trip insurance won't cover any cancellations either by you or the company due to an existing condition... like a pandemic that started before your trip. I looked into it when booking our trip to the Philippines this coming November.
When you compare the number of people infected to the number of people who have died from it, the annual US flu is WAY scarier. It just isn't as contagious. Of course, all this could be completely wrong and we are all screwed. Honestly, though, I'd rather be on a tropical remote island in the Philippines when the sh*t hits the fan than on my commute on the NYC subway. Big cities in the US are going to be a sh*t show when (not if, but when) this thing makes landfall.
Unless our president is correct in saying that they have this well under control, our borders are sealed from anyone coming infected with it, and it will go away in April when it warms up. I will, however, remain skeptical until VP Pence utters something intelligent on the topic (or any topic).