My son lives in Australia and he and some work mates booked two weeks of skiing in Japan that was set for a couple of from now. They were flying through Hong Kong on the way back.I belelieve they made the booking the third week in January, and they did by travel insurance.
So then all hell breaks lose, and they decide not to go. The airlines involved (as of last week anyway) said they couldn't help them beyond the usual fee to reschedule. They had rented an AirBnB and again, as of last week, AirBnB and the host both just said sorry... not our problem.
As a result, they filed a claim with the insurance company. And, you guessed it, the insurance declined coverage since the COVID-19 had already been named an "epidemic" or something at the time the flights were booked. My lad believes it was only named that in China at the time. Regardless, the insurance won't cover it as the epidemic was essentially a pre-existing condition.
The only upside is that two of the other three are his partners in their business. The reason they cancelled the trip is because they figured if they all got sick, the company would be screwed. As a result, they intend to have the company partially reimburse them.
Anyway, my point in all of this is that insurance is great, but make sure you're policy covers this specific situation. A pandemic isn't like a "business as usual flu". And as we all know, insurance companies exist to make their shareholders wealthy, not to pay out claims that can reasonably find a way to dodge.