Some Weird Insurance Policies You Never Knew are in Existence

Did you know there are some very Weird Insurance Policies? Are you aware that the world is filled with risks? These risks range across different facets. Thus, statistically, there is a margin of danger nearly everywhere.

Some Weird Insurance Policies

Fortunately, the insurance market curbs them. Also, it offers consumers financial protection.

For many risks, all you need is the right insurance policy.

Make regular payments to avoid major expenses.

What is an Insurance Policy?

In insurance, the insurance policy is a contract (a standard form contract) between the insurer and the policyholder, which determines the claims that the insurer is legally required to pay.

In exchange for an initial payment, known as the premium, the insurer promises to pay for losses caused by perils covered under the policy language. Insurance contracts meet specific needs and thus have many features not found in many other types of contracts.

Since insurance policies are standard forms, they feature boilerplate language that is similar across a wide variety of different insurance policies.

The insurance policy is an integrated contract, meaning that it includes all forms associated with the agreement between the insured and the insurer.

Sometimes, however, supplementary writings, such as letters sent after the final agreement, can make the insurance policy a non-integrated contract.

It is important that you note this. As there are many risks, so are their insurance policies. Some of which are weird insurance policies. You probably have not heard about these weird insurance policies.

This article will expose you to some of them.

Public and Private Insurance

Sometimes a distinction is made between public and private insurance. Public (or social) insurance includes Social Security, Medicare, and temporary disability insurance funded through government plans.

Private insurance plans are much coverage offered by private corporations or organizations. The focus of this chapter is private insurance.

Types of Insurance for the Individual

1. Life Insurance

Life insurance provides for your family or some other named beneficiaries upon your death. Two general types of insurance are available: term insurance provides coverage only during the term of the policy and pays off only on the insured’s death.

Whole-life insurance provides savings and insurance and can let the insured collect before death.

2. Health Insurance

Health insurance covers the cost of hospitalization, visits to the doctor’s office, and prescription medicines.

The most useful policies, provided by many employers, are those that cover 100 percent of the costs of being hospitalized and 80 percent of the charges for medicine and a doctor’s services.

Usually, the policy will contain a deductible amount; the insurer will not make payments until after they have reached the deductible amount.

Twenty years ago, the deductible might have been the first $100 or $250 of charges; today, it is often much higher.

3. Disability Insurance

A disability policy pays a certain percentage of an employee’s wages (or a fixed sum) weekly or monthly if the employee becomes unable to work through illness or an accident.

Premiums are lower for policies with longer waiting periods before payments must be made: a policy that pays a disabled worker within thirty days might cost twice as much as one that defers payment for six months.

4. Homeowner’s Insurance

A homeowner’s policy provides insurance for damages or losses due to fire, theft, and other named perils. No policy routinely covers all perils.

The homeowner must assess his needs by looking at the likely risks in his area—earthquakes, hailstorms, flooding, and so on. Homeowner’s policies provide for reduced coverage if the property is not insured for at least 80 percent of its replacement costs.

In inflationary times, this requirement means the owner must adjust the policy limits upward each year or purchase a rider that automatically adjusts for inflation.

Where property values have dropped substantially, the owner of a home (or a commercial building) might find savings in lowering the policy’s insured amount.

5. Automobile Insurance

Automobile insurance is probably the most popular sort of coverage. In all states, they need automobile insurance in at least minimal quantities.

The typical automobile policy covers liability for bodily injury and property damage, medical payments, damage to or loss of the car itself, and attorneys’ fees in the event of a lawsuit.

6. Other Liability Insurance

In this litigious society, they can sue a person for just about anything: a slip on the sidewalk, a harsh and untrue word spoken in anger, or an accident on the ball field.

A personal liability policy covers many types of these risks and can give coverage over that provided by homeowners and automobile insurance.

Such umbrella coverage is usually fairly inexpensive, perhaps $250 a year for $1 million in liability.


Some Weird Insurance Policies You Should Know

Some Weird Insurance Policies

Here are five weird insurance policies to note:

1. Wedding Insurance

This is one of the weird insurance policies there are. Out of all the “weird” insurance policies, this is the most fathomable.

Also, the average cost of this policy is now just over $33,000. With wedding insurance, brides and grooms can protect their special day. T

This policy covers risks during weddings. Like other types of insurance, the price depends on a variety of factors. These factors can be the location of your wedding.

Also, it can be the total guest count. Please note. You are to read the agreement thoroughly. This is because not all policies are the same.

2. Lottery Insurance

Lottery insurance protects against the cost of an employee suddenly quitting. This quitting is because of winning the lottery. This policy is not widely available in the United States.

This is because business owners in the United Kingdom have a safety net.

3. Multiple Birth Insurance

This is another one on the list of weird insurance policies. If you or your partner is pregnant, you are covered. But what if you are expecting two or three babies or even more?

If that is the case, then take advantage of Multiple Birth Insurance. This protects parents from the financial burden. This financial burden comes from having twins, triplets, and more.

The cost goes thus. Leading insurance companies charge between £84 and £210. This is per policy. Also, it goes with payouts between £2,000 and £5,000, respectively.

4. Body Part Insurance

If your livelihood is based on a body part, then this is for you. Valuable body parts are not limited to celebrities. A variety of professionals could face financial hardship.

This could cause damage to their body parts. For example, surgeons who can no longer use their hands could lose their livelihood. You may have a hard time getting a body part policy.

However, you need to track down a specialty insurer.

5. Alien Abduction Insurance

The world is a dangerous place, and perhaps the universe is as well. Alien Abduction Insurance covers post-abduction medical bills. A few companies provide this unusual insurance. This is one of the weird insurance policies.

