Travel insurance is always a good idea. Baggage gets lost, flights get delayed, trips get cancelled, medical emergencies happen. That said, to buy insurance simply to protect against losses arising from the cancellation of award tickets doesn’t always make sense. While some insures do protect against such mileage losses and fees, many don’t. Even for those that do, you usually will recover nothing but the miles and the change fees (which are often only $0 – $250 per ticket), and between the cost of the insurance and the time involved in filing a claim, it’s not necessarily worthwhile. That said, it is our recommendation to always to have travel insurance – and if you’re buying it, it certainly doesn’t hurt to have one that covers any costs related to your award tickets.