Though consumers are typically aware that they need homeowners’, renters’, and automobile insurance, there are other forms of coverage that can be offered by policies of which they may be entirely unaware unless they are highly knowledgeable about the various types of protection available.
Some of them include:
• Personal Electronic Equipment Insurance – this is a very practical insurance for consumers who have expensive electronic devices at home, such as televisions, audio equipment, or computers. It covers loss and damage and might even pay for repairs and replacement, depending on the policy.
• Scheduled Personal Property Insurance – this is considered a homeowners’ insurance floater to the policy. It assigns a certain predetermined value to certain specific items such as expensive designer clothing, handbags, or furs, jewelry, or artwork. A professional appraiser will need to provide this value.
• Burial Insurance – this helps to cover the expenses associated with a funeral. The premiums are typically only a few dollars per week or month, and the payout is based on the policyholder’s age at the time of death.
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• Dog Bite Insurance – dog owners can protect themselves against lawsuits that occur if their dog should bite someone visiting the property of the dog owner. This can supplement what is not covered by the homeowners insurance itself. This is also to referred to as dog liability insurance.
• Flood Insurance – though most homowners’ and renters’ policies will cover many natural disasters and flooding due to a broken pipe, it does not protect against flood damage from a natural disaster. This separate policy covers that damage.
• Wedding Insurance – this coverage protects the substantial investment that goes into a wedding in case a misstep or disaster should occur. For example, if wedding gifts are damaged, if the wedding needs to be suddenly postponed due to illness, death, or a natural disaster, or many other types of catastrophe.
Also, many might want to consider cancer insurance. This is a supplemental health policy that pays you in the event of being diagnosed with cancer. This type of speciality insurance has been recently on the grow due to many are trying to lower their traditional health insurance premiums by picking a higher deductible or major medical plan. Consumers are finding that in combination with a higher deductible and the cancer insurance plan, they are still saving money, plus keeping peace of mind that they have good coverage.