You must be pleased with yourself for not being one of those YOLO people who don’t care about having an extra cushion to fall on to– in case of an emergency or an untimely event. Most people are aware of the advantages of having policies like home insurance, auto insurance, health insurance, renter’s insurance, etc. But there is a tiny percent of people who need a wake-up call.
The purpose of buying insurance is to make sure there is someone who will bear the financial burden during a crisis such as a road accident, theft, or a natural calamity like your city getting hit by tornados. Not everyone has the federal reserves that they can pull out to bail them out of a situation that they never predicted.
Now that you know how essential it is to purchase insurance policies for yourself and your family, you might also want to look into areas in your life where your standard insurance will fail to provide coverage. You can consider this category of insurance policies as an add-on to your standard insurance policy.
Here are a few insurance policies that you never knew you needed.
1. Pet insurance
You might not be as worried about your pet getting injured or infected by a deadly disease, but you need to keep in mind the cost of the treatment in veterinary hospitals. Especially if you have an exotic animal like a rare lizard or a Saluki(most expensive dog in the world). Pet insurance is very cheap and you should consider getting it.
2. Grave Marker Insurance
Grave marker insurance cover the damages befell on the gravesites of your loved ones. Halloween is the time when some youngsters like to vandalize unguarded property like tombstones. Grave marker insurance is also recently included in some of the home insurance policies as the number of tombstone vandalism cases have gone up recently.
3. Kidnap and ransom insurance
The missing person cases in states like Alaska, Nevada, and Oregon are on a record high. The exact cause is not yet known but most locals suspect that kidnapping could be a reason behind this. Kidnap and ransom insurance will provide full coverage if someone from your family was to go missing. However, there has to be a criminal intent behind the absence of your family member.
4. Body part insurance
What will a drummer do if he loses his hand or suffers from a severe case of carpal tunnel syndrome?
With a disability of this magnitude, his career is over and so are his dreams of earning a living by playing live music. Thanks to Body part insurance, musicians can now make sure that they don’t go broke as a result of an injury or disease to their most-used body part.
These niche category of insurance policies are not as expensive as the standard ones. Pet insurance costs just $20-$25 per month. That comes down to roughly $250 a year. Let’s say your pet goes on to live disease-free for the next 10 years, you will only shed $2500 from your pocket. On the other hand, an infection or a lawsuit against your pet(for biting or hurting someone) will cost you thousands of dollars.