What Is Specialty Insurance

Specialty insurance can cover anything from an exotic pet to an exotic cruise.

Individuals, businesses and other organizations buy specialty insurance to provide protection against financial losses. This type of insurance coverage goes beyond ordinary policies and often centers on providing insurance for more exclusive or difficult risks.



Typically, specialty insurance covers unique, rare or expensive items or potential events. Insurance carriers design specialty insurance products for leisure activities, sporting venues and entertainment. Consumers may buy specialty insurance for travel, boats, antiques and automobiles, travel, amateur sports or ATVs. Some other categories of specialty insurance are pet insurance, special events insurance, Medicare supplement and flood insurance.

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The features of specialty insurance coverage vary according to the type of insurance and the insurance carrier. For example, many pet insurance companies will insure dogs, cats and horses, but very few insure exotic animals such as ferrets or reptiles. Travel insurance can cover items ranging from doctor visits and illnesses to canceled trips. As with most insurance, more extensive coverage means a higher insurance premium.



As with any insurance, compare rates and look for financially sound specialty insurance carriers. Read the policies and understand the provisions and any exemptions. Check your other insurance policies to avoid redundant coverage. In addition, look into the possibility of agreeing to a higher deductible to lower the insurance premium.