4 Weird Insurance Policies You Didn’t Know Existed

July 18, 2013

Weird Insurance Policies

You’ve heard of auto insurance. You’ve heard of homeowners insurance. You’ve probably even heard of dog liability insurance.

But have you heard of an insurance policy for alien abduction or for having twins?

It may sound made up, but policies like these actually exist.

Here’s a list of some of the weirdest insurance policies we’ve ever heard of:

Alien Abduction — St. Lawrence Agency in Altamonte Springs, Florida was the first to offer alien abduction insurance, and, since then, several other insurance companies have followed suit. Over 20,000 people have purchased the policy since its inception nearly 30 years ago, and the company says it has paid out at least two claims in that time.

Change of Heart — The average wedding in the United States costs nearly $30,000, so the idea of wedding insurance is not that weird. What’s weird is that, in 2007, Fireman’s Fund added a rider to their wedding coverage for cold feet. But there is a catch: the “change of heart coverage” only pays out if the person paying for the wedding isn’t the bride or groom, and if the change of heart occurs at least 180 days before the event.

Multiple-birth — Lloyd’s of London, the world’s purveyor of weird insurance policies, offers multiple-birth coverage for expectant parents against the financial impact of giving birth to two or more babies at once. One couple in Michigan has reportedly collected on the policy twice. They took out the first policy and had twins, then took out a second policy and had another set of twins!

Sense of Smell — In 2008, Dutch winemaker and taster Ilja Gort insured his nose for $8 million dollars after hearing about a man who lost his sense of smell after a car accident. The policy covers Gort if he either losses his nose or his sense of smell and requires that he not ride a motorcycle, work as a knife thrower’s assistant, or become a boxer, among other things.

This list could actually go on and on. Apparently, if you have the money, and you think it’s important enough, you can find a company that will insure it.

As for us, we’ll stick with auto, home, and business insurance. But isn’t nice to know that if you ever became a famous guitar player, broke a finger, and couldn’t play, you could be covered?

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