Insurance is usually not a lighthearted topic. However, in modern times insurance as a whole has evolved, in order to help cover a variety of different lifestyles. With that comes a number of wild stories and details about the insurance industry that might shock you, or at least make you smile. Here are some surprising things you probably didn't know about today's strange world of insurance claims and policies.
There's Probably a Policy for That...
As insurance companies around the world add more and more niche policies, the dream of becoming fully insured is more within reach. While you'll have to track down a certain type of insurance company to get access to these unusual policies, they are really out there (literally and figuratively):
- Alien Abduction Insurance protects you against harms caused by ghosts or poltergeists
- Lottery Insurance will come in handy if you're a business owner and that group of essential employees that went in on the Powerball actually wins... and then everybody quits.
- Change of Heart Insurance will cover the costs of your wedding if you get cold feet and decide not to go through with it.
- Extra Birth Insurance helps to cover extra costs associated with having twins or triplets.
- Kidnapping Insurance for the extremely wealthy will prevent individuals and their families from having to dip into their fortunes in the event that someone is kidnapped for a hefty ransom.
Protecting a Million-Dollar Smile...
For those who make a living as an actor, singer, hand model, or pro basketball player, their livelihood is literally wrapped up in their body parts; so why not insure them? Some well-known examples include:
- Winemaker Ilya Gort insured his nose for $8 million
- Model Heidi Klum insured her legs for $2 million (she had them appraised)
- Influencer Kim Kardashian insured her famous derriere for $21 million
- Also on the list: Rocker Bruce Springsteen's voice; actor America Ferrera's smile; and soccer player David Beckham's legs and face
It Could Happen to Anyone...
While the assortment of insurance policies has gotten more interesting and unusual, so have some of the claims that insurance companies are being asked to cover. Here are a few of the most surprising claims that insurance companies have covered:
- Damages that occurred when a family dog lit a birthday cake on fire
- A farmer whose phone got lost inside a cow giving birth (the insurance company paid for the phone replacement)
- A man's trailer home was damaged when a moose got caught in a swing set and dragged it around his property
- A man unintentionally put multiple holes inside the cab of his truck when his shotgun accidentally discharged
We live in a world full of risk, so before you say it will never happen to you, think again! And if you're looking for an unusual policy to cover an unusual risk, don't forget to check with your insurance agent before you decide it's too far-fetched.
For questions, call or contact Wilson, Timmons & Wallerstein, Inc. today.