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Travel Insurance May Save Peace of Mind But Not Much Money

  • People are buying policies again but payouts are less generous
  • New offerings focus on offsetting quarantine, medical costs
Travelers are turning to insurance to counter the risk of quarantines and restrictions.
Travelers are turning to insurance to counter the risk of quarantines and restrictions.Photographer: Nathan Laine/Bloomberg

Holidaymakers grappling with the omicron variant this season may be tempted to spend on travel insurance, but a policy will only get them so far.

While people are again snapping up policies, the payouts for cancellations are less generous and the policies often won’t fully cover the costs of quarantine stays. With airline and hotel bookings already flexible, travel insurance may be a pricey option for a bit of peace of mind.