Momx4, I'm in the UK so what I say may not go over the pond. And I'll let my friends correct me from your side.
My experience is that insurance will cover me for cruise cancellation, lost luggage, missed flight, lost personal stuff like video cameras, gold watch, rings etc lost while on vacation,,,and for us heath care whilst in a foreign countries, like the USA or the Carib or Asia. In other words somewhere outwith my usual health cover
Its a balancing act, if health is your concern. look at your health policy and what it covers re travel. Look at your personal insurance and what it covers re valuables, does it cover outwith the home or even country???
Then compare it to the insurance being offered, what it covers outwith those areas you are already covered for or not.
And then decide if you are going to take "the risk" of not buying it or buying it. There is no correct answer to this one. With insurance it comes comes down what is being offered and do you already have it covered?