Home, car and health insurance are three popular and essential types of insurance, but there’s more to life than those three things. As the world continues to change more specific types of insurance are becoming available. Some insurers are more than happy to insure almost anything, especially if the chance of them ever paying anything out is almost zero. These range from the absurd to the possibly useful.
The threat of terrorism has sadly become more real over the past two decades. This has led many business and property owners to take out terrorism insurance to cover their company in case of an attack. Understandably this is more common for businesses based in cities that are likely targets, such as London. Predicting terrorist attacks are incredibly hard though, so not all insurers cover this area.
After a meteor hit Chelyabinsk, Russia in 2013 taking out meteor and asteroid insurance might not seem like such a stupid idea. Astronomers, cosmologists and other scientists are able to observe and predict when and whereabouts a meteor is likely to hit earth, allowing insurers to calculate the cost. However, if a big asteroid were to hit earth it’s unlikely you or your insurance company will be left to pay out.
Specific Body Part Insurance
A footballer’s legs, a singer’s vocal chords and an actress’ smile; just three body parts that have been insured for millions by the rich and famous. If any were to seriously damage such areas it would be hard for them to work in their chosen profession (at least to the same standard). Useful if your job involves using a specific body part a lot.
Natural Disaster Insurance
For anyone living or working in an area prone to hurricanes, floods or other natural disasters then insuring against them is a great idea. Catlin Group Limited have a range of speciality insurance typeswhich can cover against everything from environmental to accident cases. Even if you don’t live in a high-risk area natural disasters can occur out of the blue.
Supernatural Attack Insurance
‘If you believe in it then you can be insured against it’ seems to be the rule. Probably the least useful type of insurance, only if you believe aliens exist and are getting ready to attack earth is it worth taking out. Even then, when they attack are they really going to leave your insurance company alone so they can pay out? It’s unlikely.