If you have a TA, does he or she know anything on the subject? The reason I say this is we booked a cruise in 2020 that of course never sailed. (We actually cancelled it before Princess did.) We had a refundable deposit and paid for insurance. Our TA mentioned that for NY residents even the insurance was refundable if we cancelled.
When we cancelled and got back our insurance, even the guy (I forget his name from InsureMyTrip) did not know about this ruling from the NY State Insurance Commision). I wondered if any other state did this, and he said he would try to find out. He later posted that none of the states insurance commisions would really answer him. I late by e-mail asked my TA, and he said this only applied to NY state.
So, really there is nothing to buy. NY has ruled that if you cancel, there was really nothing at risk, so they have insured nothing and must refund the insurance.