Insurance is about minimizing risk by protecting your assets. You can get a policy to protect whatever asset you find valuable, regardless of how strange it may be to other people. When you think of insurance policies, you probably think of protecting vehicles and homes or getting a basic life insurance policy. But you can get insurance for many surprising things. Here are a few examples.
Ghost Insurance: This is not a ghost policy, which is when a business tries to get out of paying workers’ comp coverage. There are some businesses that have legitimate ghost insurance to protect against the possibility of damages or injuries from spirits. One hotel owner reported ghost sightings on their property and decided to get a special death/disability policy to protect against the possible spirit. Do you think the workers at this hotel are comforted or troubled that their employer has this policy?
Insurance for Body Parts: Yep, you read that right. You can get a policy for a specific body part. Jennifer Lopez has her booty insured for over $25 million. America Ferrera has a policy on her teeth for $10 million. Keith Richards from the Rolling Stones insures his middle finger for about $2 million, and Rod Stewart has his voice covered for about $6 million. Although it may seem silly, for some celebrities, it makes sense. If Richards loses his finger, he can’t play guitar anymore, and if Stewart injures his vocal chords, there goes his career. Models, celebrities, artists, food critics, and hair stylists often insure critical parts of their body that directly impact their career.
Career Insurance: Speaking of careers, many celebrities and athletes take out policies if their entire career path is their only livelihood. For example, David Beckham has a large policy in place in the event of a career-ending injury. American comedy duo Abbott and Costello took out a policy for several years to protect themselves in case their partnership ended poorly. Career insurance policies can provide you with added confidence if you’re worried about a risky business opportunity.
Bed Bug Infestation Coverage: If you own a condominium property or apartment complex and someone brings in bedbugs, it can be very expensive to remediate properly. Homeowners’ or renters’ insurance doesn’t typically include issues such as bed bugs, and it’s not typically something you first consider a necessity.
Change of Heart Insurance: Getting married and worried about getting cold feet? Well, you can opt for a policy that covers some wedding costs if the bride or groom calls off the wedding. The only catch is that the actual bride or groom cannot collect on the policy, but an “innocent party financier” can. This means parents, family members, friends, or other parties involved in the financial preparations for a wedding could be protected. If you’re helping pay for a wedding and you have concerns, you may want to get a policy in place before it gets messy.
The right policy can provide peace of mind for a variety of situations. For information on policies for your specific needs, reach out to our knowledgeable agents.