What Are Specialty Insurance Policies

What Are Specialty Insurance Policies?
There are many types of​ insurance available .​
Home owner's insurance,​ automobile insurance,​ life insurance,​ to​ name just three,​ but there are also specialty insurance policies available that some consumers may find very useful .​
This article will examine some of​ the​ more common types of​ specialty insurance.
In simple terms,​ specialty insurance is​ exactly what it​ sounds like .​
It is​ insurance that is​ purchased for items that are special or​ unique .​
It is​ also used to​ provide protection for items that might otherwise be protected under another policy but are not protected because of​ some unusual aspect .​
For example,​ a​ diamond necklace might be protected under the​ home owner's insurance policy but what if​ the​ necklace is​ with you​ while you​ are traveling and it​ is​ stolen or​ broken? a​ specialty insurance policy on​ the​ necklace (and only on​ the​ necklace) can provide the​ protection that you​ need for that item no matter where you​ are.
Specialty insurance policies are not available with all insurance carriers and that means that you​ may have to​ do some research in​ order to​ find the​ best carrier for the​ item that you​ wish to​ insure .​
Lloyd's of​ London is​ an​ example of​ a​ famous specialty insurance carrier who (it is​ reputed) will insure anything as​ long as​ the​ insured is​ willing to​ pay the​ price .​
Other,​ less famous,​ carriers are available,​ but you​ will probably have to​ search for them .​
This can be done online,​ if​ you​ wish.
Another way to​ find reputable insurance carriers is​ to​ ask the​ people from which you​ bought the​ item .​
In the​ necklace example above,​ you​ might want to​ ask the​ jeweler with whom he does business with .​
Chances are good these vendors will have some contacts that you​ can explore.
Specialty items that you​ might want to​ consider insuring include such things as: exotic animals,​ artwork,​ coin collections,​ antique watches or​ other time pieces,​ collectable automobiles,​ various pieces of​ jewelry,​ historical documents,​ antique furniture pieces,​ rare books,​ and any other unique item or​ items that you​ may have .​
One reason many consumers and collectors use specialty insurance policies is​ when the​ item insured is​ worth more than the​ location where it​ is​ stored .​
For example,​ assume you​ have a​ home owner's insurance policy that covers one million dollars of​ damages .​
Let's further assume that you​ have a​ famous piece of​ art that has been appraised at​ three million dollars .​
The artwork could be covered under the​ home owner's insurance but there would be a​ substantial problem should the​ home burn down and the​ artwork is​ lost in​ the​ fire .​
The one million dollars recovered through the​ insurance would need to​ be used to​ replace the​ home and the​ furnishings,​ and would not come close to​ being enough to​ pay for the​ lost art.
By having a​ separate policy on​ the​ artwork,​ a​ policy that better reflects the​ high value of​ the​ piece,​ the​ home owner is​ better able to​ recoup his or​ her losses .​
Specialty insurance is​ not as​ expensive as​ many people believe it​ to​ be .​
When the​ amount of​ loss is​ considered,​ it​ can actually be a​ great value in​ terms of​ replacement as​ well as​ in​ terms of​ emotional comfort .​
Knowing your unique items are insured can go a​ long way in​ relieving stress.

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