Will travel insurance cover me if my visa is denied and I am unable to go?

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No, unfortunately, having a visa denied is not a covered reason for cancellation with travel insurance polices. You would need to consider a policy that offers “cancel for any reason”.  This would allow you to cancel for “any”  reason up to 2 days before departure and file a claim. However this benefit generally costs 40 – 50% more, pays a reduced benefit of 75 – 80%  and has conditions which apply.