What Are Some Useful & Unusual Insurance Policies?

You can insure just about anything these days. Insurance goes far beyond car insurance and health insurance. Here are some different policies that you might find helpful in particular situations.

Insurance policies

Pet Insurance

If you are the type of person that would do anything for their pet, insurance might be a good deal for you. Critics of pet insurance argue that most people who take out a policy will pay much more in premiums than they receive in benefits. This is true but it is also something that is true for all insurance. If all insurance policies paid out more than they received in premiums, there would be no insurance companies, they would all go out of business.

Getting pet insurance protects you in case of a major medical bill with your animal. What would happen, for example,  if your dog ate a bunch of socks and developed a bowl obstruction. This is a life threatening condition that would require an emergency surgery to the tune of $2000 to $3000. Could you afford to pay that kind of cost out of pocket? If not, pet insurance might be a good deal for you. With an average annual premium anywhere from three hundred dollars to seven hundred dollars, you decide.

Travel Insurance

Travel insurance can set you at ease with any travel concerns that you might have. It solves a lot of the what if problems. What if you get sick, what if you lose your luggage, etc, etc.

For example, what would happen if you get sick before your trip and were unable to go. Travel insurance would reimburse you for the cost of the trip. In addition, depending on the exact coverage you get, travel insurance may pay for medical care if you get sick while traveling abroad.

Expect to pay about 5 to 10 percent of the cost of your vacation for travel insurance. Is it worth it? That will depend on a lot of factors. If you are relatively healthy and you think that the odds of missing your trip are near zil, it might not be. Additionally, if the cost of the vacation is minimal, the cost of insurance may not be worth it to you.

Whether or not to take the insurance will depend on how much risk you are willing to take on. Most likely, you will not need it but you just never know.

Wedding Insurance

Wedding insurance will cover things that are outside of the control of the bride and groom. Don’t think for a second that it will cover cancellation if somebody chickens out. That being said, for the cost of three hundred to five hundred dollars, it is probably worth it to have and many venues may require that you get it.

So, what exactly does it cover? It covers damage to the venue, cancellations due to bad weather and also vender problems among other things.

You only have one chance to have a good wedding (usually) so it is probably a great idea to get wedding insurance, especially with the relatively low cost to obtain it.

Cruise Insurance

Pretty much the same thing as travel insurance but it applies only to the cruise itself. This means that things like airfare and other travel costs to the port may not be covered.

Just like with travel insurance, the need for cruise insurance depends on your willingness to accept risk. I myself became ill days before a cruise and required hospitalization. The insurance paid me back for the price of the cruise. In my opinion, for the money, this insurance is well worth the cost.

Renters Insurance

Renters insurance is mainly used to cover the cost of your items if they are damaged by fire or stolen. It will also provide you with liability protection if someone were hurt on a property that you occupy. This is often covered by the landlords policy but not always. In addition, if your rental property were to become uninhabitable, it may cover your temporary living expenses.

As for the cost, expect to pay an annual premium of around $200. This would give you about 40K in property protection.

Body Part Insurance

Body part insurance will insure a specific part of the body. It is a real thing and is often used by celebrities and athletes who may be known for a certain body part or whose career is based on a single body part. A football kicker, for example might insure their leg while a singer might insure their voice box.

Cost wise, this is a very particular kind of insurance and each policy would be written individually. Nothing cookie cutter here. Is it worth it to get one of these policies? If it were, you would already know it and already have it.

Kidnapping Insurance

If you fear being kidnapped, you could always get kidnappers insurance that would reimburse you for any ransom money that you had to spend to be freed. This is a real thing and is actually quite valuable. The main clients for this type of insurance are large corporations with well known employees that are in the public eye. Once again, if you need this policy, you will already know it.

Leave a Reply

Your email address will not be published. Required fields are marked *