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Generally yes, travel insurance includes coverage for canceled flights, and the associated costs including run-on flights on the itinerary, and typically coverage is structured to that it is applied over set time period (rather than eg only covering you on a per-flight basis).
So in general, for the vast majority of travel insurance products out there, they cover flight cancellation in this way. So yes you probably would be covered. However it is essential that you read your policy wording when contracting any such insurance, to make sure that this is the case.