You can buy insurance for practically anything these days.
Planning a vacation to France? Your airline, travel agent or even hotel will likely offer trip insurance in case you need to change your dates or cancel. Going to the casino? You can insure your blackjack hand in case it's not your lucky day.
Recently, I was even asked if I wanted to pay US$20 to insure a pair of $80 ice skates beyond the three-month warranty or $12 to protect a $40 television cable for a "lifetime" of protection – a quarter of each product's price in exchange for extra "peace of mind."
More from The Conversation:
How transshipment may undercut Trump's tariffs
Why cities are becoming reluctant to host the World Cup and other big events
The US is stingier with child care and maternity leave than the rest of the world
But is it really worth paying the extra money? Here's how an economist like me would answer that question.