6 Unusual Insurance Policies You Might Want to Consider: Protecting Your Unique Needs
Insurance is an effective measure to protect you from insurable risks and to alleviate financial worries and therefore must be included in your financial plan. There are many regular and common insurance policies, such as car insurance, home insurance, and health insurance. These policies protect against common eventualities. There are also a number of unusual insurance policies covering nuts that not many people are aware of. These unusual insurance policies can be taken out for uncommon but still important events. In this article, we will discuss six insurance policies which are unusual but may make sense depending on your situations.
Pet Insurance
Since many people believe that their pets are part of their family these days, pet insurance is gaining significance according to recent reports. These insurance plans are intended to cover the costs veterinary costs for sudden accidents or common health conditions such as tick bites or skin allergies. In these times where veterinary costs are increasing, pet insurance can be very helpful and assist with financing. With the assistance of pet insurance, your pet will not have to interrupt medical care to avoid breaking your bank!
Wedding Insurance
One of the most important days of your life – your wedding – is awaiting you. You want it to go according to plan, but accidents can happen. Contingency plans are very useful to putting together a successful day. Wedding insurance offers peace of mind by paying for your expenses if something forces you to cancel your vows. The policy could cover a vendor cancellation, adverse weather condition or what we hope is an unlikely scenario – the sickness of either the bride or the groom. Insuring your wedding can help you minimise your stress on this very special day.
Cyber Insurance
With internet taking over the world today, it is a well known fact that cyber threat continues to get more dangerous as time passes. Cyber insurance covers the policyholder in the event of cyberattacks or other potential online risks which may result to a data breach or loss of data. It helps to defray expenses incurred in recovering data, legal fee and possible reputation management which may arise following a cyber incident. As the rate of cyber threat increases, it is becoming important that every business or individual get cyber insurance.
Alien Abduction Insurance
This is largely insurance for insurance’s sake, but it is symbolic of the increasingly creative realm of insurance coverage. Alien abduction insurance provides a payout for the insured or their beneficiaries if they are kidnapped by aliens. Again, there is virtually no chance of such an event taking place, but it gives some individuals the added peace of mind to know that it is included in their policy.
Hole-in-One Insurance
People who play golf and people who manage tournaments or special events can contact the agency for insurance to cover the cost of a prize if someone gets a hole-in-one on a particular hole. Simply put, the hole-in-one insurance is likely to be taken out by a sponsor or event organiser so as not to cost too much or risk money if a hole-in-one actually happens.
Body Part Insurance
It is also sometimes possible to buy cover for a particular named body part, such as a singer insuring his or her vocal cords, a dancer insuring his or her legs, or a chef insuring her taste-buds (what is the unlucky fate that will destroy a tasteless chef’s taste-buds?). This is a curious kind of insurance, but it shows that if something is needed, it is possible to find it somewhere.
Traditional, bread-and-butter insurance policies protect against most of the ordinary risks we face, and we should ensure we have a good package of financial protection. But it is always worth looking at quirky insurance policies to see what other methods of protecting things we like, need or care about are available. Whether insuring your pets (and that can be done), your wedding (yes, that would be possible), your computer against the perils of the internet (that is reasonably simple to do), or a part of your body (you really can do that), the options are varied. This does not mean that you should cut your nose off to spite your face; but at the same time, this group of policies offers some interesting and unusual answers to real-life needs. If you do decide to splurge on a policy for a neglected body part, check it carefully and buy only from insurers with a solid reputation for credibility and reliability. Discuss such matters with your insurance person so you can get the best advice and then the best cover.
