Most people know a thing or two about auto insurance, home insurance, health insurance, and life insurance. It makes sense, as these are common policies that tens of millions of people pay for, month after month. But while these may be the most common types of insurance, there are others that offer very targeted coverage that you should be aware of. Just because a policy is obscure doesn’t mean that you should avoid it.
Consider the 5 types of insurance listed below:
1. Wedding Insurance
There is no denying that weddings are expensive. In fact, the average wedding costs more than $20k. But what happens if you spend all that money and nothing happens? What if the groom decides he doesn’t want to get married? What if bad weather throws a wrench into your plans? These unforeseen situations are where wedding insurance can really come into play.
Believe it or not, wedding insurance only costs between $200 and $500, depending on the amount needed and the disasters that are covered. If you’re already spending thousands upon thousands of dollars on your big deal, why not buy a policy that will protect you financially?
2. Fantasy Sports Insurance
Every year, millions of people get involved with a fantasy sports league. And every year, many people lose because one or more of their players is injured in real life. If your star pitcher tears up his shoulder and is out for the season, your chance of winning just went down the drain. As crazy as it sounds, with fantasy sports insurance, should something like this happen your entrance fee will be refunded.
3. Key Person Insurance
Every company has at least one “key person” who is essential to the overall well being of their organization. Most of the time this is the Chief Executive Officer. So what would happen if this person was injured or suddenly died? With a key person insurance policy in place, the company would receive a payout. While this is certainly no consolation, it is better to have the money than to be stuck and searching for a quick replacement.
4. Kidnap and Ransom Insurance
This is nothing fun to think about, but as of late kidnap and ransom insurance policies have become popular. This is due, in large part, to increased terrorism. Many big companies and wealthy families buy this type of protection. It is very common amongst companies and individuals who do business in high risk areas (where kidnapping is common), such as the Middle East.
5. Art Insurance
Do you have a lot of expensive art in your home? If so, your homeowner’s policy may not cover the entire value, if anything at all. It is better to pay a small monthly premium than to hope that your art is never damaged or stolen. No, a piece of art can never be replaced. That being said, you can be compensated for the value, should it be stolen.
Insurance policies can be had for a myriad of situations and scenarios. Some of these insurance policies may seem completely unnecessary, while others may be a perfect fit for your needs and lifestyle. However, the more you learn about these types of insurance policies, the better prepared you’ll be when and if disaster – in all its different forms – ever strikes.
Do you own any of these types of insurance policies? Do you have a policy even more obscure than these? Sound off in the comments and let us know whether you think these insurance plans are worthwhile or not.
(photo credit: Shelley Panzarella)