Insurance—From the Traditional to the Weird

Wed, Aug 28, 2013

General Legal Issues

Some rights reserved by MowTThere are many types of insurance. We know a lot about some of them. For example, home insurance is for your home. Rental insurance is for the contents of the space you rent. Car insurance is for your car. Life insurance is for your life–or actually, it is money for your heirs when you die. Disability insurance is one that many discount, but could be important if you get a debilitating injury or disease and cannot work. Health insurance is in the news a lot now with Obamacare set to begin next year.

We know all about the ones listed above. They are part of our everyday lives—we see them advertised on TV, we are offered them at work, our parents tell us about them, etc.…  However, there are many types of insurance you do not even know about.

Let us start with umbrella coverage. No, this is not something to do with actual umbrellas. We are talking about an overall insurance that helps you with unexpected and costly incidents that require extra liability coverage. If you have major assets or many liability-related events, it is something your insurance agent might have mentioned. Nevertheless, it is something that many others should consider. It helps protect you by providing monetary support for liability claims and kicks in once other relevant policies are exhausted. A large car wreck, party disaster, pet accident, or similar might make an umbrella policy kick in. Some polices also cover other types of legal events like lawsuits. This article is very helpful in explaining more about the situations an umbrella policy would be appropriate for. Traditional insurance companies often sell umbrella policies.

Then there is pet insurance. This is becoming a very popular insurance coverage with the boom in pet ownership. It is health insurance for your dog and works in a similar fashion to your own health insurance. There are pre-existing conditions to consider, chronic conditions, etc. This article on Fox News talks about what to look out for when considering this controversial insurance.

Body part insurance. Yes, you can insure that beautiful body part and it is something that models do all the time. If you are a hand model and that is how you make your livelihood, then you probably better consider insuring that hand of yours. Lloyd’s of London is the primary source for this type of insurance. Fox News has a fun article called Who writes body part insurance, and can normal people get it, too?” There you can find out how much some famous people’s body parts are worth.

Wedding insurance was out in left field for us—but it is true, you can insure your wedding! Probably not surprising when weddings have become increasingly extravagant. The more vendors involved, the more likely something might happen. You can find this type of policy with traditional insurers or special companies primarily devoted to wedding insurance. Coverage varies, but can include cancellation, lost deposits, and some types of liabilities for the event. This article on Fox Business discusses the ins and outs of wedding insurance in an effort to help consumers decide if wedding insurance is worthwhile.

Travel insurance is not well known by everyone. We recently discussed it on the blog. It can help you with unexpected cancellations or illness depending on the policy you purchase.

Attorney Christopher D. Smith is a Lakewood Ranch, Florida attorney with SmithLaw Attorneys. He concentrates in bankruptcy, civil litigation, probate, and elder exploitation cases in the Sarasota and Bradenton area. Call 941 907-4774 to learn more and to ask about our free consultations.

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