Before Sept. 11, about one in 10 Americans insured their vacations. Now, about one-third of all trips are insured, according to industry estimates. That's translated into big profits for insurers. The U.S. Travel Insurance Association, a trade group, estimates that the industry rakes in about $1 billion in annual revenues. In the past year alone, the association's membership rose nearly 40 percent, to 56 member companies.
It may be a good time to be in the travel insurance business, but is it a good time to buy travel insurance?
Depends. Before taking out a policy, it's important to determine whether you need protection at all. Experts say that with so many travel insurance products available, thorough research is critical -- and that means reading the policy in its entirety, not just the brochure.
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