Obtaining insurance for unusual items - AmericaNowNews.com

Unusual insurance claims

Most people insure the obvious things like their health, homes and vehicles. Some people go so far as to insure their legs, or the bounty on their ransom.

While these policies may not be for everyone, insurance agents say some of your possessions could use the extra padding of insurance protection.

Deciding what and what not to insure can be scary because insurance is all about risk. But if you're not willing to risk your hair, your wedding, your trinkets, or a zombie encounter, you can pay for protection.

Insurance agents say a niche insurance policy is something you may not want to leave earth without.

From werewolf attacks to vampire bites, body parts, and even an immaculate conception for girls named Mary, if you can conceptualize it, you can obtain insurance for it. 

"You can get insurance for about anything, for a price," says Robin Price, vice president of sales at Allen Tate.  

The question is - which of life's little luxuries should you insure, and for what price?

For starters, agents say don't rely on the contents coverage in your homeowner's policy because you'll likely need separate security for specifics like a pricey pet, fine art or jewelry.

"If you've got a $5,000 ring and it goes down the drain, you've got nothing," says Brian Filer with Perry's Fine Antiques and Estate Jewelry.

For valuables like jewelry, agents recommend getting an appraisal for anything worth more than $5,000. Then, get an agreement from your insurer on what you should pay on a premium. For example, you could agree to pay $1 for every $100 in value.

The higher the risk, the higher the rate, and of course, the worth of your emotional attachment is not included.

"You can't replace sentimental value, so the insurance company will only replace what's on paper," Filer says.

Expect additional paperwork on any policy for the more unexpected appeals. For example, insuring a body part may require a medical review, and insuring an alien abduction may require a lie detector test.

Agents say the best proof of your possessions is a video recording of everything you own. You can also sit down with your agent to look for unseen extras that should be insured.

Niche insurance all comes down to risk. The risk of losing your grandmother's gems or, perhaps, the risk of a ghost attack. Pay for the risks you can afford and insure the ones you can't. 

An added policy for a unique possession can get your money back, and for the more bizarre items, it can get you back some peace of mind.

Insuring against the paranormal may not be widespread, but agents say two growing groups of niche insurance include identity theft and weddings. While a policy can get you back the cost of replacing all your paperwork, it won't get you back the cost of having cold feet.

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