If you are a responsible person, you probably already have insurance policies on your home, possessions, health, and vehicle. People with dependents are also wise to carry life insurance. But there are a bunch of other weird or just unexpected things that can be insured, as well. Check out our list of crazy things people choose to cover, and read all the way to end to be sure you haven’t left any gaping holes in your family’s protection.
1. Weddings and Bar Mitzvahs
Everyone wants their big day to be just perfect, but in reality, something always goes wrong. There are a lot of moving parts to events like weddings and bar mitzvahs. Luckily, you can purchase special event insurance to cover things like damage to the dress or photographs. This coverage is especially useful if you serve alcohol at the event, as inebriation tends to cause damages. And finally, if you are forced to cancel the event at the last minute, a special event policy will at least partially cover the cost of lost deposits.
2. Fantasy Football
Fantasy football has become a very big business, with players wagering large sums of money on the performance of various players. To make the game just a bit less risky, a few insurance agencies now sell fantasy sports insurance. If one of your key players in injured, you will be eligible for reimbursement of your entry fee and associated fantasy expenses.
In some parts of the world, kidnapping is big business. If you are traveling abroad and worry about your safety, there are policies available to cover the costs associated with being nabbed, including the ransom. Big businesses often purchase this coverage for their key people; the richest among us are especially vulnerable and may carry the coverage as a precaution.
4. Prize for Capturing the Loch Ness Monster
This is not a policy you can buy, but you could be the beneficiary of a $2.4 million prize if you capture the legendary Loch Ness Monster. Underwriter Lloyds of London provided a policy in 1971 to whisky company Cutty Sark for this incentive to monster-hunters. The deal is that any monster said to come from Loch Ness must be at least 20 feet long and have its legitimacy verified by the Natural History Museum in London. Plus, Lloyds gets to keep the beast.
5. Damaged Body Part
Some people legitimately make money off their bodies, such as athletes, celebrities, and models. The irreparable injury or loss of a key body part would have serious financial consequences for these people, so they often insure specific parts of their bodies as protection.
6. Special Talent
Slightly different than insuring a particular body part that’s used in commercial activities, insurance on a special talent is often used by singers, athletes, or entertainers as a form of private workers compensation. This coverage protects them if they get hurt while on the job. Another similar type of insurance protects wealth earned from that special talent, so that there’s less incentive for anyone to file spurious lawsuits against the poor famous person.
We don’t often think about the value of the landscaping when purchasing a home, but if you had to buy all those plants at once, it would cost a ton. Some homeowner insurance policies will cover landscaping that is damaged in a fire, flood, or vandalism. If yours doesn’t, you can purchase additional coverage in the form of a rider that specifically covers your precious plants.
8. Multiple Births
Giving birth is insanely expensive in countries without socialized medicine, and the costs skyrocket if it is a multiple birth. If twins run in your family, you might consider purchasing a supplemental health insurance policy to help cover the cost if you are so blessed – but it’s a risk because you’ll need to purchase the coverage before even getting pregnant.
9. Alien Abduction
If you’ve got money to burn, why not protect yourself against the threat of alien abduction? The UFO Abduction Insurance Co. has offered $10 million in coverage to anyone who wants it since 1987, and says they have actually paid out before. Alien abduction is tough thing to prove though. Luckily the policy will only cost you a one-time fee of $20-25, depending on if you want digital or paper delivery.
10. Game and Event Prizes
In any game of chance or skill with various cash prizes, the organizers bet on the fact that the largest prizes will not be earned. Take a golf tournament for example. If you want to offer a cash prize for a hole-in-one, you will naturally be hoping that nobody gets one. But what if more than one person does? There are insurance policies to cover the cost of prize packages.
11. Death of a VIP
Many small businesses run on the back of one or two key people, the loss of whom would certainly tank the company. Insurance on the life of a key person can help the company rebound by covering costs until the business can replace a nearly irreplaceable person.
12. Technology Break-downs
If you’re smart, you already have a homeowners or renters insurance policy that will cover the cost of replacing possessions that are stolen or damaged in a disaster of some kind. But if your new computer, television, or wireless gadget simply malfunctions, you could take a major loss on the replacement. Various companies offer extended warranty coverage on your prized possessions.
For most people, losing their hair wouldn’t necessarily cause financial distress as long as they could cover the cost of a wig or other hairpiece. But some folks feel their locks are enough of a personal signature that they must be insured. For example, Australian cricket player Merv Hughes is rumored to have insured his mustache for $370,000. But that’s nothing compared to NFL player Troy Polamalu, who carries a $1 million policy on his trademark locks!
14. Vehicle Mods
Sometimes a car just isn’t perfect right off the lot. For example, people who love bumping huge sound in the car may want an aftermarket stereo and sound system. If you have invested a lot of money into your car’s extra features, it makes sense to protect yourself in the case of theft or damage. Many insurers who provide vehicle insurance have additional coverage that can be purchased to protect aftermarket upgrades.
15. Athletic Instructor Mishaps
If you make money helping people get in shape, you should consider liability insurance to protect you in the event that someone gets hurt trying to pretzel themselves in your yoga class, or drops a barbell on their neck during a personal training session. This kind of insurance also typically covers things like damage to the premises and even allegations of sexual abuse.
16. Gazebos and Garden Gnomes
Most homeowner policies cover the structure of your home and the listed possessions inside it. Buildings and assets that are not attached to or inside the home are usually not covered. So if you’ve dropped a bundle on a gorgeous garden with gazebo for your yard, look into additional protection under the heading of “other structures.”
17. Your Identity
Identity theft is a serious problem that can cause major financial distress and basically put your life on hold while it gets sorted out – which can take some time. Identity theft insurance will cover stolen funds so that you don’t lose your house while you untangle the mess that someone else made of your finances. The coverage may be part of your homeowners insurance or be sold as a standalone policy.
18. Cruise Vacation During Hurricane Season
This falls under the general category of vacation coverage, which can reimburse you for costs associated with cancelling your trip at the last minute or replacing clothing if your bags get lost. But it may be especially smart to purchase cruise insurance if you’re going somewhere known for tropical storms. And get it as soon as you book your trip – if a storm is already named and tracked, you can’t get coverage later when you discover it may impact your vacation.
19. Food Poisoning
Usually no one means to poison their guests, but if you’re hosting a dinner at your place, food-borne illness is a possibility. Most homeowner policies already have about $1,000 per guest built in to cover medical expenses for anyone who gets sick due to your cooking. But it’s worthwhile to check your coverage to make sure before throwing your next shindig.
20. Wars and Terrorism
Worrying about the effects of terrorism, war, or political violence on your family or business is not unreasonable, whether or not you live in or travel to a third-world nation, because terrorism happens everywhere. Some insurers offer coverage for things like sabotage, terrorist attacks, riots, and even cancellations based on terrorism-related events.
21. Lost Car Keys
Newer cars have fancier keys that can get quite pricy to replace. If you are the forgetful type, you may want to bump up your vehicle policy to a comprehensive plan that will cover the cost of replacing lost keys. However, you will still need to meet your deductible before the coverage kicks in, so think hard about how many times you’ve lost your keys in the past before deciding this one.
By now you’ve probably realized that you can buy insurance on just about anything that matters to you. Whether you need to cover your own liability for things like parties or events, or would suffer financially if you lost an item of any kind, there’s a policy for it. Sure, some coverage is a little obscure and hard to find, like that covering alien abduction, but trust us – it’s out there (unlike aliens).