Weird Types Of Insurance For The Unexpected And The Unimagined
You’ve got the car covered. The house covered. Your health covered. And your life (well…not to be a downer, but actually the end of it…) covered. But all circumstances don’t always conveniently fall under the umbrella of auto, home, health, and life insurance. Having the right insurance is all about assurance, knowing that you’re prepared to deal with the unexpected and the unimagined. Here’s a look at some little-known types of insurance for uncommon — some would even say weird — situations.
1. Change of Heart Insurance (also known as Cold Feet Insurance)
“‘Til death do us part” sounds good, but maybe you’ve come to the conclusion it’s better to part now rather than later. Change of heart insurance covers wedding costs (the average cost is $26,645), including the price tag for the caterers, venue rental, floral arrangements — even the wedding dress itself. But if you’re planning to leave your betrothed standing at the alter, you won’t be able to cash in on your policy; this insurance doesn’t cover getting stood up at the last minute. For the insurance to cover your costs, the wedding must be canceled a full year in advance, and only the bride or groom’s parents get financially reimbursed.
2. Multiple Birth Insurance
You’re expecting a bundle (literally!) of joy: twins, triplets, quadruplets…let’s stop counting there. A multiple — or twin — birth insurance policy requires you to buy your premium at the time of pregnancy. If you welcome twins or more, the policy pays out cash accordingly to compensate for the additional costs of additional babies.
3. Bed Bug Insurance
It might really, um, bug you to learn that your current renters or homeowners policy, while comprehensive, doesn’t cover the cost of dealing with bed bugs. Exterminating these most unwelcome houseguests can cost up to $1,000, not counting the cost of replacing a mattress and box spring, which can set you back hundreds of dollars. You can add bed bug insurance to your current policy; if you travel frequently, think about adding travel coverage to your rider, as most bed bugs are picked up outside the home.
4. Chicken Insurance
This isn’t life insurance – it’s livestock insurance. Some private companies offer livestock insurance for those animal lovers who eschew a cat, dog, or parakeet and opt, instead, for chickens, cows, pigs, ducks, mice, or other farm-type animals kept in a residential setting.
5. Body Part Insurance
If you’re making a substantial living off of a particular body part — think hand models or singers whose vocal chords hit the right note when it comes to lucrative earnings — it might be worth checking into body part insurance. Athletes, entertainers, and models typically insure the assets that make them rich and famous, as their careers would most likely come to a screeching halt without them. Supermodel Heidi Klum covered her legs with an insurance policy worth more than $2.2 million. Bruce Springsteen insured his voice for $6 million. And former NFL player Troy Polamalu once insured his Samson-length locks for more than $1 million after he signed an endorsement deal with Head & Shoulders shampoo. But if you’re not reliant on a single body part to catapult you into a high income bracket, your average long-term disability policy should suffice.