Specialty Insurance Offers Protection for Everything from Weddings to Pets
Whether for antique vehicles or a beloved furry friend, insurance products are available to help protect your most cherished belongings.
Along with flood and specialty vehicle insurance, there are even more types of specialty insurance products available. If you can think of a prized possession that you’ve invested in and want to protect from damage and theft, then there’s probably a specialty insurance product for it. You will just need to shop around to find the best insurance coverage from specialty insurance brokers.
To give you an idea of other useful specialty insurance products available, here are more types of products offered by specialty insurance companies.
For the amount of time and money that goes into planning a wedding, a cancellation or postponement is the worst-case scenario. But unexpected things happen all the time. And you don’t want to throw all that money and time away.
Cancellation/Postponement Wedding Insurance
A wedding venue could close down without notice, forcing you to scramble to find a new location. Or the bride and/or groom could fall ill, causing the need for a postponement.
Whatever the situation might be, cancellation/postponement wedding insurance is available to protect your investment in the wedding in case of a delay or cancellation. This insurance typically covers the cancellation or rearrangement of a wedding or a wedding reception due to an accident, illness, or bereavement within the main wedding party. It also protects you in the event a wedding supplier (or venue, caterer, etc.) goes out of business.
But if a wedding is cancelled due to the bride or groom changing their mind, or they decide they can’t afford to go through with the wedding, the insurance policy may not cover the cancellation loss. So it’s important to read through the policy thoroughly to make sure you know what coverage you have.
Wedding insurance can also cover loss or damage for the following items due to accident, fire, or theft:
- Main wedding outfits,
- Wedding rings,
- Flowers, and
- Personal wedding cars.
If you need to retake wedding photographs and videos due to cancellation, delay, fire, theft, or accident, your wedding insurance may also cover these costs.
Liability Wedding Insurance
There is also liability wedding insurance to protect you against financial and legal responsibility for wedding guests who get injured at the wedding. Weddings are a fun time, and sometimes guests have a little too much fun. So in case guests get out of control and start dancing on and falling off tables, protect yourself from liability.
Although jewelry is covered under most home and tenant insurance policies, these insurance products only cover up to a certain amount for jewelry. So if you have plenty of valuable jewelry, you can find specialty insurance to cover your pieces in case they get lost, stolen, or damaged.
It’s also a good idea to have these items appraised by a professional because what may be worth a lot to you emotionally (i.e. a family heirloom) may not be worth a lot financially.
Travel insurance covers a variety of costs that can come up after booking a trip. Depending on your insurance product, travel insurance can cover:
- Medical expenses;
- Dental expenses;
- Legal costs;
- Lost luggage;
- Trip cancellations; and,
- Delays caused by weather.
Travel Medical Insurance
While your health insurance will cover emergencies at home, the moment you leave the country, you’ll be stuck paying for any emergency costs out of pocket. And depending on where you are travelling, these costs could be extremely high.
So to protect yourself from the high costs of emergency health care while on vacation, travel insurance is available.
Some travel insurance also covers flights home so you can be treated at a hospital back home.
Travel insurance is also recommended for expensive flights booked far in advance. If you are concerned that you may need to cancel an expensive trip, consider getting flight insurance to cover a cancellation.
If you plan to travel internationally, or with plenty of connecting flights, baggage insurance provides extra peace of mind. This insurance will pay you a sum if your luggage is delayed, lost, damaged, or stolen. So if you arrive at your destination and are stuck without your luggage, you can buy new clothes and toiletries.
High-Risk Travel Insurance
There are even insurance policies for high-risk situations, such as winter sports, pre-existing medical conditions, kidnapping and ransom.
Do read over your travel insurance policy thoroughly to see what exactly you are covered for, and if there are exceptions that could void your coverage and result in your insurance claim being rejected. These exceptions include:
- Alcohol use. If you injured yourself or lost belongings while under the influence of alcohol, your insurance may not cover your losses;
- Failure to declare pre-existing medical conditions. If you are asked to, you must be 100% honest about your medical conditions when applying for travel medical insurance;
- Failure to involve the police for a theft. If there is no police report about a theft while travelling, you may not be able to prove that you suffered any loss;
- Failure to provide proof of ownership. Some insurance policies won’t cover losses if you can’t prove ownership—i.e. provide accurate receipts; and,
- Anything else your policy doesn’t cover.
Pet Health Insurance
Most pet owners would do anything for their beloved pets—including maxing out credit cards and spending all their savings on veterinary bills. A visit to the vet can be costly. And if your pet needs diagnostic tests and surgery, you face the tough decision of spending thousands of dollars to save your furry friend.
But there is another option that can help you in times of need. Pet insurance will cover vet bills. So instead of paying a huge amount at the vet, you will pay equal monthly insurance payments that are much more manageable.
- Pet insurance policies typically have the following types of coverage to choose from:
- Accident—covers emergency vet costs following an accident;
- Accident and Illness—along with accident coverage, this covers treatment for illness, hospitalization, surgery, and more;
- Preventative—covers regular preventative care, such as vaccinations and annual exams; and,
- Additional Options—including liability, boarding, rehabilitation, acupuncture, cremation, and burial costs.
If you want protection for things you are emotionally and/or financially invested in, contact a specialty insurance broker to see what coverage options are available.
Specialty insurance companies help give you peace of mind when you’ve poured a lot of money, time, and love into something you cherish.