You hear a lot about having the proper insurance in case something happens. It could be home owner’s insurance, renter’s insurance, auto insurance or term life insurance. Each one is highly recommended, and without them you can find yourself in a lot of trouble and in a lot of debt. But what about the less conventional types of insurance? Here are 7 types of insurance your probably don’t have:
Alien Abduction Insurance
Your read correctly; there’s insurance that covers you in the event of an alien abduction. Most of you may not have it simply because you don’t believe in an extra terrastrial life form. The rest probably don’t have it because you knew nothing about it. There’s even a company who sells it, called UFO Abduction Insurance Company, and they urge you “don’t leave Earth without it!” They’re serious too! There’s a phone number where agents are standing by from 9am to 9pm Eastern time, or you can purchase online via PayPal for only $19.95 plus $3 for shipping and handling. The insurance can be redeemed if the insured has been abducted by aliens. There’s also coverage for alien pregnancy, alien examinations or death caused by aliens.
Business Interruption Insurance
With so many natural disasters in the past couple of years, more businesses really should look into purchasing business interruption insurance. Also known as business income insurance, this policy covers the loss of income due to a business being rebuilt after a natural disaster. Coverage includes profits, fixed costs, a temporary location, and extra expenses. If you live in an area that is known for disasters like hurricanes or tornados, this could be a business saving insurance policy.
Inland Marine Insurance
Inland marine insurance was more popular when people were transporting their goods via boat, but it’s still available. It covers the loss or damage of property in the water. Items that are under typical coverage include camera and photographic equipment, fine arts, golf equipment, guns and jewelery.
Kidnap and Ransom Insurance
A more serious type of insurance, I’m sure no one would want to redeem it in the even that such an event would occur. Kidnap and ransom insurance, which also comes in many travel insurance policies, protects people and companies who are doing business in what is considered a high risk area. High risk areas include Mexico, Haiti, Nigeria and some parts of eastern Europe. The policy can cover death and dismemberment, things that do sometimes happen in kidnapping and ransom events.
This is probably one of the more popular of the unusual insurances, as there are many pet lovers around. Pets can become part of the family, and with many cats and dogs, health issues are inevitable, whether due to the age or the breed. Pet insurance can help relieve the cost of regular vet trips, as well as emergency medical operations and procedures. If your pet is susceptible to a health condition or disease, pet insurance could be a great investment to possibly reduce some pet expenses. For those who have pets, you know how expensive a trip to the vet could be, even with examinations.
I live in California, where smog is high and pollution is not a surprise, but I don’t have pollution insurance. This type of policy covers any damage that pollution may cause, including cleanup or any liability for death or injuries. If more beaches and parks would consider pollution insurance, maybe people would be more careful about keeping them clean.
War Risk Insurance
As modern and improved as things are today, there’s still the risk of war. War risk insurance covers damages due to war, invasion, rebellion and hijacking. This would probably be more popular overseas, where wars are more prevalent. However, this policy lead to a terror insurance policy for airlines after the September 11 terrorist attacks.
Do you have any of these insurances? Would you consider purchasing them after knowing about them?