So you're taking a vacation and you're wondering, do I need to purchase extra travel insurance? We've got a few tips to help you decide.

Do you have homeowners or renters insurance?

Most insurance companies have worldwide protection for your personal property that cover your property the same way as if it was in your home, meaning your luggage would be covered for fire, water damage, proven theft, vandalism, etc.

Many companies also extend your personal liability on your home/renters and umbrella insurance to cover you while traveling. However, you should always double check with your insurance agent or company for your specific policy.

So what are the benefits of purchasing extra travel insurance?

There are certain benefits of having travel insurance on top of your home or renters insurance policy.

Trip Cancellation - If your vacation and plane tickets are non-refundable, you can purchase travel insurance to reimburse you if you need to cancel your trip unexpectedly.

Medical Emergencies - If your primary health insurance does not cover you while traveling abroad, it's always a good idea to consider extra insurance for medical emergencies while on vacation.

Lost Luggage - If your luggage or items are lost while on vacation, and no one seems to know what happened to them, this is considered Òmysterious disappearanceÓ which is not covered by your home or renters insurance. You may want to purchase extra insurance to cover you in this situation.