TRAVEL INSURANCE
Travel insurance is a type of insurance that covers the costs and losses associated with traveling. It is useful protection for those traveling domestically or abroad.
According to a 2020 NerdWallet survey of 2,000 Americans, only one in five Americans bought travel insurance for leisure trips prior to COVID-19. But 45% say they're likely to purchase travel insurance for future leisure trips.
KEY TAKEAWAYS
Many companies selling travel packages also offer travel insurance.
Some travel policies cover damage to personal property, rented equipment, such as rental cars, and even ransom requests.
The main categories of travel insurance include trip cancellation or interruption coverage, baggage and personal effects coverage, medical coverage, and accidental death or flight accident coverage.
Coverage often includes 24/7 emergency services, such as replacing lost passports, cash wire assistance, and re-booking canceled flights.