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7 Insurance Policies That You Never Knew Existed

Personal_Finance / Insurance Oct 28, 2018 - 08:55 AM GMT

By: Dylan_Moran


Every good financial management strategy wouldn’t be complete without insurance. Life is full of uncertainties, after all, and good insurance plans can give you a sense of security and protection from unplanned situations that could easily put a dent to your finances.

You probably have a few insurance plans under your name to secure your biggest assets: your house, car and health. But did you know that there are other insurance policies that you probably don’t know about but might come handy in the future?

Flood Insurance

You see it on the news: extreme weather conditions such as floods are taking many places by surprise resulting in devastating losses for thousands of people. And with global warming making its presence felt, you can’t really be safe enough from the next flood to hit the country. While most insurance companies cover natural disasters like wind, hail and fire, not a lot of them will give you protection against a flood. Good thing, you can invest in a separate flood insurance policy if you want to secure your assets if this disaster strikes.

Heavy Equipment Insurance

If you’re running a business that involves managing a fleet, you might want to invest in truck, trailer and heavy equipment insurance to protect your business against huge losses in situations that may cause damage to property, damage to your load or the loss of your vehicle. Browse insurance options to find the right policies to secure your fleet.

Burial Insurance

The average cost of a funeral today is about $7000 and most life insurance policies don’t cover that expense. To protect your family from the difficulty of managing the costs of your burial, you can invest in burial insurance that will not only take care of funeral expenses but also ensure that you get the proper burial that you deserve.

Body Part Insurance

While a health insurance policy is enough for most people, others will go to greater lengths in protecting specific body parts, especially celebrities, artists and athletes who depend on them to make a living. For instance, football superstar Cristiano Ronaldo got his legs insured for 144 million dollars, Bruce Springsteen has his voice insured for 6 million by Lloyd’s of London and football player Troy Polamalu insured his famous locks for 1 million dollars for his Head and Shoulders shampoo endorsement.

Wedding Insurance

Your wedding is one of the most important days of your life and you’re putting a lot of money to make it as perfect as possible. But a lot of things can go wrong on or before the big day, especially on services that you hire from suppliers. To make sure that you don’t end up broke in case a supplier backs out or you don’t get the services that you paid for, a wedding insurance policy will surely give you that extra peace of mind.

Essential Employee Insurance

If you’re an entrepreneur, you know that losing a superstar employee can cause huge losses to your business. And if you want to protect your company in case a part of your team leaves or passes away, you can invest in a key person or keyman insurance policy. This will help you cover the cost of hiring and training a replacement and the potential financial losses to your company.

Dog Bite Insurance

More than 50% of all dog bites in the country happen on the property of the owners and is commonly caused by neglect like not putting a dog on a leash or cage. Now, if you’re a dog owner, you might want to consider investing in a dog bite insurance policy to protect your finances in case you get sued if your dog bites someone on your property. Some homeowners and renters policies may cover this incident, but having a more comprehensive plan that will cover all the extra costs of this incident.

The business of insurance policies is something that you should take seriously because it is one of the few tried and tested strategies out there to help you secure your finances during unplanned circumstances. And while you probably have a policy or two to cover basic assets, it’s very important to be open-minded about other plans that will fit your needs and lifestyle best.

By Dylan M.

© 2018 Copyright Dylan M. - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

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