A standard travel insurance policy does not cover "any reason" for cancellation. Traditional policies only provide reimbursement for "covered reasons" explicitly listed in the policy document, such as sudden illness, injury, death of a family member, or a major natural disaster at your destination. To have the flexibility to cancel for reasons like "changing your mind," "work conflict," or "fear of travel," you must purchase a specific add-on known as Cancel For Any Reason (CFAR) coverage. In 2026, CFAR is a popular but more expensive option, typically increasing the policy cost by 40% to 60%. It usually allows you to cancel for literally any reason—as long as you do so at least 48 to 72 hours before your departure—and reimburses about 50% to 75% of your non-refundable trip costs. It is important to buy CFAR coverage shortly after making your first trip payment (usually within 14–21 days) to be eligible. Without this specific rider, your standard insurance will be strictly limited to the "unforeseen emergencies" defined in the fine print of your plan.