Supernatural Home Insurance: It's Ghastly!
Luckily there are specialty insurance policies for all of the above. For risk-averse homeowners looking to beef up their coverage, here are a few of the strangest offerings on the market:
1. Bats, Bites and Silver Bullets
To insure yourself and your home against supernatural threats, look no further than Lloyd's of London. According to a 1998 article in Kiplinger's Personal Finance, former Lloyd's underwriter Simon Burgess admitted to selling more than 40,000 insurance policies against alien abduction. To claim the funds, abductees had to pass a lie detector test, furnish audio or video evidence of the abduction and provide a third-party witness. Those who fear more ethereal creatures could also purchase a policy against vampire bites, Loch Ness monster attacks, Yeti attacks, virgin births, werewolf transformations and temporary impotence on Valentine's Day. What exact personal and property damages these policies cover isn't exactly clear, but one thing's for sure: If you need to collect on these policies, money will probably be the last thing on your mind.
2. Wedding Bells and Wedding Hells
Actually, there's an insurance for both. While companies like WedSafe offer insurance plans in case your wedding venue falls through (or the bride or groom become ill), new companies like Divorceinsurance.com offer contingency plans to help pay legal fees for marriages falling apart. Actually, those kinds of funds could come in handy says Jon W. Hedgepeth, president of the Atlanta Bar Association Family Law Section. "As Groucho Marx once said, 'Marriage is grand, but divorce is 10 grand,'" quips Hedgepeth. "When you couple high asset parties and a very contentious scenario, $100,000 in legal fees for a divorce is almost commonplace. There are some that have gone an upwards of $1 million." For ex-couples splitting a joint residence, sky high legal fees could be the difference between one partner getting to keep the house or both being forced to sell it off.
3. Quakes and Shakes
The Iceland volcano on the verge of eruption is going to make for at least a few very angry homeowners. Since natural disasters like eruptions and earthquakes aren't covered by standard homeowners insurance policies, select organizations like the California Earthquake Authority and GeoVera offer coverage for specific geographic regions, while a few mainstream insurance firms like State Farm include coverage for "property loss caused by volcanic eruption when it is the result of a volcanic blast, airborne shockwaves, ash, dust or lava flow. Fire or explosion resulting from volcanic eruption also is covered" in their standard homeowners policies.
4. Going MIA
You can't pay the mortgage if you've been kidnapped. To help pay the legal, rehab, medical, ransom and family counseling expenses associated with a kidnapping, companies like the New York Insurance Group offer kidnap and ransom insurance plans that cover the kidnap victim, the victim's family and any informants that might get involved.
While none of these policies are a substitute for basic homeowner's insurance, they do offer frightfully comprehensive coverage.