Kinds of Miscellaneous Insurance

by Amber Keefer, Demand Media
    Pet insurance can help cut the costs of veterinary bills.

    Pet insurance can help cut the costs of veterinary bills.

    You can purchase insurance policies to cover all kinds of risks. Generally, miscellaneous insurance helps to reimburse costs that your auto, homeowner’s, life and medical insurance policies might not. Although some miscellaneous policies come at an affordable cost for the coverage you receive, certain risks may be adequately covered under other insurance policies you already have.

    Travel Insurance

    Travel insurance covers a number of different risks, including loss of luggage, theft of personal possessions, trip cancellation, medical emergencies and accidental death while traveling. Before purchasing travel insurance, check with your other insurers. Many medical, life and homeowner’s insurance policies will cover you even when you are away from home. In addition, most credit card companies offer some kind of insurance coverage when you travel. If you buy travel insurance, compare costs. Ask what restrictions apply and what factors the insurer considers in determining the amount of reimbursement you would receive.

    Legal Expenses Insurance

    Legal expense plans vary by cost and the legal services the benefit provides. Some plans provide limited services while more expensive plans cover all types of legal issues whether civil or criminal in nature. Your premium gives you access to a network of participating attorneys who agree to provide services to plan members. Depending on the type of plan, you may be entitled to attorney consultations and basic legal services at no or low cost. Non-covered services often come at discounted rates. More comprehensive plans provide coverage for a wider range of legal services.

    Pet Insurance

    Pet insurance premiums vary depending on the amount and types of coverage you choose. Where you live, the kind of pet you have and your pet’s age can also affect how much you pay. Typically, pet policies require you to pay the veterinarian at the time he treats your pet. After you submit a claim form to the insurance company, you are reimbursed for a percentage of the qualified charges. Some policies cover wellness care such as annual exams and routine vaccines but at a higher premium.

    Credit Life Insurance

    Most credit card companies offer insurance, including credit life insurance, to their customers. Plans are available to pay off your account balance if you die. Some card plans also make your minimum monthly credit card payment for a specified period of time if you get laid off from your job or become temporarily disabled. Although the insurance is easy to get, it's expensive and can be difficult to collect benefits. Usually, there are a number of exclusions, limiting what the policy will actually cover. Most policies come with waiting periods, deductibles and other restrictions.

    Miscellaneous Health Coverage

    When your primary health insurance plan isn’t enough, many companies offer specialty insurances to help cover your medical bills if you suffer a stroke, or have cancer, heart disease or another debilitating health condition. You can use the benefits the policy pays to offset expenses for treatments, pharmaceuticals, transplants and other surgeries that your regular health insurance might not cover.

    Insurance Policy Riders

    Riders are special provisions added to insurance policies that give you extra coverage. An accelerated death benefit rider on your life insurance policy allows you to collect all or part of the benefit if you are diagnosed with a terminal illness. A disability income rider will pay you a monthly benefit amount if you become totally and permanently disabled, whereas an accidental death benefit rider will pay the benefit if you become blind in both eyes or lose two of your limbs. Riders for standard homeowner and renter policies give you extra coverage for valuables such as antiques, collectibles, electronics and jewelry. You can purchase incidental business liability insurance to protect against liability claims if you operate a small business from your home.

    About the Author

    Amber Keefer has more than 25 years of experience working in the fields of human services and health care administration. Writing professionally since 1997, she has written articles covering business and finance, health, fitness, parenting and senior living issues for both print and online publications. Keefer holds a B.A. from Bloomsburg University of Pennsylvania and an M.B.A. in health care management from Baker College.

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