customersWhen it comes to protecting their most prized assets, celebrities know a thing or two about insurance. After all, who hasn’t heard the stories of stars like Mariah Carey, Jamie Lee Curtis, and Heidi Klum taking out insurance policies on their infamous body parts?
And while stories like these stem all the way back to the early days in Hollywood, the fact is that it’s gotten even more popular as time has passed. Nowadays, even B-list stars are taking out policies on everything from their teeth to derrieres. But the race to insure may not be as foolish as you might think.
Insuring your valuable these days isn’t just smart; it’s necessary.
It’s not just modern-day divas like Jennifer Lopez whipping up insurance policies left and right. In fact, the trend began all the way back in the golden age of Hollywood with American comedian Ben Turpin, whose silent film career banked on his trademark crossed eyes. Turpin took out an insurance policy with Lloyd’s of London, the famous insurance market where members come together and takes a share of the same risk, in case his eyes were to ever uncross, Time Magazine reported back in 1928.
The trend caught on, with starlets like Marlene Dietrich insuring her trademark voice for $1 million, and Betty Grable insuring her legs for $1 million as well.
Nowadays, celebrities insure body parts left and right. In 2004, Heidi Klum had her legs insured by London's Phillips De Pury and Company for $2.2 million.
“Having valued static objects for 15 years, it makes a refreshing change to be asked to value something living, and I certainly admired the exquisite lines of this piece," valuator John Souglides of Phillips De Pury and Company told British Vogue of working on the case.
But here’s where things get tricky; it’s not Klum who had to drop the major moola to protect her gams. Instead, a client she works for forked over the money, and after an evaluation of her legs, completed the insurance policy, Heidi told Extra. The policy couldn’t protect Heidi from previous accidents, however. One leg was determined to be worth $200,000 less than the other since Klum has a scar on her left leg from a nasty run in with a piece of glass.
It’s not just body parts that get million dollar policies, however. Popular insurance companies like auto insurance giant Geico frequently deal with insuring collectible items, like antique cars. Collectible car insurance isn’t the same thing that you purchase for your everyday Honda Civic. Instead, you and your insurance company settle on an agreed value, instead of a cash value like with a normal vehicle. The American Modern Insurance Group deals with everyone from beach homes and snowmobiles to golf carts and mobile homes. This covers everything from lost and stolen parts to towing costs and medical bills for a pet injured in a vehicle.
If you feel like you need to protect an unusual item, you’re not alone. Everything from fur coats and musical instruments to firearms and stamp collections can be protected by insurance, and there are a variety of options available to you. Valuable Items Coverage protects your possessions that may not be covered by your existing insurance policy. The first step is to contact an insurance agent and provide a detailed list of the items you’re looking to protect, along with a recent appraisal of the item. It’s suggested that you take photographs of the items and keep these in a safe place in case something actually does happen. For smaller items, like a fur coat or silverware, the appraisal of the item isn’t often determined unless something happens to it. This loss settlement will be determined at that time.
While many people choose to protect their possessions via insurance, it’s important to remember that the best way keep your valuables away from harm is to responsibility prevent anything from happening in the first place. While you can’t predict many curveballs thrown your way, you can store your belongings in a safe place, or make sure an alarm is enabled at your home or office. Preventative measures aren’t a guarantee of security, but they do add a little bit of safety net.