Many people tend to assume that a regular homeowner’s or automobile policy will provide all the coverage they need. However, a careful reading of your policy will reveal a number of gaps, which are created either by specific exclusion or by omission from the list of covered items. Think carefully: is there anything you need insurance for that falls into these gaps? If so, specialty insurance is the answer.
The most common types of ordinary policy exclusions include such as motorcycles, mobile homes, boats and pets. Then there are certain risks that need separate policies for coverage, such as identity theft insurance, renters’ insurance, travel insurance and title insurance.
Specialty insurance providers can also furnish policies to cover unique items. Whether it is a one-of-a-kind heirloom, a special project or a specific asset that is of value to you, you will want to minimize your risks and obtain insurance. You can even insure a body part – for example, pianists and surgeons may insure their hands, as they are the chief sources of their incomes.
People who passively rely on a regular insurance company to provide them with all the coverage they need run a significant risk of being left with nothing in the event that the worst happens. It is best to do your research and find coverage options that are uniquely tailored to your exact needs.