Unusual Types of Insurance: Insurance is designed to safeguard us against financial losses and most people carry at least some type of coverage. But there are some lesser known or often forgotten forms of coverage which provide greater financial protection for us than others.
From insuring your pet to protecting against potential lawsuits, these five unusual forms of insurance offer peace of mind and offer financial security in case of unexpected financial loss.
1) Pet insurance
Pet insurance is a form of health coverage available to your pet that can help cover unexpected vet bills when their animal becomes ill or injured, providing valuable peace of mind when these unexpected expenses arise. Plans typically provide comprehensive protection from both chronic illnesses as well as one-time illnesses for your beloved companion.
Some pet insurance plans also cover spaying/neutering, vaccinations and regular check-ups for your furry friend. Should they become sick or injured and require emergency care, pet insurance could save you from unexpected financial burdens.
2) Wedding insurance
Wedding insurance is an event insurance product designed to cover any number of unforeseen circumstances that might occur on your special day, from inclement weather or unexpected complications such as thunderstorms to accidental fires and theft. Wedding event coverage offers you financial security during such times. For outdoor weddings in particular, event insurance provides extra peace of mind against such potential disasters as thunderstorms.
Wedding insurance can provide financial relief in the event that an outdoor wedding needs to be relocated indoors due to bad weather, as well as damage caused by catering issues or any unforeseen incidents that arise on your big day.
3) Personal liability insurance
Liability insurance provides protection from financial loss if you are held legally responsible for an accident or injury caused by you, such as legal costs and medical bills. Liability protection can help shield you against this financial strain in case of legal ramifications arising out of an incident you caused.
Liability insurance can help cover the costs associated with an injury or damage caused by you to someone else, making it essential for those running businesses.
4) Identity theft insurance
Identity theft insurance (also referred to as data breach insurance) can provide the financial relief you need after being the victim of identity theft. With identity theft coverage you can recover financially after dealing with identity thieves.
Identity theft insurance can assist with costs related to cleaning up your credit report, applying for new credit cards and reopening utilities that were affected by identity theft. Identity theft coverage provides financial recovery if an identity theft incident happens to you.
5) Unoccupied property insurance
Unoccupied property insurance provides financial protection if an uninhabited property becomes damaged or destroyed, such as your vacation home or second home that remains empty for long periods. Unoccupied property coverage will provide added financial security in such instances.
Unoccupied property insurance provides protection if something like fire or storm damages your property when no one is there to immediately manage it. This differs from homeowner’s insurance, which covers damages to primary residences.
Also Refer:- All You Need To Know About Life Insurance
Conclusion
Insurance is an integral component of financial planning. It serves to safeguard you against unexpected events such as fires, floods, injuries and more that could wreak financial havoc on you and your assets. There are various forms of coverage available today that provide this protection – check with an agent about which options might best meet your needs!
As part of your insurance portfolio, consider including some less traditional policies to provide financial security against various circumstances and be an additional layer of protection alongside your other types of coverage.