Your vacation is a significant investment. I recommend purchasing a travel insurance policy and have partnered with Travel Insured, an insurance vendor that offers a rare Cancel-for-Any-Reason Policy, for most of my featured destinations (Walt Disney World, Disneyland, and Universal Studios.) For Disney Cruise Line, I prefer the policy directly with Disney Cruise Line. More information is available upon request, however, in the event that you decline this, you are accepting full responsibility for that decision as outlined in the booking terms and conditions, which will be signed at the time of booking.
Keep in mind that travel insurance doesn't only protect you in the case of cancelation prior to traveling- it also often covers trip interruption and medical bills incurred while traveling (many times your own health insurance won't be accepted out of state or network, making any medical bills that come up quite costly!) It can also help out if your luggage is lost or damaged by the airline and so much more! Many people don't realize just how much coverage travel insurance provides.
Sometimes, your credit card company might offer specific travel insurance coverage if you make all of your payments on the card- make sure to check that out before booking so that if you would like to utilize that cardmember benefit, you are making your payments in a way that will entitle you to that benefit!
If you travel multiple times per year, consider an annual travel insurance plan. This will cover all of your trips and you'll be able to travel with greater peace of mind throughout the year!