Most of us understand the importance of taking out insurance to protect our belongings, and to protect our income and that of our dependants. However, there are also a variety of, sometimes weird and wonderful, eventualities that we can also protect ourselves against.
If you rely on a certain part of your body to earn a living then you will be pleased to hear that you can take out an insurance policy to cover it. Perhaps you are a photographic model, a pianist, or a professional golfer. All of these individuals rely heavily on certain parts of their anatomy to perform well in their chosen line of work, and specialty insurance is available to ensure that if the worst were to happen then they would be financially compensated. Death and dismemberment policies are available via a number of insurance providers, although most only payout if a specified body part is lost, and not just damaged.
Similar to taking out insurance for certain parts of your body is insurance for losing your voice. This type of policy pays you an income until your voice is restored, and covers straining or injuring your vocal cords, developing a mucosal disorder that prevents you from singing, or developing vocal cysts.
Anyone planning a wedding knows that it can be a very stressful time as things can, and do, go wrong. A special event policy is available that offers financial protection for weddings, and similar events. This type of policy pays out for accidents that may occur during the wedding, damages caused to the wedding venue, and cancellation costs. You can also take out cover for the wedding dress, the cake, photographs etc.
If you are a keen gardener you may have spent a significant amount of money on plants and landscaping. Many homeowners’ insurance policies do not include cover for the plants in your garden so if you have invested in more exotic, and expensive plants, shrubs, and trees it might be wise to take out additional cover. This type of policy commonly pays out for damage incurred to plants by snow and hail, and other forces of nature.
Businesses and other organisations have the option of purchasing a kidnap, ransom and extortion policy to protect key members of their staff whilst travelling overseas. The policy will pay the ransom and any other expenses incurred due to the incident. This type of cover is also sometimes taken out by very wealthy individuals who may be vulnerable to kidnapping.
Identity theft is increasingly becoming a serious problem. If someone steals your identity they can take out a loan in your name, use your credit cards, and steal money from your bank account. Identity theft insurance will reimburse any stolen funds and can be purchased as either a standalone policy, or in some cases is offered as part of a homeowner’s insurance policy.
If you run a business you may find that this business is dependent upon one key person to keep the business up and running successfully. If this person dies, or becomes too ill to work this can lead to financial uncertainty, and may even threaten the entire running of the organisation. Key person insurance is available to offer financial protection during this time, and may be used, for example, to secure and train a suitable replacement.
Many people are surprised to find that cover for your car stereo system is not routinely included as part of your car insurance. However, the good news is that cover is available to protect your car stereo against loss or damage. This cover may be offered to you as an additional extra by your motor vehicle insurance provider, or may be bought as a standalone policy.
If you are planning a dinner, barbeque, or other event where you intend to cook then you may want to take out insurance against food poisoning. Some homeowner’s policies offer protection of up to $1000 per guest to cover medical expenses, but it pays to check the small print first if you are hosting a big event.
Acts of terrorism and political violence can be a concern if you live in, or plan to visit, certain parts of the world. War and terrorism insurance is available and reimburses you for costs associated with terrorist attacks, sabotage, riots, and terrorism-related event cancellations.
Finally, and perhaps most obscurely, you can also take out insurance against alien abduction! The UFO Abduction Insurance Co offers policies to anyone, regardless of any pre-existing medical conditions, who is concerned at the prospect of being abducted by extraterrestrial visitors. The policy provides $10 million in coverage in the event that you are subject to alien abduction.
Whatever eventuality you wish to protect yourself against you may very well be successful in finding an insurer who is willing to provide cover. Not all insurance policies are alike, and the general rule of thumb is that someone, somewhere is likely to insure you; you just need to look hard enough!