When you look at the things people are willing to insure, it can actually be pretty interesting. From homes to vehicles to personal health, there are many common types of insurance that general consumers tend to pick up at some point in their lives. That’s pretty boring, really. The interesting stuff is like insurance for volcanoes (why even live there?), or clothing, or hair – yes, there are people who insure their hair, believe it or not. It’s not as if they can get their old hair back if they lose it, but there are always plugs, extensions and other options.
But getting off of hair, let’s take a closer look of interesting types of insurance that most people probably won’t need at any point in their lives. Volcano insurance was mentioned, and that’s definitely a real thing, just look it up if you don’t believe it. Policies are actually quite common in places like Hawaii and the Caribbean where active volcanoes still regularly spew up magma. Like clothing insurance, volcano insurance is a very niche market where only a handful of people will ever really need it. But that doesn’t mean there is no need in the first place.
Speaking of clothing insurance, that’s a thing that actually exists too. Now, you wouldn’t go insuring a cheap $200 suit that you bought to wear once or twice and then forget about – that would just be silly. But there are hand-tailored suits, crafted by true artisans, which can cost tens of thousands of dollars. The Brioni Vanquish II is a good example of this, look it up if you’re interested. With its unique fiber blend and white gold stitching, you could lose a ton of money if you leave your electric steaming iron unattended for a minute. Among those who iron clothes, who hasn’t destroyed something?
There are other unusual types of insurance too. For example, audio engineers who invest tens of thousands of dollars in recording and editing equipment tend to get their merchandise insured against loss, theft, damage and defects. The idea itself isn’t unusual – mechanics who invest heavily in their tools tend to look for similar policies. But how many people are in the market for audio recording and editing equipment insurance? You see, it’s still a real niche market, even if there is demand for such insurance, and there are people willing to pay money for the policies.
At the end of the day, insurance is about pooling risk with others who face the same dangers to their lives, their health or their possessions and property. So, even if there are little niche markets where almost nobody would require insurance, you must remember that “almost nobody” is not the same concept as “nobody”. Just take a look at your own situation and specific needs you have and you’ll probably be able to find at least one policy which other people would consider unusual or strange, just like most people consider volcano and clothing insurance to be unusual or strange.