Points/mileage bookings are usually at least changeable (flights) if not refundable (hotels), as long you make the change within the required window (usually 24 hours in advance?). It would seem that the most you would be out is the change/cancellation fee on a flight and maybe one night in a hotel if it were a last minute emergency. At least that is the case with airlines and hotel points; are CC points more restrictive? I would think that this is a better question to ask the travel agency/CC than the insurance company, as I would imagine that would be the first question asked if you made a claim.

No experience in booking with CC points, so my comments are more out of curiosity than authority.