Thursday, March 14, 2013

Kinds Of Miscellaneous Insurance

The right insurance policy can save you money and protect the things that matter most to you and your family. While you may have, or are at least familiar with, health insurance, auto insurance and homeowner's insurance, you can also purchase miscellaneous insurance. A variety of coverage options are available, and, in most cases, you can find a policy that is right for you.


Human Body Part Insurance


Human body part insurance allows you to receive a payout in the event of dismemberment or injury. According to the Principle Financial Group, the hand, thumb and index finger, foot and eye can net payouts of up to $250,000 dollars -- based on a Principal Financial group policy worth $500,000. "The payout you would receive from dismemberment tends to depend on how critical that part is to your ability to function," says Jill Roman, a spokesperson for CIGNA. Policies vary considerably by the type of coverage and the maximum benefit elected, so do your research first. As a fun fact, Betty Grable is said to have insured her legs for $1 million dollars, according to an article titled, "Celebrity body parts: Million-dollar thighs and smiles," published by Bankrate.com.


Pet Insurance


Pet insurance policies cover a variety of medical conditions related to accidents and illnesses as well as preventive care. For example, if your pet mistakes a chew toy for a metal pipe and sustains a broken jaw, a pet insurance policy would cover the cost of her veterinary bills -- including surgery and after-care costs. Pet insurance policies renew in full annually and most are not subject to a lifetime limit. Dog, cat, bird and exotic pet insurance policies are available; however, benefits vary depending on the level of coverage.


Personal Article Policies


Personal article policies allow you to insure a specific item against theft, loss or damage. Items that are commonly insured include artwork, collectibles, expensive or heirloom jewelry and diamond rings. You'd want to take out a personal article policy if your homeowner's policy is subject to exclusions and limitations. For example, your homeowner's policy may be limited to a $1,000 payout for all stolen or lost jewelry, regardless of your actual monetary loss. Most policies adjust for inflation, so read the fine print and inquire about the complete terms and conditions of your personal article policy.









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