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Other Types of Insurance Coverage for Speciality and Valuable Items
Most insurance coverage falls into a particular category, such as Auto, Home, Life, Health, Commercial property insurance, or Flood insurance, for example. But there are many other things people own and that are important in their lives that do not fall into any of these categories. In these cases, it would be considered other, miscellaneous or speciality insurance.
Common Types of Miscellaneous Insurance
The types of miscellaneous insurance often includes:
- Watercrafts and Boats
- RVs/motor homes
- Fine art
- Wine collections
- Firearms and guns
- Recreational Vehicles
- Kidnap and Ransom
- Other Valuable Items
These possessions take precedence over many of their other possessions and should be considered when deciding on any insurance plan to protect your possessions.
Boats and Watercrafts
Boat insurance would cover the loss or damage of any boat that is considered a legal vessel to use on the open water and would include jon boats with oars and paddles, sail boats, fishing boats, motor boats of different types and sizes, yachts, and any other type of boat that a person owns and wants to insure. Personal watercrafts (PWC) can include can include Jet Skis/Sea Doos ski equipment, parasailing accessories, and other related items. The types of insurance needed for these types of property might include: theft, collision insurance, weather-related, and others. But getting specialty insurance is usually comprehensive on these items and would cover anything that might happen which resulted in loss or damage.
RVs / Motor Homes
Some people spend a great deal of time in their motor homes during the summer as well as use it for traveling from different places on vacation and other locations at different times. For this reason, it is important to make sure these items are covered by getting a miscellaneous insurance policy and listing these items on the policy.
Some people have aircraft property such as private planes, helicopters or gliders. They are extremely expensive to replace and repair. So it is in the best interest of anyone who owns such equipment to get it insured.
One of the best investments people make is with fine art, such as paintings, photography, sculptures, ceramics, and many other works of art. These works, if original, are irreplaceable. But, in the event of damage, theft, or loss, you need to be able to collect monetary compensation for the loss, so that you could feasible buy a similar piece or pay to have the item repaired if it can be repaired.
Another type of possession that many take great pride in is their wine collection. What if there were an earthquake which occurred near the location of the wine cellar. Thousands of dollars could be lost in one day due to an earthquake or storm that results in broken wine bottles. Many wines come from decades ago. While they can rarely be replaced, they can in some cases. So it is a good idea to seek out miscellaneous insurance for wine collections, in order to protect your interests.
Firearms / Guns
Many people including collectors and even hunters take great pride in their gun collection and want to protect these valuable firearms with an insurance policy Guns can be very valuable and you should protect your investment.
Other items that people buy special insurance coverage for can include:
- Jewelry and Watches
- Musical Equipment
- Sports Equipment
- Golf Equipment
- Cameras and Photography Gear
- Collectible Items
- Stamp and Coin Collections
- Silverware, China, and Crystal
Miscellaneous Insurance (Summarized)
Miscellaneous insurance, as its name implies, was designed to cover anything that regular insurance did not cover or that is not in another specific category. Many times people overlook this important type of insurance. But, when you have important possessions such as firearms, boats, wine or fine arts collections in your possession, it would be to your advantage to protect these too.
Consider the Risk
As always, the determining factor in purchasing insurance is to consider the amount of risk you have regarding your prized possessions, then think about the general risk you have from theft, flood, weather, or any other factor that might threaten them. Then purchase the amount of insurance you need to cover the loss if you completely lost them.
Before you purchase, look at the ratings of the insurance companies you are considering. AM Best is considered the most trusted rating system. But you may also check on others such as S&P or Fitch, to compare ratings among these as well.
Finally, remember, an insurance company is only as good as its claims record. If you pay $100 per month for miscellaneous insurance to cover your valuable possessions, but the company you chose does not pay the claim when you have a theft or loss, what good is this insurance to you? Check the claims handling rates and amount of time it takes for companies to pay their claims to determine their value.
The Choice is Yours
Whether you choose a particular insurance company or not has a lot to do with what you consider important. Reasonable premiums, easy payment plans, and claims rates are all important in finding an insurance company. But just make sure you know that it is worth your monthly payment and that you can know your company of choice will truly do what they say they are going to do.
If you need help with these special types of insurance or are not sure what to choose, let post a question.
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