Is it insurable?
Your first experience with insurance was probably around the time you got your drivers’ license and needed to insure your car. Since then you’ve probably come to realize that just about everything in life can be insured. Here are 10 examples of some of the craziest things you might want to insure.
1 – A body part
Like many athletes, F1 driver Fernando Alonso decided to insure part of his body: his thumbs, for 13 million US dollars. You might find that funny, but who can blame him? Without the use of his thumbs, his career would be over. In the end, it’s the same concept as traditional disability insurance, the kind that keeps you out of trouble if an accident prevents you from working!
2 – An alien invasion
Yes, you read it right: aliens. A British insurer has sold more than 30,000 policies promising holders that they’ll be protected in case of an alien abduction or invasion. We’re guessing the claim form isn’t easy to fill out…
3 – Credit card payments
Let’s come back down to Earth with a more prosaic insurance type. If an accident or job loss prevents you from paying your credit card, stress can climb fast as interest starts to build up. You can avoid this type of situation with a credit card payment protection plan. Depending on your situation, your minimum payment or even the full balance of your card could be covered.
4 – Weddings
A wedding is a major life event, but it’s also a big investment. Many insurance companies offer policies that protect you against theft during the ceremony, unexpected events and in some cases, it could even cover you for financial losses incurred if your partner gets cold feet!
5 – A stroke of luck
Some foundations hold an interesting challenge during their golf tournaments: if a player gets a hole in one, they win a million dollars. Obviously, the chances of this happening are low, but if it does, the foundation needs to pay out. Not ideal when the goal is to raise funds, not to disburse them. There are therefore insurance companies specialised in this type of event, which allows event organizers to breath easy when a champion-in-training hits a killer shot…
6 – A mortgage
A bit like with credit cards, things could get ugly if you realize that a situation out of your control is preventing you from making your mortgage payments. If you want to avoid putting your home on ice, mortgage insurance (life, disability, health) might be worthwhile.
7 – An infestation
For such tiny little creatures, bedbugs have a real talent for turning your life upside down. For anyone who lives in fear of an infestation (or for hotel owners), companies sell insurance to protect you against these insects, that covers all costs related to eliminating the infestation and replacing any contaminated furniture. It doesn’t make the infestation any more fun, but at least financial stress is out of the equation.
8 – Landscapes
This type of insurance might seem strange, but think about how you would feel if you opened up a café beside a huge, magnificent, hundred-year-old tree that tourists go out of their way to see, and one morning… it’s blown down by the wind. And, it’s possible to be insured against the collateral damage you’d incur if the tree in question was damaged!
9 – Your house (and everything in it)
There are lots of reasons you might want to get home insurance. If you’re an owner, it’s simple: you’ll want to avoid thousands of dollars in bills in case of fire or water damage. But if you’re a renter? That’s important too, because if negligence on your part causes a problem, you can end up with a preposterously huge bill. Even if you had nothing to do with it, you’ll still need to replace your damaged goods.
10 – Twins
Having a baby is expensive. And even more so when two show up at the same time! That’s why one British company (again!) offers insurance to parents who are worried about multiple births. The policy obviously needs to be taken out before the eleventh week of pregnancy, which is when it’s possible to confirm the number of occupants in mom’s stomach. Obviously, the higher your risk of multiples is (family history, maternal age, etc.) the higher your premiums will be.
Edited on 22 December 2017