Searches for travel insurance policies that cover job loss have increased amid a surge in layoffs in the public and private sectors, according to travel insurance shopping tool Squaremouth.
Squaremouth said the number of travelers searching for policies allowing cancellations for work reasons has increased by 15% in the past two months.
In addition to the mass layoffs occurring in the federal government, many companies have recently announced layoffs, including Google, Meta, Starbucks, BP, Estee Lauder, Party City and Southwest Airlines.
Squaremouth says job loss insurance provides coverage if you need to cancel your trip due to an involuntary layoff or termination of employment. It covers 100% of prepaid, nonrefundable expenses.
According to Squaremouth data, the number of travelers searching for cancel-for-any-reason coverage for their summer trips has more than doubled from last year, from 5.07% to 11.57%. Depending on the policy, cancel-for-any-reason insurance can reimburse 50% or 75% of your total trip cost, Squaremouth said.