Travel insurance can cover the pre-paid and non-refundable expenses of a trip. However, the cash value frequent flyer miles cannot be included as trip cost. If cancelling or changing the reservation would lead to fees, the fee expense for re-banking the miles or changing the dates can be insured. Depending on the airline, this can be several hundred dollars.
Properly insuring frequent flyer miles is one way to get the most value from reward programs. MH Ross also provided some advice on their website for travelers using frequent flyer miles.
Check several itineraries. (Different routes or days traveled could save you money and get you more points.)
Check airline partners. (Many airlines have partnership agreements that can earn you frequent-flyer points on your regular airline.)
Stay in hotels on your program. And charge meals and services to the hotel room to earn even more points. (You can even use credit cards that earn you extra points.)
Use rental cars on your program.
Source: MH Ross Traveler Trips