Companies like UFO Abduction Insurance Company do this. If you want to protect yourself or a loved one from alien abduction, this is it.

You can secure a lifetime policy for $19.95 for $10 million in coverage.

6. Divorce Insurance

You managed your wedding, and all came well in the end. However, there are thousands of other possibilities that insurance companies want you to take a policy for, like a divorce.

Even if you love your partner very much, you should always protect yourself first. A prenuptial agreement or a prenup is a contract between you, and your partner created before your marriage. 

The interesting fact about the prenups is that not even one royal member got this kind of agreement, regardless of their enormous assets. On the contrary, many popular couples claim “investing” in their relationships.

7. Multiple Birth Insurance

Many people are financially unstable in times like these. Even if you have a lot of money in your account, you never know what the future holds. 

Childbirth has an enormous impact on your bank account, especially if you already have kids. You can already expect growing expenses with one child, but imagine having another two or three surprises that aren’t included in your plan.

We are talking about twins or triplets. Many couples don’t know what it means to have two or three children at once. And the thing is not just about the attention but the money needed.

That’s why many couples safeguard themselves by purchasing a policy that will help them support their babies. Parents with multiple births should buy insurance as early as possible to receive extensive coverage.

Many insurance companies offer supplemental maternity options for mothers who need to stay home without income. This is also a big plus for a high-risk pregnancy.

8. Falling Coconut Insurance

Are you a person who always assumes the worst will happen? When you’re traveling on vacation to an exotic place full of coconut palms and sunny beaches, are you thinking you might die from a falling coconut?

If that’s your case, worry not; even this fear can get you insured. On the other hand, if you are not one of those people, you may wonder where they get those kinds of ideas in their heads.

9. Fantasy Football Insurance

We bet you know what Fantasy Football is since stats say that over 60 million people play it. Some play it just for fun, others for real money.

The sum spent on it is unbelievable—it’s $556 a year for the average adult member. Fantasy sports are easy to play, so they’re becoming very popular.

You need to set up your team to play in real-time, bringing you points. If, however, your player gets injured, you can reduce your losses.

10. Death-By-Laughter Policy

Laughing is regarded as a medicine that prolongs your life.

But if you throw a glance at ancient history, you will see that many people have actually died from laughing.

Laughing hard is not always the only reason for death, as in most cases, it’s related to heart failure, oxygen deprivation, brain or nervous dysfunction, and so on. 

Other Weird Insurance Policies

1. Change of Heart, a.k.a. Cold Feet Insurance

This is often called change of heart or cold feet coverage. It covers the cost of the wedding.

Some Weird Insurance Policies

They estimated the average cost at $26,645.

Also, take note. It does not cover getting stood up at the altar at the last minute. You will need to cancel the wedding a full year in advance. Also, only the bride’s or groom’s parents get financially reimbursed.

2. Bed Bug Insurance

Renters’ and homeowners’ insurance policies are pretty comprehensive. But they do not protect you against bed bugs. It can cost more than $1,000 to get them exterminated from your domicile.

That is not counting the costs of replacing an infested mattress. You may add bed bug insurance to your existing renters. Also, you may consider it for your kids.

This is still on the list of weird insurance policies.

3. Food Truck Insurance

There are good food trucks and bad ones. However, these mobile greasy spoons need insurance coverage. Do not confuse it with restaurant insurance. Food truck protects against liabilities like food-borne illness.

Also, it protects against personal injury or other damages. When you think of it, it is a pretty sound idea. It is when considering how one major kitchen fire can destroy food trucks.

Also, it is when considering how your entire business can go up in smoke.

4. Chicken Insurance

You may be content with having a dog or cat. However, there are cases where you can also have birds. This policy covers their well-being. Most pet insurance policies cover costly medical expenses.

Also, they cover the costs of care for felines and canines. It is important you note this. Some private insurance companies offer livestock insurance.


Types of Business Insurance

Business insurance coverage protects businesses from losses because of events that may occur during the normal course of business.

Some Weird Insurance Policies
Family Care And Protection

There are many types of insurance for businesses, including coverage for property damage, legal liability, and employee-related risks.

1. Workers’ Compensation

Almost every business in every state must insure against injury to workers on the job. Some may do this through self-insurance—that is, by setting aside certain reserves for this contingency.

Most smaller businesses purchase workers’ compensation policies, available through commercial insurers, trade associations, or state funds.

2. Automobile Insurance

Any business that uses motor vehicles should maintain at least a minimum automobile insurance policy on the vehicles, covering personal injury, property damage, and general liability.

3. Property Insurance

No business should take a chance of leaving unprotected its buildings, permanent fixtures, machinery, or inventory. Various property policies cover damage or loss to a company’s own property or to the property of others stored on the premises.

4. Malpractice Insurance

Professionals such as doctors, lawyers, and accountants will often purchase malpractice insurance to protect against claims made by disgruntled patients or clients.

For doctors, the cost of such insurance has been rising over the past thirty years.

5. Business Interruption Insurance

A firm may wish to get the insurance that will cover losses in earnings if business activities are disrupted. This depends on the size of the business and its vulnerability to losses coming from damage to vital operating equipment or other property.

6. Liability Insurance

Businesses face a host of risks that could cause substantial liabilities. Some years ago, unique individual and business coverage had to be purchased separately, often from different companies.

Today, most insurance is available to package, through single policies that cover the most important risks. These are often called multi-peril policies.

Insurance Policies are what you all need to know before embarking on signing any contract with insurance companies.

We at Suntrust Blog believe this article was informative and educative, so do well to share and drop your comments in the comments section. 

Meanwhile, keep logging on to for more updates on insurance policies.

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