Travel insurance is not specific to the timeshare industry, and people have been debating for years about whether it is a wise thing to buy. A good rule to remember is that if the insurance is low-cost and high-benefit, it may come in handy — especially if you are traveling to or from a snowy city, or if you have children or elderly grandparents who might get sick and force you to stay home at the last minute, after your full-refund cancellation options have expired.

The Resort Condominiums International Vacation Protection Plan, for instance, is offered in partnership with BerkleyCare, which is part of The Berkley Group — a company that provides insurance specifically for the travel industry. You cannot buy these policies on your own (though you may find similar policies through your travel agent). The RCI/BerkleyCare policy covers protection against some vacation cancellations, lost or stolen baggage, and injury, sickness, or accident during your vacation. If you are traveling within the United States or Canada, you can sometimes get roadside assistance for your rental car, as well.

Interval International's travel insurance plan is provided by Travel Guard, which reportedly is the largest travel insurance provider in the United States. The policy costs $59 per week, or less than $9 a day, and will cover the value of your forfeited vacation accommodations up to $1,000 if you have to cancel or postpone your trip because of a death in your immediate family, severe weather, jury duty, or some other unforeseeable circumstances. You must buy the travel insurance within twenty-one days of confirming your timeshare exchange.

No matter what kind of travel insurance you purchase — or where you find it — you should look for clauses that cover as many hazards as possible. Some terrorism clauses, for instance, are useless unless the United States Department of State declares a travel warning for your resort's area. Some policies do not cover natural disasters, such as hurricanes and tornadoes, if major airline companies are still offering flights into the affected areas — even if your resort is flattened just a mile away from the landing strip. And remember: You usually have to buy travel insurance within about two weeks of buying your vacation itself. You cannot wait for your vacation week's weather report before making a decision.

If you choose to forgo travel insurance, you still may have some coverage if you booked your timeshare vacation with a high-end credit card, or if your homeowner's insurance policy has clauses covering loss and theft while traveling.