January 23rd, 2012
For most people insurance is a natural inclination, a desire to protect that in which you have already invested. And since there are almost limitless possibilities to the number of things we can buy, there are almost as many items we can insure. On one end of the spectrum are extraordinary (or irrational) policies like UFO insurance, while on the other there are more mature and pragmatic belongings and events to protect and protect against. We highlight many of those below.
Wedding insurance. It’s your big day; you’ve spent a lot of psychic energy and time planning the special event -- not to mention all the money. There are generally two strands of wedding insurance: Cancellation/Postponement and Liability. The first protects your investment in case the wedding is called off or delayed. Liability protects against financial responsibility for guests who get injured while celebrating (read: drinking).
Travel Insurance. What’s not to love about Paris in the Spring? Needing an emergency root canal in Paris in the Spring. Travel insurance can insure against medical and dental expenses, legal costs, trip cancellations and delays caused by weather. There are also optional/additional aspects of travel insurance that include coverage for higher-risk situations like pre-existing medical conditions, kidnap and ransom -- and even specific policies for winter sports enthusiasts.
Jet Ski insurance is similar to wedding insurance in that it provides protection for the item itself, you the owner, plus anyone else who might use your watercraft. If you’re someone who spends a lot of time on a jet ski and hosts a lot of people on your craft -- Jet Ski insurance may be smart for you, as it protects against such incidents as theft, vandalism, collision, bodily images (to you and/or others), med pay and towing.
Jewelry insurance is included in most homeowner and renter’s insurance policies, but only up to certain limit -- and that limit is usually around $2,000. So if you have a lot of valuable jewelry that you want to protect, jewelry insurance might be a good idea; it will also cover the pieces if you misplace them or if they get harmed in some way. Note that it’s also imperative to have the items appraised by a professional, rather than relying purely on personal estimates, especially when emotions are involved. Your grandfather’s heirloom bracelet might be your most prized possession (and understandably so) but you want to make sure it has value outside your memories, as you wouldn’t want to spend money every month insuring something that the insurance carrier can’t -- or won’t -- replace.
Pet health insurance. Falling in love with a pet can be a magical experience, lifting one’s feet off the ground for days at a time. Unfortunately, we’re often brought back down to earth when we receive the first bill from the veterinarian. Pet health insurance is the best way to mitigate against such costs, basically spreading them out across 12 monthly premium payments -- instead of getting stuck a huge bill whenever you need to go to the vet.
RV insurance is suggested for almost everyone who owns one, and most people who rent one. Since the RV is both a home and a vehicle, the insurance industry treats it as such. RV coverage is a blend that protects against collision, weather, vandals, liability and the belongings inside -- so you understand why it’s so attractive to those who drive such automobiles. It can be an add-on to an existing car insurance policy, or purchased separately.