Many have dealt with this inconvenience, which is why many credit card issuers offer lost baggage and baggage delay coverage insurance. (mybanktracker.com)
There's no annual fee and you'll get platinum travel benefits such as travel assistance and accident insurance as well as baggage delay coverage and collision / loss damage insurance on car rentals. (lowestrates.ca)
See the review of baggage coverage and baggage delay coverage for more details, and note the limitations on expensive items. (travelinsurancereview.net)