6 weird insurance policies you could actually need

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6 weird insurance policies you could actually need

We all know we need homeowners insurance, auto insurance, and life insurance. Without these important policies, the financial risks in our lives would be too great.

Imagine getting in a car wreck and not having car insurance – or going without homeowners insurance only for your house to burn down. It’s easy to see how wrecked your finances would be in either of these scenarios. But, what if we told you it was possible to insure basically anything from a part of your body to an event you booked and paid for?

It’s a complex world, and the risks we take aren’t limited to our homes, cars and health. Here are some weird insurance policies you might actually need – even if you don’t know it yet.

1. Body part insurance

Do you rely on a certain part of your body for your job to the point where you couldn’t earn a living without it? While a lot of people buy disability insurance just in case they are injured and unable to work, you can also insure a specific body part – even for millions of dollars.

Celebrities do it all the time. Per MSN, Heidi Klum famously insured each of her legs for $2 million each, while Jennifer Lopez is said to have her amazing bum insured for $27 million. James Bond actor Daniel Craig apparently had his entire body insured for $9.5 million right before he performed his own dangerous stunts during filming.

2. Wedding insurance

According to an annual poll conducted by wedding experts at TheKnot.com, the average cost of a wedding surged to over $35,000 last year. This amount includes cake, party favors and gatherings, among other expenses, for the big day. And obviously, this is just the average since a lot of people spend quite a bit more.

With that in mind, did you know you could insure your wedding? Companies like WedSafe.com offer liability insurance and wedding cancellation insurance that could reimburse you for financial losses resulting from a “wedding mishap,” “vendor incident,” or cancellation.

If you’re worried your bride or groom might leave you at the altar – or that something else will go awry – looking into these policies could be a smart move.

3. Tiny house insurance

The tiny house movement offers individuals the ultimate way to break free from societal norms. Instead of buying a starter mansion and filling it with junk, you could build or buy a tiny house and set it up on its own little lot – or throw some wheels on the bottom and traverse the country in your tiny abode.

While these homes are becoming more popular than ever, the people who own them can’t escape from all the typical responsibilities of being a homeowner. Because these homes could suffer damage – especially if they’re mobile – owners need to buy special tiny home insurance that typically costs around $600 per year.

4. Voice insurance

If you use your voice to make a living, it’s reasonable to consider insuring your chatterbox. If you’re a singer, voiceover actor or podcast host, you couldn’t do your job without that voice, after all.

Mariah Carey famously insured her voice for $35 million dollars, but not before snatching up a matching policy for her legs, reports TMZ. Bruce Springsteen apparently did the same at one point, getting his voice covered by Lloyd’s of London for $6 million.

5. Bed bug insurance

Bed bugs have made a (gross) comeback in recent years, with 2015 data from the National Pest Management Association (NPMA) showing nearly all (99.6%) exterminators had treated the little blood suckers in a 12-month window. But if you thought your renters insurance and homeowners insurance would cover an attack, well, then, think again. Policies generally exclude vermin and pest damage. (You can go here to learn more about what renters insurance does and doesn't cover.)

Fortunately, there is bed bug insurance out there — and, if you live in a densely populated area, crowded apartment building or condominium or travel a lot (bed bugs are commonly picked up from hotels), it might be worth considering.

6. Pet insurance

If you live in the U.S., then you’re required to purchase health insurance or pay a fine. But what about your furry friends? Believe it or not, lots of pet owners by health insurance policies to cover their pets. Pet insurance works a lot like car insurance or health insurance. It reimburses you for expenses when something unexpected happens and you face big veterinarian bills.

If Fluffball or Hammy get sick and need important surgery, you would pay a pet insurance deductible and get your pet the care he or she needs without paying a price so hellacious you wish you had opted for a pet rock instead.

Image: Georgjevic