ArcaMax

-- You fall on a cruise excursion and break a bone

-- The school schedule is extended because of snow days and you have to postpone your trip

I've either experienced these situations, or know of people who have -- in most cases, without travel insurance and incurring hefty unexpected expenses as a result.

But before purchasing a policy, read all of the fine print:

-- Can you cancel for any reason, if you have a certain upgraded policy?

-- If you are going to an exotic locale, do you have enough coverage in case a medical evacuation is required?

-- Are all of your kids covered free?

-- Do you have to pay expenses upfront? (In some countries, patients are required to pay first. Travel insurance can guarantee those costs.)

-- Should you buy the resort or cruise company's policy? (Third-party insurance is often more comprehensive compared to what is offered from the cruise line, says Rachel Taft, a spokesperson for the travel insurance comparison site SquareMouth.

-- Are you covered if you have a pre-existing condition?

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