Yes, under both U.S. Department of Transportation (DOT) regulations and international treaties like the Montreal Convention, airlines are legally responsible for compensating you if your bag is lost, delayed, or damaged. In 2026, for U.S. domestic flights, the maximum liability limit is $4,700 per passenger. For international travel, the limit is typically around $1,700–$2,000 (indexed to inflationary currency units called Special Drawing Rights). Once an airline declares a bag "lost"—usually after 5 to 14 days—they must reimburse you for the depreciated value of the contents and any baggage fees you paid. They are also required to pay for "reasonable" incidental expenses like toiletries and clothing while you wait. For a high-value claim, always keep your receipts and file a "Property Irregularity Report" (PIR) before leaving the airport, as this document is the premier evidence needed to hold the carrier accountable.