In 2026, renting a home or abroad can feel fraught with uncertainty. Conflicts in the Middle East are causing disruption to flights around the world, while repeated government shutdowns in the US are leading to unprecedented wait times at airports.
Amidst the travel frenzy, some insurance policies, such as “cancellation for any reason” (CFAR) coverage, have taken off. In March 2026 alone, the price of CFAR insurance plans increased by 27% due to global events, according to insurance comparison site Squaremouth.
All of this means that some travelers are starting to think about travel insurance. Suzanne Morrow, CEO of travel insurance comparison site InsureMyTrip, says: “Uncertainty is when travel insurance becomes so important. But it’s also important to understand what is and what isn’t covered. For example, if you miss your flight because you’re sitting in a long TSA security line, that’s usually not covered.
If you are deciding to buy travel insurance for your trip or not, here is what you need to know.
When should you buy travel insurance?
Even if you don’t think you need insurance coverage for your trip, there are certain situations when purchasing a policy requires a second look. “Travel insurance is especially helpful on trips where you might lose something, either financially or otherwise,” says Morrow. “If you’re traveling abroad, traveling more than 100 miles from home, or booking a trip with a lot of pre-paid, non-refundable expenses like flights, hotels, cruises or excursions, it’s worth considering.”
Insurance is also a good idea for travelers who are concerned about specific issues such as illness, severe weather, or other travel disruptions, according to Morrow. “On the other hand, for an easy weekend trip close to home that costs less, you might not need it,” he says.
Travelers interested in purchasing a policy should do so as soon as they complete payment on their first trip. “That’s when you unlock the most valuable benefits,” Morrow says. “Plus, some plans include time-sensitive add-ons that can only be purchased at a certain time after booking your trip. “Waiting doesn’t save you money; “If you want flexibility and comprehensive protection, earlier is always better.”
What is the best type of travel insurance?
Experts suggest shopping for a plan that best suits your travel needs by using comparison tools like Squaremouth or InsureMyTrip. If you want the most comprehensive plan, it is highly recommended to upgrade your basic coverage to include coverage for any reason (CFAR).
This extension has become very popular in recent months. Chrissy Valdez, senior director of operations at Squaremouth, says: “The current climate of travel can leave travelers feeling out of control over their plans. “By purchasing travel insurance against cancellation for any reason, you can regain control and plan your trips with more confidence, knowing you are covered.”
Remember that the update is not cheap: It can increase the cost of the policy by 40% to 50%, according to Valdez, but it covers situations that other policies do not see, such as events that were expected during the advocacy (such as some parts of the government shutdown or winter storms) or changing your mind and deciding not to travel.
Before purchasing your first policy, be sure to double check that adding CFAR coverage is an option. Not every plan offers this upgrade. Normally, you must purchase the supplement within 14 to 21 days of your initial trip deposit.
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