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Category: Life Insurance Blog

10 Strange Insurance Policies that Actually Exist

November 4, 2015

Insurance is meant to protect the things that are most valuable in a person’s life: car, home, health, life, etc. But sometimes people want to protect the strangest things or they feel compelled to protect themselves against the most unlikely of situations. That’s why insurance exists for just about everything. From aliens to body parts, there’s insurance for that. Take a look at the 10 strangest forms of insurance. You’ll be surprised that these policies ever existed.

10. Waterbed Liability

Owning a waterbed can be an expensive proposition. The owner will have to pay a huge sum if their waterbed bursts, causing all sorts of water damage to their home or apartment. Talk about a mess! Waterbed liability will usually insure the property for up to $300,000. So the question is, how much do you love your waterbed?

9. Artificial Limbs and Eye Insurance

Now this is an insurance you hope you’ll never need. Anyone who has been injured in a serious accident or lost a limb or an eye, will most likely want to get artificial limb insurance. Artificial limbs range in price with cosmetic limbs being the cheapest and fully functional, robotic limbs being the most expensive. Someone might choose to insure their artificial limb for anywhere from $20,000 to $100,000. This can also include the cost of physical therapy.

8. Collectors Insurance

Many people spend years, if not decades, collecting various items. This can be anything from vintage beer cans to porcelain dolls. In some cases, their collections can be a major asset – in others, a major dud. Nevertheless, you can insure most anything, from your collection of rocks to your collection of baseball cards. This insurance protects against inflation, theft and any number of natural disasters. It can also automatically cover new additions to a collection. This seems like a no-brainer for a mint-condition baseball card collection, but others have insured their collection of buttons and even their collection of beer cans.

7. Slander Insurance

Turns out there is an insurance that protects against not keeping your mouth shut.
With nasty things all over the Internet and social media, slander is happening more and more frequently. If accused of slander, an individual or a business could be held up in a lengthy, expensive lawsuit for years to come. Slander insurance protects an individual’s or a corporation’s assets in case they are accused of slander. Blogger Crystal Cox had to pay upwards of 2.5 million during a defamation lawsuit. Let’s hope she had insurance.

6. Alien Abduction

The chances of an alien abduction or a UFO crash might seem extremely unlikely, if not impossible. But in rural areas, crazy things tend to happen. Some companies offer alien abduction insurance with prices usually going for $150 in premiums for every 1.5 million in coverage. However, in order for someone to receive their benefits they’ll need to show some proof.

5. Zombie Apocalypse

Many people are still convinced that a zombie apocalypse could happen any day now. Several insurance companies have tapped into this unusual market and started selling zombie insurance. Policies have gone for $100,000 for a home, $500,000 for life, and $30,00 for a car. Maybe it’s time to turn off the Netflix marathon of The Walking Dead.

4. Body Parts

Many people in show business feel compelled to protect their biggest asset – a part of their body. If you’re a dancer, you might insure your legs. If you’re a porn star, well, you get it. Julia Roberts’ smile is reportedly covered for up to $30 million and Keith Richards reportedly insured his finger $1.6 million dollars in case he ceases being able to play the guitar. His insurance company probably thought he’d cancel that policy decades ago.

3. Contest Insurance

Against all odds, some people manage to win the strangest of contests. If a company puts on a contest, they need to be prepared to shell out a prize or two. It may be extremely unlikely, but that’s where contest insurance comes in. The amount of the policy will depend on the amount of the prize. If someone advertises the chance to win a new TV, their policy would probably be worth $5,000. A new car would need a policy of $30,000 or more. So, just when you thought “Who Wants to Be a Millionaire” was just generous, turns out the insurance company is actually shelling out the prize.

2. Employee Insurance

Sometimes a business’s greatest asset is its people. If something happens to the CEO or the employee of the year, that business needs to be insured. Employee insurance offers coverage based on the expected loss in profits and potential setback if that employee is missing, deceased or seriously injured. Policies can range from $100,000 to upwards of 10 million. While there is a real need for this type of policy, it can be quite strange when you think about it. Imagine going to work everyday knowing that you’re literally worth millions of dollars.

1. Insuring Your Senses

Yes, you can insure your sense of smell and your sense of taste. A professional chef needs to be able to taste his food. A musician needs to hear his or her music. Winemaker Ilja Gort insured his nose for $8 million. That’s one important schnoz.

 

Request a Life Insurance Quote Today

While there are many strange life insurance policies that are available, one insurance policy that isn’t so strange is life insurance. Life insurance can help you secure the livelihood of your loved ones in the event of your passing. Get started with securing a policy today by requesting a life insurance quote online here.