Insurance is a means to protect ourselves from financial loss in the event of an unforeseen incident. We are familiar with common types of insurance such as health, car, home, and life insurance. Specially in areas where certain natural disasters can occur more commonly, a strong insurance and a residential disaster restoration service to contact shortly after are an absolute must.
However, there are many lesser-known things that can be insured, which most people might not be aware of. In this article, we will take a look at six things you didn’t know you could insure.
Things You Didn’t Realize You Can Insure
Here are six less common things that you can cover with insurance. We talked to several insurance agents and these are the six things most people don’t realize they can insure according to Marcan Insurance, Berglund Insurance, and Abrams Insurance Solutions.
Weddings are special and memorable events, but they can also be costly. Wedding insurance is a type of insurance product that provides coverage for unexpected incidents that may occur before or during the wedding, such as a vendor going out of business or extreme weather conditions. The policy can also provide coverage for cancellation or postponement of the wedding due to unforeseen circumstances.
- Body Parts
Celebrities and professional athletes are known to insure their body parts, but did you know that anyone can do the same? Body parts such as hands, legs, and vocal cords can be insured in case of injury or loss of use. For example, a musician can insure their hands, a dancer can insure their legs, and a singer can insure their vocal cords. In the case of an injury, the policy will provide financial compensation to cover the loss of income due to the inability to perform their profession.
- Lottery Winnings
Winning the lottery is a dream for many, but it can also be a nightmare if not managed properly. Lottery insurance is a type of insurance that provides coverage for lottery winners who choose to receive their winnings in annual payments instead of a lump sum. The policy will provide a guaranteed income stream for the duration of the annuity period, ensuring that the winner will receive the full amount of their winnings over time.
Many pet owners consider their pets to be a part of their family. Pet insurance is a type of insurance that provides coverage for the medical expenses of pets in case of illness or injury. The policy can cover the cost of veterinary visits, medication, surgeries, and other medical expenses. In addition, some policies also provide coverage for liability in case the pet causes harm to someone or damages personal property.
- Wine Collections
Wine enthusiasts know the value of a good wine collection, which can take years to curate and acquire. Wine collection insurance is a type of insurance that provides coverage for the loss or damage of a wine collection due to theft, natural disasters, or other unforeseen incidents. The policy can cover the cost of replacing or repairing the wine collection, ensuring that the wine collector does not suffer a financial loss.
A hole-in-one is a rare and exciting feat in golf, but it can also be costly. Hole-in-one insurance is a type of insurance that provides coverage for the cost of prizes offered by the golfer or the golf course in case of a hole-in-one. The policy will provide financial compensation to cover the cost of the prize, ensuring that the golfer or the golf course does not suffer a financial loss during an event.
In conclusion, there are many things that can be insured, some of which may seem unusual. While these insurance policies may not be necessary for everyone, they can provide peace of mind for those who have a special attachment to these items or who are at risk of financial loss due to unforeseen circumstances. As always, it is important to research and understand the terms and conditions of the insurance policy and insurance company before making a decision.