Every Individual has Unique Insurance Needs

By: Mary Thompson, Capstone President

You can insure almost anything that you can dream of, or ever want. Some of the most unique things ever insured, Bruce Springsteen vocal cords, Betty Grable’s legs and Dolly Parton’s breast’s. Many professional football players insure their throwing arm. Some players like Troy Polamalu, even insure their hair. Egon Ronay, a famous food critic once insured his taste buds. Perhaps most well known for insuring odd things, David Beckham, almost every body part on the soccer star is insured. None of these policies are of course required so why do they have them? The simplest answer is to protect themselves. There are basic insurance needs required for most people such as automobile insurance, and homeowners insurance, etc.

One of the most common insurance coverage’s that individuals are required to carry is automobile insurance. People who plan to drive a car are required by law to carry at least liability insurance in all but a few states. Wisconsin only requires citizens to have proof that they have the financial ability to cover losses incurred from accidents to which they are at fault; they do not need to carry insurance. New Hampshire, unlike other states, does not automatically require motorists to carry an auto liability insurance policy. Drivers in New Hampshire are not even required to provide proof of financial backing to drive a vehicle within its boundaries. As for the rest of us, automobile coverage is not only added protection but a necessity.

Many homeowners are also required to carry homeowners insurance. Part of the requirement to obtain a home loan from most major banks is that a homeowner’s policy be in place. Many mortgages actually even pay the insurance out of the agreed mortgage to ensure that insurance is in force. This not only protects the home buyer but also the lender if something should happen to the property. Some renters are even required by their lease to carry renters insurance.

Now even health insurance has been mandated through the Affordable Care Act. This requires all individuals to carry a minimum health insurance policy or face a fine imposed by the government on their taxes.

With all the required insurance policies one may have to carry they may think that everything they would ever need insurance for is covered. There is more coverage out there, for example Umbrella coverage. Umbrella coverage is a blanket type policy. For more information on personal umbrella coverage Click Here.

There are insurance coverage’s for rare collections, fine art and jewelry as well. Most standard insurance coverage’s will not cover these expensive items unless specified. The point is that every person has unique insurance needs. It is important to know what and how you are covered. Although insurance is often required for standard day to day life there insurance to cover even the strangest requests. Be sure to let your insurance broker know if you have unusual insurance needs. If a carrier will insure someone’s hair we should be able to find you coverage for just about anything you may desire.