We are also planning to be in the same area around the same time (7 May - 25 May, Switzerland and Italy). We are flying into Zurich and out of Rome. I am just going to monitor the situation until 1-2 weeks prior to departure and then decide if we need to cancel or if we need to modify the plans to travel different places. We are traveling with Ages 60+ people, some of which have varying issues, although we are in our 40s with 2 smaller kids.
We have cancel for any reason travel insurance, and bought within a couple of days of buying the flights (as is required for all policies that I looked at). The Coronavirus became a foreseeable event sometime around the end of January, so insurance will exclude losses related to it in many, many cases. You’ll need to be very specific with what is/is not covered at the time of purchase to ensure that you are covered for what you need. For example, if you got sick with it while there...are you covered, etc. I believe, but don’t know for sure, that you’re going to find that cancel for any reason insurance isn’t available to you, unless you have very recently made reservations (like in the last week). We are using TravelEx.
I recommend that you consider your sunk costs, and at what point you start to incur more charges, and go from there with when you start to lose more money. for example, if your flight costs are $1000/each, that’s a sunk cost, although you may get a credit or refund from the airline. if your hotels don’t start to charge you until a week before departure, maybe decide then. Also factor in your sanity 😂 one of my traveling partners may need to decide....like next week....so she doesn’t go nuts with anxiety.
I feel like early May is a way different picture than right now....a lot of additional information will be available, so I think I’d do not a thing in your case, until you start to loose more money. You could research ways to modify the vacation too, like going to another location.
