If you're a responsible adult (and yes, it's time to admit that you are), you already know about mandatory insurance policies like car insurance and homeowners insurance. You might even know about other policies you can purchase like renter's insurance. But did you know that companies are now offering types of insurance coverage never before available? As silly as some of these might sound, they are offering benefits to the right people.
With premiums ranging from $13 to $50 per month for basic coverage, you can get insurance benefits for your dog. Most policies cover accidents, such as being hit by a car, and illnesses including genetic disorders like hip or elbow dysplasia. If your furry friend develops any chronic conditions you can quickly blow through your savings. Pet insurance works on a reimbursement basis. You'll pay for Fido's care up front, but your insurance policy will pay you back, minus your deductible, co-insurance, and any other applicable fees. If it helps you afford to keep your best friend healthy, it's worth it, right?
Fantasy Football Insurance
It isn't often you get the chance to hedge your bets in fantasy sports, but if you talk to your insurance agent before the beginning of the season you might be able to cover your losses. With most fantasy football insurance you pay a small premium to cover one or two of your key players. If they are injured during the season, flushing your chances of winning, you'll be reimbursed your league's entry fee. No, it's not a big payout, but it can help you cope with the frustration of realizing your season is over.
Kidnapping and Ransom Insurance
It is every parent's nightmare. Imagine for a moment getting a call or note explaining that if you do not pay some ridiculous amount of money you will never see your child again. It's been a popular theme in Hollywood, but it does also happen in real life. Thankfully, you can protect yourself from losing out in that situation. Ransom insurance policies are usually taken out in addition to life insurance policies. If you or someone you love is ransomed you can submit a claim and insurance will pay the demanded price.
This can be useful because people depraved enough to kidnap and ransom another human being are often not too savvy about reasonable demands. Asking for much more than you have to give them could lead to a tragic situation, but having ransom insurance will protect you from that outcome.
If you're planning your nuptials you might not want to think about any outcome other than happily ever after right now. Unfortunately, accidents, illnesses, injuries, cold feet, and bad weather can all put the breaks on your plans for your big day. If spending a lot of money to get married only to have to cancel at the last minute and lose all your deposits and have to start over doesn't sound like a good time, you might ask your insurance agent about a wedding rider. If tragedy strikes you can recoup some of your losses, which will take some of the sting out of the circumstances.
Insurance is becoming an important part of life these days. It can protect the things and people you love the most, make your favorite activities less financially risky, and protect your savings in case of disasters. No matter what you've got going on in your life right now, there's probably an insurance policy to make it less risky. Go ahead and talk to your agent. Which of these policies do you need?
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