It is not like travel insurance at all @Erin205 . All Extenuating Circumstances does is allow you to cancel penalty-free for your Airbnb stay if you qualify under the outlined conditions and follow the steps to be refunded for your stay. This policy applies to both hosts and guests. The amount you paid for your Airbnb accommodations is all you'll get back if you qualify.
https://www.airbnb.com/help/article/1320/what-if-i-need-to-cancel-because-of-an-emergency-or-unavoid...
If you want a refund for things that Airbnb cannot control - like your flight or car rental - you need travel insurance for those things.
And yes, there are PLENTY of things that might occur that will not qualify you to be refunded your accommodation fees.