Can you insure anything?

You've heard of homeowners insurance and car insurance, health insurance and life insurance. But what about hand insurance and wedding insurance?

Believe it or not, insurance can help protect a lot more than just your home, car and physical health. But many people don't realize that some of their most valuable possessions aren't covered by standard insurance policies. That's why it's important to understand your policy's limits and inform yourself about additional coverage options.

Read on to find out what you can and can't insure.

Can I insure my jewelry?

Basically, insurance is all about calculating risk: How likely is the item to be damaged or stolen, and how much will it cost to repair or replace it?

For fine jewelry, those risks are high. In addition to its value, jewelry can also be easy to steal, making it a prime target for burglars. For this reason, many insurers have a low coverage limit for jewelry theft — about $1,500 according to the Insurance Information Institute — on homeowners and renters policies.

But that doesn't mean you have to leave your heirloom necklace or engagement ring unprotected. You can opt to raise your coverage limits with your insurer to help protect specific items, or you can purchase a separate policy to help cover valuable property. These policies can also be referred to as floater insurance or personal property floater.

Keep in mind that floater policies often require a professional to appraise the value of the items covered. However, adding this specialized coverage can help protect you against things like accidental loss and often without requiring a deductible.

Can I insure my hands or other body parts?

You bet, although it may require a special insurer and special circumstances to do it. The most common reason to insure a body part is if it has particular value in relation to your income or profession.

Several celebrities have gained notoriety for obtaining unconventional insurance policies for their body parts. For example:

• Supermodel Heidi Klum reportedly insured her legs for about $2 million and even traveled to London to have their value assessed by insurance underwriters.
• If you're familiar with the band Kiss, you've probably seen Gene Simmons' famous tongue. It's rumored that he insured it for $1 million.
• Hands are important for a guitarist, but Keith Richards of the Rolling Stones only bothered to insure his middle finger. It was reportedly covered for over $1.5 million.
• Irish dancer Michael Flatley of "Riverdance" and "Lord of the Dance" is said to have insured his shockingly fast feet for about $33.6 million.
• Singer Mariah Carey insured her unforgettable voice for $35 million in 2016 and got a matching policy for her legs.

Can I insure cryptocurrency and currency?

Cryptocurrency, such as Bitcoin, Ethereum and Dogecoin, is virtual currency, which means it's used digitally. Because cryptocurrency is new territory, governments and regulators are still working through insurance details.

However, if you keep significant sums of currency (cash, coins, bank notes or bullion) on your property, you should know that a homeowners or renters policy won't cover much, if any, of it. And even if you choose to store it in a safe deposit box, most banks won't insure their contents (Opens in a New Window).‍ ‍ ^{See note 1}

To get the coverage you need, you may be able to raise your coverage limits, or you may need to add a scheduled personal property endorsement. It all depends on your insurer.

Can I insure my silverware?

Like jewelry, silverware meets the "high value, easily stolen" criteria and is often subject to liability limits for loss by theft. You may wish to obtain special coverage for tableware items such as cutlery, tea and coffee sets, serving pieces and candle holders that are made with precious metals such as silver, gold, pewter or platinum. These valuables would be covered by a floater policy like a USAA Valuable Personal Property policy.

Can I insure my cell phone?

Smartphones are commonly lost, stolen or damaged, and repairing or replacing one can be expensive. Many insurance carriers offer protection that can help offset replacing your device with cell phone insurance.

Can I insure fine art or other home decor?

Do you have eye-catching, one-of-a-kind decor such as fine artwork, antique furniture or oriental rugs? If so, you may run into coverage limits on your policy and need to purchase extra coverage.

Can I insure a bottle of wine?

If the only wine in your house is wine you intend to drink, you don't need to worry about insuring it. But if you're a collector, you could easily have wine worth thousands of dollars in your cellar. While a small collection may fit within standard policy limits, a large collection probably won't.

Wine collections are more susceptible to certain threats, such as a mechanical breakdown or loss of power that impacts temperature and humidity control. Therefore, they may not be covered by your homeowners insurance. You may want to purchase additional coverage for a wine collection.

