So, maybe you just got married and are about to go on your honeymoon. Or school's out, so you and the fam are taking a summer vacation. Or maybe you recently retired, and you and the spouse are about to travel the world!

Summer is by far the most popular time to vacation. Did you know that 45% of Americans take some type of summer vacation? While you're putting together your check-list of supplies to buy, arrangements to make and what to pack, add another item to your list: travel insurance.

Like all insurance policies, travel insurance covers the what ifs and worst-case scenarios, such as:

  • You need to cancel a trip because of illness, the death of a relative or bad weather;
  • Your belongings are lost or stolen;
  • A member of your party falls ill or needs emergency medical care.

Premiums depend on the age of the travelers, the type of coverage, and the trip’s cost. For a standard policy you’ll pay about 5 to 7 percent of the cost of the trip, according to the Insurance Information Institute. So, if you're planning an elaborate, all-inclusive honeymoon in Hawaii, it could be worth it. A family camping trip at a state park? Maybe not.

Travelers insurance can easily be purchased online, or through your agent. But coverage may be unnecessary as you may already have protection through homeowners, auto, life or health insurance. Credit-card benefits and consumer-protection also help protect against losses incurred while on vacation (such as someone stealing your belongings or credit cards).

So, consider your vacation -- the costs, travel arrangements and destination -- and think about adding a vacation policy! That way, you can kick back, relax, and enjoy peace of mind with that umbrella-topped cocktail!

Photo credits: R/DV/RS, Adrian Scottow.

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