Most regular people have several insurance policies. You likely have homeowners or renters insurance to protect your home and personal belongings, auto insurance to protect you while on the road, and life insurance to help provide for your loved ones if you die.
But the average American probably doesn’t worry about insuring a multi-million-dollar yacht or a well-known and lucrative part of their body. Celebrities, on the other hand, usually do have more unique insurance needs and can’t simply request an online quote from the typical insurance companies. So how do they handle their insurance needs? Let’s delve into the wild world of insurance policies for the rich and famous.
Celebrities need insurance, too
The average person probably doesn’t think too much about how celebrities go about protecting their assets. But just like someone who owns a $300,000 home in Georgia or a late-model Chevrolet SUV, celebrities need to insure their valuables. The main difference between celebrities and regular folks is that celebrities tend to have a lot more stuff – and a lot more to lose if they are sued or suffer an injury that could end their career.
At the very least, celebrities need to insure their property to make sure they have protection against covered perils such as windstorms, fire, theft, and liability. At the most fundamental level, this means celebrities need home and auto insurance, but it’s not as simple to get this coverage for multi-million-dollar property as it is for a regular person to find coverage for their home and automobile.
Celebrity home and auto insurance
All homeowners need insurance coverage, whether they own a small condo in Florida or a gigantic mansion in Los Angeles. But a celebrity’s home is likely worth millions of dollars, so a traditional insurance company won’t cover it. The same goes for a celebrity car: while the driver of a Ford truck can go online and get an insurance quote from any provider, a celebrity who drives a Ferrari or a Maserati will need to find specialized coverage designed for ultra-expensive cars.
There are a few insurance companies that specialize in coverage for high-value homes and autos, including AIG Private Client, Chubb, Cincinnati Insurance, and PURE. Celebrities will need to look for an insurance agent who has experience working with these companies so they can make sure they find the best coverage for their celebrity client at the right price.
The most unusual celebrity insurance policies
In addition to insuring their homes, automobiles, and personal property, celebrities often take out very unique and unusual insurance policies. These policies often come from the famous insurance agency Lloyds of London, which is known for insuring celebrity body parts. From hair to legs to voices, here are some of the most unusual celebrity insurance policies to have ever been written (or to have allegedly been written).
Keith Richards
As the lead guitarist of the Rolling Stones, Keith Richards makes his living using his hands. It’s reported that Richards has his right middle finger insured for $1.6 million. While one might assume this was to protect his ability to flip the bird, the decision to insure his finger had more to do with his valuable guitar-playing skills than his ability to express himself as rock stars tend to do. What isn’t clear is why he didn’t just insure his entire hand.
Miley Cyrus
When Miley Cyrus released her album “Bangerz” in 2013, it was a huge commercial success. This was thanks in part to her larger-than-life persona that usually involved Cyrus sticking out her tongue. Since Cyrus considered her tongue as part of her image, she reportedly had it insured for $1 million.
David Beckham
When you’re one of the most successful soccer players of your time, you need to make sure you’re covered in case disaster strikes. That’s why English soccer star David Beckham took out a $140 million insurance policy for his legs in 2006. By insuring his legs, Beckham had the assurance that if something happened to his assets that could end his career early, he’d be compensated for the potential income he had lost.
Dolly Parton
Famous for her country music and her philanthropy, Dolly Parton was reported to have an insurance policy for her impressive chest in the 1970s for $600,000. However, Parton refuted these claims in an interview with the TODAY show in 2022, stating, “Years ago, was it Betty Grable, or one of the great famous stars that was famous also for her legs? And at that time I said, 'Well maybe I should get my boobs insured since I’m famous for them,' but it was just a joke. I didn’t do that.”
Kim Kardashian
Most people know Kim Kardashian from her reality show or her frequent appearances in the press. Kardashian has reportedly insured her famous rear end to the tune of $21 million. It’s not clear why, but since Kardashian’s bottom is often the recipient of press coverage, one can assume that she could stand to lose money if something were to happen to it.
