5 Weird Types of Insurance That Some People Actually Pay For

5 Weird Types of Insurance That Some People Actually Pay For

A.M. Kuska

by A.M. Kuska
Contributing Writer

September 12, 2020
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5 Weird Types of Insurance That Some People Actually Pay For

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Insurance is available for many things, including these incredibly strange things.

Almost everyone is familiar with common types of insurance. If you own a car, you are required to have auto insurance. If you own a home, you probably have homeowners insurance, or disability insurance in case you got laid off of work.

1. Hole-in-One Insurance

Have you ever seen a competition where an average man has a chance at winning a million dollars if he can make a hoop shot from across the court? Contests like this are common, with huge prizes because it is very rare that someone actually wins—but what happens if someone does manage it? Well, there's insurance for that.

Contest organizers can insure themselves against someone actually winning the prize through “Prize Indemnification” insurance. The best part? Because the odds of winning are so low, it's relatively affordable. That $1 million hoop shot may only need $300 to insure the contest.

2. Bed Bug Insurance

If you are a homeowner or a renter, you probably have homeowners or renters insurance to help out in case of an accident or natural disaster. These insurance types tend to cover a wide variety of problems, but they don't cover a common and damaging problem—bed bugs.

A bed bug infestation isn't unusual in big cities like New York, and they can cost you big when it happens – as much as $1,000 to get rid of the bugs, and that doesn't include the price of new furniture.

If you're concerned about bed bugs, there is actually an insurance for that as an add on to renters or homeowners insurance.

3. Body Part Insurance

If you get into a car accident, you likely have auto insurance to help take care of your medical bills and repairs to the cars involved, if necessary. What happens though, if you are an athlete and you depend on your knees for a living? What if you are a singer and hurt your throat?

Body part insurance is available for those who would be out of a career if they lose the use of a body part. It's actually relatively common. Gene Simmons, of Kiss fame, insured his tongue for $1 million at one point, and Dolly Parton insured her bosom for $600,000 total.

4. Multiple Birth Insurance

Picture this: you are waiting breathlessly for the ultrasound of your upcoming child. The doctor begins the ultrasound and informs you that you're expecting not one, not two, but three bundles of joy!

For some people this is amazing news, for others this is a financial shock. If you're trying to become pregnant or are very early in your pregnancy, you can actually get insurance for just this situation. If you end up with multiples in your pregnancy, the insurance benefit will help with the added financial burden of these new bundles of joy.

5. Livestock Insurance

If you have a dog or a cat, you're probably familiar with pet insurance that allows you to make sure you do not have to make difficult decisions based on whether you can afford to treat your pet or not. Unfortunately, this doesn't extend to horses, cows, fish, or other exotic pets.

If your pet is unusual, you can still get them insured with many of the same benefits as pet insurance, through livestock insurance.

This is particularly useful to know, because it turns out home insurance doesn't include replacing live animals—which can be a big deal if your discus tank is lost in the fire.

There are all kinds of other different insurances that are far more unique than car insurance or life insurance – you can even get insurance against alien abduction. No matter what it is you are looking for related to insurance, you can probably get insurance for it.