The law requires that you insure your vehicle; your heart tells you to insure your life if anyone is depending on you for their support; common sense tells you to insure your health. But you might benefit from coverages you have never heard of. The basic guideline is this: If an item is at risk of being destroyed or damaged, and if that destruction would end up costing you money, you should consider insurance.

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Sources of Liability

You need to insure your business—even if you didn’t know you had one. Ride-sharing services and vacation rental contractors require that participants carry insurance at certain levels, but more casual niche arrangements tend to come without guidelines. For example if you board horses you may need liability protection. Homeowner’s coverage may only go so far in protecting your home and family so the horse insurance cost will be greatly outweighed by the peace of mind it brings you.

Parts of You

Life insurance is necessary, but far more people end up taking advantage of disability insurance. The policies tend to include wording like “loss of one hand and one foot” but in reality they are not intended to insure parts of yourself. They are designed to protect your income should you become unable to continue earning in your current industry or reasonable alternatives. Long-term and short-term policies are available; many workers opt to have both.

Possessions You Would Replace

Just about all your possessions cost money to purchase, but not all would need to be replaced so not all should be insured. Fine art pieces are investments; they should be insured because if they stay in good shape they may eventually appreciate enough to be sold at a profit and are considered a valuable asset. Therefore, the destruction of that art would result in the loss of that value. Other items would require prompt direct replacement such wedding rings, cameras and accessories, electronic equipment, household appliances, musical instruments and specialty tools used for work, home improvement or hobbies.