due to ____.”, then an insurance company may see your loss as a reasonably foreseeable event.  Losses that may be covered with your policy are severe weather events such as hurricanes and winter storms which cancel flights and damage resorts. Some pre-existing medical conditions may also be covered. This will depend on when you purchase your protection policy, the company you choose, and if you are deemed medically able to travel by your doctor at the time of purchase.  Delayed or cancelled flights may also be covered by your policy. We always recommend that your read the terms of your individual plan carefully, and ask the company questions for further clarification.


What types of insurance policies are available?

Most policies fall under five main categories:

  • Trip cancellation or interruption

  • Medical insurance

  • Baggage and Personal item loss

  • Life insurance

  • Evacuation insurance

While some policies may cover multiple types of losses, make sure to read each policy thoroughly to ensure that you are protected for the potential losses that are most important to you.  

How much does travel insurance cost?

There are a few factors that travel insurance companies take into consideration when calculating your policy price: trip cost, age and health of traveler, and level of coverage.  When planning the budget for your trip, you should factor anywhere from 4% to 10% of your total trip price. For example, if your trip costs $4000 then you will need to budget $160- $400 for your insurance plan.


Travel insurance can minimize the potential financial risks of traveling.  You have to ask yourself, how much is peace of mind worth to you? Then get out there, and experience the world!

Post written by Cheyanne Gage