There are many different types of insurance that can protect you in a variety of ways. You probably are aware of the major types of insurance, including auto, home, health, and life, but there are literally hundreds of types of different insurance policy options out there, many that you may not have even known existed.
60 Different Types of Insurance
Here is a list of the different types of insurance in alphabetical order. As we learn about new types of insurance, we will add them to the list. If we are missing any that you know of, please contact us to add.
- Act of God Insurance – insurance that covers damage caused by events beyond your control, such as floods, earthquakes, and tornadoes.
- Alien Abduction Insurance – insurance that pays out a cash benefit in the event of alien abduction.
- Asteroid Insurance – insurance that protects against the financial losses associated with an asteroid impact.
- Auto Insurance – insurance that covers your vehicle in the event of an accident or theft. Click here on tips on how to choose the best car insurance. An auto warranty is different than auto insurance and may pay out in the event of unexpected repairs that are not due to an accident or theft.
- Aviation Insurance – insurance that covers aircraft in the event of an accident or theft.
- Betting Insurance – insurance that protects against the financial losses associated with betting on sporting events.
- Boat Insurance – Insurance that covers your boat in the event of an accident or theft.
- Body Part Insurance – insurance that insures a body part for a certain amount of money. Celebrities who have insured their body parts include Bruce Springsteen (voice), Heidi Klum (legs), Gene Simmons (tongue), Julia Roberts (smile), Mariah Carey (legs), and Tina Turner (legs).
- Bond Insurance – insurance that protects the holder of a bond from default by the issuer.
- Builder’s Risk Insurance – insurance that protects against damage to buildings under construction.
- Business Interruption Insurance – insurance that covers lost income and expenses if your business is interrupted due to a covered event. Get a quote here.
- Business Owners Policy (BOP) – insurance that covers business owners for a variety of risks, including property damage, liability, and business interruption.
- Cancel For Any Reason Insurance – insurance that allows you to cancel your trip for any reason and receive a partial refund.
- Cancer Insurance – insurance that pays a cash benefit if you are diagnosed with cancer.
- Charter School Insurance – insurance that helps charter schools protect against financial losses.
- Child Care Insurance – insurance that helps cover the cost of child care.
- Childbirth Insurance – insurance that pays a cash benefit if you have a child.
- Commercial Auto Insurance – insurance that covers vehicles used for business purposes.
- Contest Insurance – insurance that protects against the financial losses associated with holding a contest, giveaway, or sweepstakes.
- Crime Insurance – insurance that covers losses due to crime, including theft, vandalism, and fraud.
- Critical Illness Insurance – insurance that pays a cash benefit if you are diagnosed with a critical illness.
- Cyber Insurance – insurance that helps cover the cost of a cyber attack, including data breaches, cyber extortion, and cyber-terrorism.
- Data Breach Insurance – insurance that helps cover the cost of a data breach, including notification and credit monitoring costs.
- Dental Insurance – insurance that helps cover the cost of dental care.
- D&O Insurance – insurance that protects directors and officers of a company from financial losses arising from their actions.
- Divorce Insurance – insurance that pays a cash benefit if you get divorced. Did you also know that divorced spouses can draw social security on their ex-spouses?
- Earthquake Insurance – property insurance that covers damage caused by a earthquake – click here for our earthquake insurance guide.
- Elder Care Insurance – insurance that helps cover the cost of long-term care for seniors.
- Errors & Omissions Insurance – insurance that protects against financial losses arising from errors or omissions.
- Equipment Breakdown Insurance – insurance that covers the cost of repairs to equipment that breaks down.
- Event Insurance – insurance that covers events, including weddings, concerts, and festivals.
- Flood Insurance – insurance that can help to cover the cost of damages caused by flooding. It is important to note that flood insurance is not typically included in homeowner’s insurance policies, so it is important to purchase it separately if you live in an area that is prone to flooding.
- Gap Insurance – Gap insurance covers the difference between what you owe on your car loan or lease and the actual cash value of your vehicle if it’s declared a total loss in an accident.
- Group Health Insurance – insurance that helps cover the cost of medical care for groups of people.
- Health Insurance – insurance that helps cover the cost of medical care.
- Homeowners Insurance – insurance that covers your home and belongings in the event of damage or theft. Please note that a home warranty is different than homeowners insurance and may pay out in the event of unexpected repairs that are not due to damage or theft.
- Identity Theft Insurance – insurance that can help to cover the cost of repairing your credit and identity if you are a victim of identity theft.
- Income Protection Insurance – This insurance pays a portion of your salary if you become disabled and are unable to work.
- Jewelry Insurance – insurance that protects your jewelry from theft, loss, or damage. Click here for a comprehensive guide on jewelry insurance to see if it’s right for you.
- Key Person Insurance – insurance taken out by a business if its success is due to one “key” employee. This insurance pays out a death benefit to the named beneficiaries in the event of the key person’s death so the company can hire someone else or provide the employees with some severance pay.
- Kidnap and Ransom Insurance – insurance against the financial losses associated with a kidnapping.
- Liability Insurance – insurance that protects you from financial losses if you are sued for damages.
- Life Insurance – insurance that pays out a death benefit to the named beneficiaries in the event of the policyholder’s death. There are two types of life insurance: Term and Whole. Click here for the difference between term and whole life insurance.
- Long-Term Care Insurance – insurance that helps cover the cost of long-term care, which is often not covered by health insurance or Medicare.
- Malpractice Insurance – insurance that protects physicians and other medical professionals from being sued.
- Personal Articles Insurance – insurance that covers your personal belongings, such as jewelry, art, and electronics.
- Pet Insurance – insurance that can help to cover the cost of veterinary care for your pet if they become ill or injured. It can also help to cover the cost of boarding your pet if you have to go out of town and cannot take them with you. Click here to see if pet insurance is worth it for your pet.
- Private Mortgage Insurance (PMI) – insurance that protects the lender in the event that you default on your mortgage. Banks usually require this when the down payment is less than 20 percent.
- Product Liability Insurance – insurance that protects businesses from financial losses due to defective products.
- Professional Liability Insurance – insurance that protects professionals from being sued.
- Renters Insurance – insurance that covers your belongings in the event of damage or theft.
- Shipping Insurance – coverage that protects against damage or loss to a specific shipment.
- Short-Term Disability Insurance – insurance that pays a portion of your salary if you become disabled and are unable to work.
- Spend-Down Insurance – insurance that helps cover the costs of medical care for those who have a chronic illness and are “spending down” their assets to qualify for Medicaid. Click here for more information on how to get spend-down insurance.
- Travel Insurance – insurance that covers financial losses due to travel, including cancellations, interruptions, delays, and emergency medical expenses. Click here to read the pros and cons of travel insurance.
- Umbrella Insurance – insurance that provides additional liability coverage above and beyond the limits of your other insurance policies.
- Unemployment Insurance – insurance that provides temporary financial assistance to those who have lost their job.
- Vision insurance – insurance that helps cover the cost of vision care, including eye exams, glasses, and contact lenses.
- Wedding Insurance – insurance that can help to cover the cost of your wedding if it is canceled or postponed due to unforeseen circumstances.
- Workers Compensation – insurance that provides benefits to employees who are injured or become ill as a result of their job.
As you can see, there are many different types of insurance out there to protect you, your family, and your belongings.
Final Thoughts
As you can see, there are a variety of different types of insurance that you may not be aware of. If you have any questions about whether or not you need a certain type of insurance, it is always best to speak with an insurance agent or broker who can advise you on the best coverage for your needs.
