Millions of people worldwide are finding out what it means to be stuck. A volcano eruption in Iceland caused plumes of thick ash to limit visibility and ground airplanes. Some travelers found themselves stuck in airports and hotels, unable to get home, or forced to cancel their vacation plans. Turns out, travel insurance may have been a wise purchase.

Jim Grace, President of the US Travel Insurance Association told KOMO that most travel insurance policies cover cancellations due to medication, terrorism or when the travel company goes bankrupt. And you can also add volcanoes to that list. “A typical policy will cover weather-related events which is actually what we’re talking about with this ash plum, they consider that wind carrying the ash, hence weather,” says Grace.

How much will a decent travel insurance policy set you back? Experts say a good rule of thumb is four to eight percent of the cost of your trip. It may not be worth the investment if you’re just taking a weekend getaway, but for that once in a lifetime trip, travel insurance will offer peace of mind. “If you’re buying a travel investment — it’s the trip of a lifetime, a honeymoon … and it’s a big event and you’re investing thousands, if not tens of thousands of dollars, it probably would make sense to consider insurance to protect that investment,” said John Pittman in a CNN report, vice president of industry affairs for the American Society of Travel Agents.

Right now, about one in three American travelers bother with purchasing travel insurance, according to statistics from the US Travel Insurance Association. Since September 11, the SARS outbreak and the H1N1 scare, more people are deciding to purchase travel insurance, according to Grace and after the volcano delays, sales may erupt.

If you decide you want travel insurance, you must buy it before a major event happens. For instance, with the volcano, travelers who purchased travel insurance policies before April 13 were likely covered from ash delays, but anyone after that would not have been covered. “It’s kind of like buying homeowner’s insurance after your house is on fire. That wouldn’t be covered,” Dan McGinnity, vice president of travel insurer Travel Guard North America, told CNN.