Is travel insurance necessary?

When vacation season arrives, men and women want to protect themselves as much as possible regardless of where they'll be vacationing. Travel insurance has long been a security blanket some rely on when traveling. However, travel insurance might not always be necessary. For example, some travelers might already be covered. Oftentimes, a homeowners' or renters' policy provides coverage for items stolen away from home. In the case of lost luggage, airlines are required to reimburse passengers whose luggage have been lost.

Another thing to consider before purchasing travel insurance is whether or not a credit card or auto club membership already provides protection. Accidental death and dismemberment coverage might already be covered by a credit card company or auto club membership, eliminating the need for additional travel insurance.

But travel insurance is sometimes beneficial. Some travel insurance provides protection in the case of a cancelled or interrupted trip. While a trip canceled due to a natural disaster will likely garner a full refund even without travel insurance, travelers who must cancel or interrupt trips because of a family emergency or a work-related issue might benefit from travel insurance that protects them in such a scenario.

Travel insurance policies that offer emergency medical assistance coverage can also be valuable, especially to travelers with an adventurous spirit. Such a policy provides assistance should you be hospitalized overseas or need to be flown home due to sickness or injury.