Trip cancellation coverages are “named peril” policies, meaning they will only cover you for a specific covered reason named in the policy. However, several travel insurance policies now include a “cancel for any reason” benefit. The benefit is usually reduced to 75% - 90% of your trip costs (depends on company and product) and certain conditions must be met including: purchasing the insurance policy within 14 days of your initial trip deposit, ensuring your full trip costs and cancelling 2 days or more prior to departure.