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We’ve got you covered: Five insurance policies you didn’t know existed

Home. Car. Life. Health. Everyone knows and has insurance coverage for the staples of day-to-day living. However, the insurance industry runs deep, and there are policies out there that protect you for the events that you never even considered. Here’s five of them, ranging from the practical to the odder end of the spectrum.

Key Person Insurance

This is a policy purchased by a company covering the life of an owner or key individual who is considered crucial to the operation. In the event of the death of that person, the policy provides the necessary funding to continue forward while a suitable replacement is found or a new business strategy is developed. Another business-smart policy to look into is a buy-sell agreement.

Bicycle Insurance

Cycling is a growing trend, can be extremely expensive and sometimes is even a bit dangerous. Bicycle insurance can provide peace of mind on the road or trail, covering everything from theft and damage to crash protection on virtually anything on two wheels. Coverage can include road bikes, e-bikes, mountain bikes, triathlon bikes, commuter bikes, trikes and more. It puts power in your pedal.

Contest Insurance

According to U.S. Hole in One, which provides insurance for hole-in-one contests for golf outings and tournaments, contest insurance or contest prize coverage “is a contractual agreement that mitigates the risk involved in offering a large prize for a contest.” Instead of keeping large cash reserves, promoters pay a premium to an insurance company to cover contests that have low odds of success.

Cold Feet Insurance

Yup, it’s for exactly what you think it is. Also called a change-of-heart policy, it can protect against reluctant grooms or runaway brides. But it does require foresight. In order to get back those deposits, the claim must be made 365 days before the wedding. And only the financially invested party other than the bride and groom is eligible for the policy. Sorry, jilted lovers.

Ghost Insurance

Having a haunting by an entity that isn’t as friendly as Casper? The U.K.-based specialty insurance provider Ultraviolet has a policy called “spooksafe insurance” that protects from the paranormal and supernatural — and not just ghosts and poltergeists but vampires and werewolves, too! Plus, if you want to cover all your bases, you can also get alien abduction insurance. Because the truth is out there. Way out there.

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