Severe weather. Illness. Lost luggage. Flight delays. Emergencies back home. Anything's possible and can end up costing you a lot of money, so don't find yourself wishing you had bought travel insurance. When misfortune strikes, travel insurance reimburses you for prepaid and non-refundable costs and penalties. For short domestic trips, consider adding to your existing insurance and credit card coverage. When traveling abroad, get comprehensive travel coverage from a worldwide company rated B+ or better. Here are some examples of coverage that can protect your travel investment and give you peace of mind.

Travel Delay Insurance
Things like missed airline connections or labor strikes stalling public transportation can end up costing you money. You may have unanticipated expenses for meals and lodging until another flight is available. Solution: travel delay insurance, typically covering up to $500 per person.

Trip Cancellation/Interruption Insurance
A must-have if your trip is worth thousands of dollars. This kind of insurance reimburses your prepaid and non-refundable trip costs and penalties. Examples: illness or injury (you or a companion); death in the family; serious damage to your principal residence; severe weather; labor strikes; travel provider or tour operator bankruptcy; and, in certain cases, terrorist acts. Typical cost: 5-7% of the total trip cost based on your age. Caution: some cruise and tour operators offer cancellation waivers, but they're restrictive and don't constitute travel insurance.

Emergency Medical Assistance/Evacuation/Repatriation
Does your medical insurance cover health crises when traveling abroad? What are the limits? Will it pay to fly you home for the best care? If not, you'll probably need to buy a comprehensive medical policy for travelers covering everything from minor medical assistance to the cost of getting you home. The International Association for Medical Assistance to Travelers offers free memberships, which connect you to competent English-speaking doctors around the world.

Delayed, Lost, or Stolen Baggage
Whether your bags are delayed, lost, or stolen, travel insurance with applicable coverage reimburses you for clothing and personal items but usually excludes computers, electronics, cameras, jewelry, cash, fragile items, perishables, and business papers. It's not a bad idea to buy extra coverage from the airline, your credit card provider, or by adding a floater to your homeowner's or renter's policy.

Rental House or Condo Reimbursements
If you plan to rent a house or condo on your trip, ask your travel insurance provider about coverage. Some companies will reimburse your prepaid and non-refundable costs if your trip is canceled due to certain pre-determined circumstances, or if you provide a written agreement from the rental property owner.

Worldwide Emergency Travelers Assistance
This coverage provides assistance with medical, legal, or travel emergencies anywhere in the world. Make sure this is included in your travel policy.