Join Date: Jan 2011
Location: Philadelphia, PA
Programs: AAdvantage Exec Platinum, Hertz #1 Club Gold Five Star, IHG Platinum, Marriott Gold, HHonors Silver
Posts: 2,037
$5,000 for travel insurance??!?!? Where are you getting a quote from? Try SquareMouth.com and you should get much more affordable rates. This is a site that will show you many insurance providers, along with a good matrix showing what the various coverages are.
In general, unless you buy a refundable fare, you won't be able to get a refund on the flight portion of your trip. The amount travel insurance would cost though would be much cheaper than buying a refundable fare.