Cryptocurrency Insurance Is Going To Be A Necessity

Have you ever thought about cryptocurrency insurance, does it apply to you?

The insurance industry has a lot to gain from the cryptocurrency economy, so you know they want in on it. Luckily to the consumer’s benefit, this might actually be something useful. A handful of insurance agencies have already starting adopting cryptocurrency plans, agencies such as XL Catlin, Great American Insurance Group, Chubb, Mitsui Sumitomo Insurance, and Line which is a messaging app that is soon to feature loans and insurance policies, along with transacting crypto.

Cold Storage Only

Insurance agencies may start asking how you store your cryptocurrency, and it could affect your rates. There are two methods of storage, cold storage and hot storage. A cold storage wallet has no internet connected to it, and is completely inaccessible unless you can get the private key. A hot storage wallet is connected to the internet, and with that there is a ton of vulnerabilities. There are pros and cons to both types of storage, and they both have their uses. Cold storage is for large sums that you do not want to move often.

How much coverage can you get?

Cryptocurrency insurance agencies are doing pretty much any sum, ranging from smaller amounts to millions of dollars. So go out there and do your research, you may be able to utilize cryptocurrency insurance to secure your assets.