Cancel-for-any-reason policies, however, let you change your mind on a whim. These policies are more expensive: Standard trip insurance costs about 5% of a trip, while cancel-for-any-reason policies can cost substantially more, Durazo said.
Standard insurance can be bought up to the day before departure, but cancel-for-any-reason insurance must be bought sooner. At SquareMouth, cancel-for-any-reason policies are only available within 14-30 days of your first booking for a trip.
Reimbursement rates vary by policy, so don’t expect 100% of your losses to be covered.
Read the full Toronto Sun article online here: http://www.torontosun.com/2016/07/21/can-insurance-help-if-you-cancel-a-trip-out-of-fear