Refundable flights and hotels typically cost 15-30% more than non-refundable equivalents. For trips booked 6+ months ahead, the premium is often worth it — life intervenes more frequently than people expect, and lost non-refundable bookings exceed the difference.
When refundable makes sense
Trips booked 6+ months ahead. Trips for older relatives or with health considerations. Business trips with shifting calendars. Multi-leg complex itineraries (one piece changing breaks the chain).
When non-refundable is fine
Trips booked 4-8 weeks ahead. Domestic trips with easy rebooking. Multiple-hotel itineraries (single hotel change less catastrophic).
Travel insurance covers some cancellation but with significant exclusions. Refundable booking is more flexible. For larger trips, the maths often favours paying the refundable premium.