The end goal therefore, does not seem worthwhile of the effort. After all, what’s the need of buying a policy when you cannot understand even the nitty-gritty details of its coverage?
Despite such downsides, insurance is usually a very wise move. With that in mind, let us explore the top 10 insurance types everyone should consider:
1. Health Insurance.
Health insurance is one the most important types of insurance. You not only want to ensure you cover your doctor’s visits and prescribed medication, but you also want to ensure you are adequately insured for times when you fall extremely ill.
2. Dental Insurance.
Dental insurance is crucial to have, especially if you consider how expensive it is to have teeth filled, pulled, or drilled. Many people pay dearly out of their pockets for dental visits or surgeries which they could otherwise prevent if such visits were covered by insurance.
3. Auto Insurance.
In case you own a vehicle, auto insurance may really come in handy. Auto insurance covers vary depending on factors such as age, location, driving history and the type of car. Auto insurance mainly s covers the financial liability or loss of your car in case you get involved in an accident.
4. Homeowner’s Insurance.
Homeowner’s insurance covers the protection of your private home and all items of value stored inside. It can also act as liability insurance for accidents that may occur within your home, such as theft or vandalism.
5. Renter’s Insurance.
If you rent a house or apartment, you definitely should consider acquiring renter’s insurance. In most cases the land lord covers the house or apartment for any liabilities but it is still a great idea to have renter’s insurance as a cover for your belongings in case of vandalism, theft or any other unexpected occurrences.
6. Property Insurance.
While many forms of insurance do not cover natural disasters, this type of insurance usually covers property against damage resulting from hurricanes, floods, earthquakes, or fires.
7. Life Insurance.
In case something happens to you, this type of insurance provides your beneficiaries with monetary compensation to support them once you have departed. It’s is generally bought for people with financial dependents to ensure they are provided with a similar amount of money to that you would usually make annually.
Other forms of insurance is end-of-life insurance. This includes nursing home insurance and burial insurance. Who can afford all of these insurance needs? Please give this article a quick comment/share and then jump over to our money management center for budget planning and living expense reduction.
8. Disability Insurance.
This covers a portion of the expenses incurred if you suddenly can’t work due to illness or injury. Short term disability insurance will usually cover up to 6 months and provide a monthly stipend to cover any expenses and the missed wages.
9. Liability Insurance.
This covers an insured party for legal expenses incurred in case of a lawsuit for particular events. For instance, in case someone visits your house, slips on your sidewalk and proceeds to sue you for negligence, this insurance will cover any legal bills.
10. Natural Disaster Insurance.
This is particularly useful for people who live in locations prone to natural disasters. You will not need to purchase every single insurance policy for a natural disaster, since it is impossible to determine when those may occur. But in case you live in areas with frequent floods or earthquakes, for instance, flood insurance or earthquake insurance is something worth considering.
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