By David DeMoss
Typically, when people think of insurance, the first thing that comes to mind are the main types such as auto, home, and life insurance. What most may not know, however, is that there are quite a few unconventional things one would never think of that can be insured. This list includes: alien abduction, damaged body parts, kidnapping, asteroids, meteors and falling satellites, Fantasy Football, parties, and lost car keys. While we’ve heard about celebrities insuring their body parts, alien abduction insurance is certainly not something we expected. More from Elana Ashanti Jefferson below.
No. 1: Alien abduction
UFO insurance covers an insured in the event he or she can provide verification of an abduction by non-human life forms. According to the experts with FC&S Insurance Coverage Interpretation, “In 1994, a company known as UFO Abduction Insurance Company insured 35,000 Americans against being kidnapped and eaten by aliens…This company (now) sells a $10 million policy, which is carried by more than 100,000 insureds.”
No. 2: Damaged body parts
Any part of an individual’s anatomy may be insurable when its performance is linked to income, such as a surgeon’s hands or a dancer’s physique. A death and dismemberment policy generally covers these specific body parts in the event of an accident. According to CNBC, model Heidi Klum’s legs are insured for $2 million, and actress America Ferrera’s smile is insured for $10 million.
No. 3: Kidnapping
The world can be a dangerous place. According to the Insurance Information Institute, kidnapping and ransom are a common way for crooks to make money. Businesses with traveling executives often purchase kidnap and ransom (K&R) insurance, which covers: employees being seized and held captive until ransom is paid, extortion, illegal detention and hijacking.
No. 4: Asteroids, meteors and falling satellites
It may sound like something out a science fiction film, but any of these extraterrestrial objects can cause serious damage should they fall from the sky, which is why this is a covered loss in many home, auto, and life insurance policies.
No. 5: Fantasy Football
Millions of Americans play Fantasy Football, a sports betting game that hinges on the health and performance of live athletes. Players invest roughly $500 annually. To protect their investment, fantasy team owners can reportedly insure players for up to $1,000.
No. 6: Parties
Anyone hosting an elaborate soiree away from home — and this includes weddings and bar/bat mitzvahs — may require liability insurance not just to cover the cost of the affair in the event of a costly mishap, but also to shield against financial blowback should be an attendee become injured, most especially as the result of drinking too much during the course of the celebration.
No. 7: Lost car keys
Today’s technology-packed vehicles sometimes come with pricey keys and fobs. Consider that a bespoke Ferrari key can cost thousands of dollars. Some comprehensive auto insurance policies will reimburse insured who lose their keys — as long as the loss is more than their deductible.