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Fantasy football insurance? Yes!

By Jay MacDonald · Bankrate.com
Tuesday, August 31, 2010
Posted: 7 am ET

One hard hit can ruin your fantasy. Here New Orleans wide receiver Donte Stallworth meets Seattle free safety Ken Hamlin.

Are you ready for some football? Let's see: Homeowners insurance for the big kickoff party? Check. NFL TV package? Check. HD home Jumbotron? Check. Signed team jersey? Check. Fantasy football insurance? Uh ... check!

Just as the Dom Perignon-sipping NFL team owners and general managers insure against season-ending injuries to their star players, participants in the Bud-and-Cheetos fantasy league can now insure against the loss of their key players with Fantasy Sports Insurance, or FSI.

Anthony Giaccone and Henry Olszewski, real insurance brokers with Intermarket Insurance Agency Inc., of Long Island, N.Y., came up with FSI after Olszewski's fantasy quarterback, New England's Tom Brady, pulled up with a season-ending knee injury in the opening game of the 2008 season.

Why insure your fantasy stars? "FSI will not only increase your competitiveness, but also gives you piece (sic) of mind knowing that your investment of both TIME and MONEY in building your team is secure. FSI will increase the level of involvement and interest in your fantasy league. If a devastating loss occurs ... all is not lost!" according to the FSI website.

Side note: If your involvement in your fantasy football league is getting a tad too intense, you may want to check out my blog on divorce insurance.

Unlike auto insurance, homeowners insurance or health insurance, fantasy football insurance is surprisingly simple and straightforward. You can insure one key player against missing nine out of the first 16 NFL games due to injury, two key players against missing a combined 14 games or three key players missing a combined 18 games.

If your insured players go down, you can collect up to $1,500 in league fees, up to $200 in intra-season transaction fees, and up to $200 for the cost of online subscriptions, magazines and Cheetos. Well, maybe not the Cheetos.

This season, FSI insures 100 NFL players for fantasy action, including Drew Brees, Eli Manning, Terrell Owens, Chad Ochocinco and Brett Favre. You may want to double-check on Favre coverage shortly before buying however.

Fantasy football insurance costs 10 percent of the coverage amounts you select plus a service fee; $1,000 in coverage costs $105.58. And FSI is actual insurance, underwritten by A-rated carriers; you receive a full policy document with the players' names included. All claims are paid by check 30 days after the regular season ends, according to the website.

Would you pony up 10 percent of your investment to insure against the financial and emotional loss of  your key fantasy football players?

The 2010 NFL season kicks off on Thursday, Sept. 9, when the Super Bowl champion New Orleans Saints host the Minnesota Vikings -- with or without Brett Favre.

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