As you plan holiday travels, you’ll likely be faced with the decision of whether or not to purchase travel insurance. While travel insurance can buy peace of mind, it often comes at a high price. According to SquareMouth, an online travel insurance comparison website, more people are buying travel insurance, but is it worth it?

SquareMouth reported a 20 percent increase in travel insurance policies purchased this fall compared to last year. The increase in insurance may not be surprising considering global events including Zika, terrorism and natural disasters such as hurricanes and earthquakes. The report specifically cited policies covering canceled trips or trips interrupted by terrorism more than doubled in the past year.

While travel insurance provides peace of mind for unexpected things such as illness and weather, the benefits do not always outweigh the costs. The average insurance policy costs 5–7 percent of the travel expense, and there are quite a few things to keep in mind when booking insurance, according to Consumer Reports.

For example, most travel insurance plans do not automatically cover cancelation due to pre-existing medical conditions. In order to get a policy that covers existing medical conditions, you typically must apply within 10 days to a month of booking a trip.

It’s also important to make sure you’re not already covered through credit cards or health insurance. When choosing a policy, Consumer Reports warns against taking the first policy offered by a travel agent or airline. Websites such as InsureMyTrip and SquareMouth allow free price quotes for multiple insurers. Finally, as with everything else, always read the fine print on coverage.

In your opinion, is travel insurance worth the cost? Do you purchase travel insurance for all trips or on certain occasions? Email us and let us know. Please include your full name and location with your email.