Is it worth it?
Depends on the likelihood of cancelling, only you can answer that.
Can you cancel for any reason? Yes!
Anyone use it? Yes, in the past few years we have exchanged several weeks with the intention of bringing extended family and friends. We have been burned by people who don't truly understand how ts works, and cancel last minute thinking it's no big deal for us. I have learned so much in this last year alone- mostly not to take it personally. We still invite others and reserve multiple units, but also purchase insurance on the additional units.
I have also found the insurance useful when my oldest transferred to a different college, thus changing his spring break dates. I was aware of this possibility when booking the week.
Jana