Taylor Swift
Although she started her career as a country music singer, Taylor Swift’s style has changed over the years to make her one of the most popular musicians of her time. While one might assume that Swift would choose to insure her voice, she reportedly has her legs insured against injury for a whopping $40 million – after all, if something were to happen to Swift’s legs, she may be unable to perform and would therefore lose out on a great deal of money.
Jennifer Lopez
Jennifer Lopez is a talented musician, but for some reason she is known in particular for her rear end. Lopez even has a song about her well-known asset. To that end, Lopez allegedly has her bottom insured for an impressive $27 million. Lopez has not commented on this report, so it’s unclear whether JLo’s butt really does have an insurance policy, or whether it is simply a rumor.
Bruce Springsteen
As one of the best-known American musicians of all time, Bruce Springsteen relies heavily on his voice to make a living. In the 1980s, Springsteen worked with celebrity insurance agency Lloyds of London to insure his vocal cords for $6 million.
Julia Roberts
Julia Roberts is famous for her performances in movies like “Pretty Woman,” “Notting Hill,” and “Erin Brockovich.” The American actress and producer is also known for her smile, which is why she reportedly insured her famous smile for $30 million.
Mariah Carey
Singer Mariah Carey didn’t just stop at insuring one part of her body. The singer reportedly has two insurance policies that offer $35 million in coverage for her voice and an incredible $1 billion for her legs. These policies would help protect Carey if something happened to her voice or legs that left her unable to perform.
Heidi Klum
Iconic model Heidi Klum’s claims to fame include posing for a photo shoot wrapped in a gigantic Indonesian python – but she is also known for having her legs insured. Klum told Ellen Degeneres that it wasn’t her who insured her legs, but a client. Additionally, one leg is insured for more money than the other, though the reason behind that isn’t clear. Klum’s legs’ insurance policies total $1.2 million for one leg and $1 million for the other.
Tom Jones
Welsh singer Tom Jones has built a reputation as a ladies man who is not afraid to show off his impressive chest hair. Though Jones has denied it, some media outlets have reported that Jones once attempted to insure his chest hair for £3.5 million.
Christiano Ronaldo
Like David Beckham, Christiano Ronaldo is known for his incredible skills on the soccer pitch. The Portuguese soccer star had his famous legs insured for a cool $144 million while playing for Spanish Real Madrid F.C. in 2009.
America Ferrera
Known for her roles in “The Sisterhood of the Traveling Pants” and “Ugly Betty,” America Ferrera signed with Aquafresh White Trays on a campaign to raise money for Smiles for Success – a U.S. charity designed to help women moving from welfare to work who cannot afford dental care. Ferrera’s teeth were insured by Aquafresh for a total of $10 million.
How celebrities shop for insurance
So, how do celebrities go about getting insurance? Typically, they’ll need to work with an agent who specializes in the types of unique coverage a celebrity needs. They’ll also need to make sure that their agent understands how to be discreet about their clients, and to check and make sure that the agent has worked with celebrities before. Once the celebrity has an agent, they can work with them to determine what kind of coverage they need.
Compare this complicated process to how an average person would shop for insurance. Regular people can simply go online and request quotes from multiple insurers to compare the best rates and coverage, and then choose the one that best fits their needs. They don’t need to worry about protecting their privacy from the paparazzi or taking out expensive policies on parts of their bodies. The process is a lot more complicated for celebrities, as they need to find someone they can trust to keep their information confidential.
Final thoughts
Celebrities aren’t that different from everyday people when it comes to insurance policies. They also need to cover their home and automobile; but their property tends to be worth much more than most people will earn in a lifetime. In addition, celebrities often take out unique policies protecting their voices or parts of their bodies that they use to make a living, so celebrities need to use specialized insurance companies that can offer this unique coverage.