VANCOUVER -- Watching your pet get sick on tainted food is bad enough, but not having the money for much needed medical care can be a nightmare.

People who had the foresight to buy pet insurance at least can have peace of mind that if something does happen, their precious poodle or cuddly kitten will be looked after.

Insuring your pet is just one of many ways people can hedge against life's potential misfortunes. Identity theft insurance, which replaces money spent to recover identity and replace identification, is another one.

Aside from car insurance, which is mandatory, one type of insurance everyone should consider getting is apartment insurance, whether you rent or own.

Even if you think you don't have much, it all adds up, said Doug Guedes, president of the Insurance Brokers Association of British Columbia. That's especially true today when most people own computers, iPods, bicycles and digital cameras -- all hot targets for thieves.

Apartment insurance covers items both inside and away from home, whether it's down the street or on an around-the-world tour. So if you lose your luggage in Lima or your bike on Broadway, the insurance kicks in.

Some policies may have high deductible amounts -- the amount the insured is responsible for before the insurance kicks in -- but that can be changed by adding items to a schedule and paying a little extra, Guedes said.

Home insurance will also cover personal liability if someone hurts themselves at your home, and can pay expenses if you need to move while the home is being repaired, he said.

But if you're running a business from your home, then you'll need special insurance. Most home policies limit how much business property gets covered and usually if it's off premises it's not covered at all, Guedes said. There may also be no liability insurance if a client trips and falls in your home, he said.

Travel insurance is another must, Guedes says. While the May issue of Consumer Reports out of New York says most travellers don't need insurance, that's not true for emergency medical coverage. Even travelling from province to province, Guedes recommends some extra coverage.

There are many different types of life insurance so asking what kind someone should have is like asking what kind of car they should drive, said Blair MacLean, a registered financial planner with B.C. Partners in Planning.

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