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...