Can I insure my patio furniture?

Homeowners and renters insurance policies typically include coverage for personal property, regardless of where you keep it. So if you have an outdoor entertaining space outfitted with a furniture set or grill, those items are usually covered in the event of fire, hail or other perils.

That said, you may need to purchase additional coverage if you have a detached structure on your property such as a gazebo, pavilion or recreational dock. While your furniture may be covered by a standard policy, the structure itself may not be.

Your insurer can help you understand the coverage limits of your individual policy.

Can I insure my bicycle?

As with other personal property, your bicycle will usually be covered under your homeowners or renters policy. That means if your bike is stolen or damaged in a covered peril, your insurer may help with repair costs or reimburse you for the value of your bike minus your deductible. No sweat.

However, if your bicycle is more than a basic ride, such as a specialty racing bike or e-bike, a standard policy may not offer the coverage you need. You may want to consider getting bike insurance. Bike insurance can be tailored to your bike more adequately than the general coverage that your homeowners or renters coverage may offer. It also can cover e-bikes or electric bicycles that are becoming more popular.

Can I insure my ATV?

You know you need insurance for cars, motorcycles, RVs and the like. But what about off-road recreational vehicles like all-terrain vehicles (ATVs) and utility task vehicles (UTVs)?

While not all states require insurance for ATVs and UTVs, some parks and trails do. Fortunately, most auto insurers offer ATV/UTV coverage. These policies typically offer options similar to an auto insurance policy.

Can I insure my car stereo?

Your auto policy will likely cover damage or theft of your car's stereo if you maintain comprehensive coverage. But if you've upgraded your sound system with aftermarket audio equipment, you may not have the coverage you need with a standard policy. While this is bad news for audiophiles, some insurers may allow you to purchase additional coverage for your custom sound system.

Can I insure someone else's car?

Simply put, yes. If you're going to drive a car that you don't own, you can still get an auto insurance policy to help protect yourself and your finances. But that's not your only option.

Depending on the circumstances, it may make more sense to add you as a named driver on the car owner's policy or to buy a short-term auto policy. Better yet, your existing auto policy may already cover you when you drive other people's cars.

Can I insure my classic car?

If you have an antique, classic or collector's car that you drive on a limited basis, your insurance needs are different than those of a typical commuter car. But while your risk of auto accidents may be low, you still want to help protect your vehicle's agreed value. Fortunately, some insurers offer special auto policies for collectible vehicles.

Can I insure my video games?

If you're an avid gamer, you may be particularly concerned about protecting your collection of video games. The good news is your video games will typically have the same coverage as any of your other personal possessions under a standard homeowners or renters policy.

That said, the best way to help protect the value of your collection in case of a covered peril is to keep a detailed inventory of your items with receipts and pictures where possible. This will help your insurer accurately assess the value of your games.

Gaming systems can be expensive, so whether you have a gaming console or a high performance computer, you may want additional coverage for your electronics.

Can I insure my guitar, tools or specialty gear?

Hobbies add a lot of enjoyment to life, but they can also be expensive. While your homeowners or renters policy will cover personal property, you may want extra coverage for certain items, such as musical instruments, tools and fitness equipment.

Can I insure my gun?

Guns and bows that are legally owned, as well as scopes and cases, aren't always protected under homeowners or renters insurance. This means you may want to add a Valuable Personal Property policy.

Can I insure my photography gear?

If you use your equipment to run a small business, you should consider small business insurance. If you are a hobbyist, but maybe you have an expensive camera and lens kit you may need to add coverage or obtain a special policy. Talk with your insurance professional about which option is best for you.

Can I insure my wedding day or other special event?

Between venues, catering, decorations and more, big events often come with big price tags. But how do you budget for the unexpected?

Unfortunately, many vendors won't refund event deposits for a cancellation or postponement — even if the delay is beyond your control and involves factors such as extreme weather, accidents or illness.

Check out special event insurance. This unique type of insurance helps protect you against financial losses associated with your event. And event insurance may reimburse you for more than just deposits and fees. It can also help cover liability concerns, including bodily injury, property damage and liquor liability.