Special Insurance

Feb 05, 16 Special Insurance

There are some types of insurance which are good for pretty much everyone. Homeowner’s insurance, life insurance, health insurance; these are the types of insurance that just about anyone can benefit from having, and that just about anyone can use to save money and be covered (or cover someone else) in the event of a mishap. But there are also special insurance types which are highly viable for specific people, but practically useless to everyone else. Here, we’ll cover a few different types of special insurance you may or may not already be aware of. Consider this an educational piece if you will.

First, take a look at tool insurance. While it’s true that many people own and use tools regularly, the ones who really get hurt the most when their tools break are the ones who use those tools for a living. Handymen, machinists and mechanics all rely on their tools to make a living. Without their tools, they’re essentially out of a job, so for the people who fit into this niche, tool insurance is something that seems a lot less special and a lot more necessary. Most other people who own tools can deal with them being out of commission for a little while, so an insurance policy may not be needed.

Next is actually a type of insurance most people don’t even know exists. Professional athletes of all types have health insurance policies in case they get injured, but there are many types of special insurance here as well. For instance, did you know that boxers actually get their hands insured? Sometimes these policies cover for millions of dollars, like in the event a prize fighter takes a tumble and uses a hand to break their fall, then ends up breaking their hand. This can even happen when beating on a professional punching bag.

This next type of special insurance isn’t actually that uncommon, and people in flatlands and flood plains around the world probably know about it already. It’s flood insurance of course. This type of insurance provides coverage against flash floods, seasonal flooding, natural disasters and other types of water damage which can occur. What sets these policies aside from others is that they aren’t typically included with homeowner’s insurance policies – the flood coverage costs extra, basically. Now, some people can get by without it just fine. On the other hand, there are those who absolutely shouldn’t be without it.

These are just a few of the niche types of insurance which exist. There are many other kinds of policies which are extremely beneficial to an extremely limited number of people as well, but that’s something for another time, unless of course you have something to add. Do any readers here have experience with specialty, niche policies which provide coverage for unique circumstances or interesting projects? We’d all love to hear more about it. In the meantime, if you want to know about all the different kinds of insurance which exist, it’s likely any sales agent would be happy to talk you through it all.