While the COVID-19 pandemic has turned the world topsy turvy in recent weeks as the coronavirus continues its spread fiercely and quickly around the globe, the travel industry has undoubtedly been battered no matter which part of the world you reside in.

In the United States alone, COVID-19 cases have been on the rise and the Trump administration has since placed a sweeping travel ban on foreigners from Europe from visiting the United States. As of time of writing, airlines, hotels and even Airbnb are scrambling to deal with the unprecedented situation by offering travelers more flexible booking options, such as change fee waivers and cancellation fee waivers.

While certain high-end credit cards in the United States do offer sweet benefits like trip cancellation/ interruption insurance coverage, travelers who have paid for their travel purchases using these credit cards pretty much won't get any reimbursement if they are canceling their trips just because of fear of catching the coronavirus. It's a whole different story if you actually get sick or have to be quarantined, though!

If the wanderlust in you isn't subsiding despite the State Department's warning against non-essential travel - especially those of the international sort - you might want to consider purchasing travel insurance separately that offers ‘cancel-for-any-reason coverage'.

This type of insurance is the best option there is right now given how unpredictable everything is, with governments around the world closing off their borders and imposing strict travel restrictions.

That said, keep in mind such travel insurance typically offers a 75 percent reimbursement of your trip costs, not the entire amount. So that's one consideration there before you take the plunge. Getting 75 percent of your trip costs reimbursed is actually not that bad of a deal if you ever have to cancel your trip because of the potentially worsening COVID-19 situation.

Before you make your insurance purchase, definitely take some time to read the fine print as some insurers are excluding and restricting COVID-19-related coverage as this pandemic isn't considered an ‘unforeseen' event anymore.

Denise Bay is a staff writer at GET.com. Email: denise.bay@get.com.