You can usually cancel without penalty within 24 hours of booking a flight. After that you're generally out of luck (aside from airlines like Southwest, where you can get a credit for the difference).
Oh...that's good to know....I think my husband mentioned that to me once when we booked a couple of trips during covid (then canceled). We were post 24 hours when we cancelled those trips, but with lenient and forgiving Covid airline policies....we just used the flights at credits for trips to Cabo and Costa Rica. One we had to use by the end of last year....and so we chose Costa Rica for the first time....amazing!
When we booked these Hawaii business class flights it was $400 more per person for fully refundable, and we jumped on that. I think it's a smart strategy for the airlines to offer this option. After covid, we won't book any hotel that has more than a 14 day cancellation period and always hope to book refundable flights. We'll definitely pay over $1,000...but not much more...for a refundable business class flights for two of us to South Africa. Then our Chase Sapphire Reserve offers a decent amount of travel insurance. For that trip I'm just going to add medical/health insurance only as the credit card matches all of the benefits that a separate travel insurance policies would cover.
.