Do I really need travel insurance?

Imagine this:

While traveling on your dream vacation to France, your luggage is lost on the flight. Since you only packed light clothing and minimal toiletries, you aren’t too worried–until you realize your iPad and good DLR camera was tucked away in your luggage as well. Considering it a big loss, but nothing life changing, you go on with you trip. Then, when it comes time for your flight back to the U.S., you get a terrible case of food-poisoning and miss your plane, causing a non-refundable $1200 loss.

Total in losses? $5000.

While we never want to imagine such a thing happening to any of our friends, clients or family, incidents like the above can happen. Which is why it is important to be prepared with travel insurance. Travel insurance is meant to protect you from unforeseen accidents while traveling, like your flight getting canceled or baggage being lost and whether or not you purchase it depends on a variety of factors.

What does travel insurance cover?

1. Trip cancellation or trip interruption insurance coverage, which reimburses non-refundable travel costs if your trip is cancelled or seriously delayed due to a natural disaster, illness or if the airline goes out of business.
2. Baggage and personal items coverage can be used in the event someone steals something from your bag or your luggage is lost. Keep in mind most baggage and personal belongings coverage only pay up to $2,000; it’s your homeowners policy that will do a better job of covering your personal property. So in our example above, you would be out $3,000. If you’re looking to protect your belongings, travel insurance can only help to a certain amount.
3. Emergency medical insurance provides coverage when traveling abroad. Before buying, check with your insurance agent to see if the insurance you currently have will protect you in case there is a health emergency outside of the country.
4. Accidental death or dismemberment insurance includes coverage if you or a loved one dies on the trip or suffers a life-changing accident. Again, check with your insurance agent as this may already be covered in your personal insurance and may not be needed.

Be prepared for peace of mind!

Having the right insurance protection in place before leaving for your vacation can relieve a lot of worry and stress. Before heading out on your vacation, talk with your insurance agent to see what your current insurance covers and if there are any additional policies you need to purchase.