One thing to keep in mind for travel insurance in current times is the CDC/US State department highest level risk travel advisories. Traveling to those countries usually voids travel insurance coverage. Most cruises would probably avoid that but say, U.K. is still currently on the list. So are Canada and Greece.
https://travel.state.gov/content/tra...visories.html/
ETA: This is my understanding when I read my policy in Feb/March 2020 and called the provider to clarify. This may not be accurate according to a travel insurance broker
https://tripinsurancestore.com/blog/...ancel-my-trip/
I have done #3 when the primary risk factor was health insurance and I was willing to absorb any non-cancellable fees or booked close enough in that it didn't matter.