Insurance is the purchase you hope is wasted money, so buy it for the catastrophic scenarios, not the small stuff.
Trip cancellation cover should roughly match your non-refundable prepaid costs, flights, hotels and tours, and read which reasons qualify, since cancel-for-any-reason is a separate upgrade. Baggage cover matters less than people think, with per-item caps that rarely replace electronics fully, so valuable gear may need a separate rider or home-insurance extension.
Three checks before buying: declare pre-existing conditions honestly or claims get denied, confirm the policy includes a 24-hour emergency assistance line, and verify whether your credit card or existing health plan already provides partial cover so you only fill the gaps. Save the insurer's emergency number in your phone and leave the policy number with someone at home.