Don’t sweat it: Insure those used sneakers

In what may bolster the argument that just about anything is insurable, there is now an insurer of used sneakers.

Sneaker insurer SoleSafe LLC is the brainstorm of Phil Terrill, a St. Paul native who came across 10 pair of Michael Jordan signature basketball shoes that were left behind a house he and his wife had purchased. 

According to an article in the Minneapolis Star Tribune, Mr. Terrill came up with his brainstorm after trying unsuccessfully to obtain insurance for the sneakers, which he valued at more than $40,000.

SoleSafe has a mobile app that offers insurance coverage for high-end sneakers using a valuation and appraisal model. Using the app, customers can upload images of their shoes, which are then authenticated by SoleSafe.

Shoes insured by SoleSafe are typically valued at around $250, according to the article, and claims paid are based on market value.

There’s no mention of whether smelliness affects their value.