What Is Specialty Insurance?

What do you know about specialty insurance? If your answer is “not much,” you’re in good company. Many people are unfamiliar with this aspect of the insurance world. It’s easy to think that a traditional auto or homeowners policy will cover all your needs should the unthinkable occur. What about those properties that don’t fall into traditional categories, or those that have already sustained a previous loss?

What Is Specialty Insurance Anyway?

Specialty insurance exists to protect niche property types that are not covered under standard insurance products. Marilyn Monroe famously insured her legs for $10,000, which is a key example of specialty insurance. While this might be an odd request for the average customer, don’t count yourself out of the running just yet. Specialty insurance helps in the more mundane areas of life, too, such as insuring your motorcycle or travel trailer.

My Home Has Special Circumstances: Can It Be Insured?

Your home is one of your most important investments. Protecting it against unforeseen damage is a key focus of specialty insurance products. Costs can be surprisingly affordable as well. Specialty coverage might be just the thing for you if your home falls into one of the following categories:

  • Manufactured home
  • Prior claims
  • Rental or seasonally occupied
  • Unoccupied dwelling
  • Special coverage needs particular to your geographic location
  • Uninsurable under traditional homeowners policies

An Unrealized Need

Now that you’re able to answer the question “What is specialty insurance?” with some insight, take a moment to consider your own properties. Chances are, you might have a need you never realized you had.