7 Types of Insurance You May Need
Regardless of how careful you are, unexpected events can happen anytime. That’s why there are different types of insurance coverage you can consider. Insurance can protect you and your assets from financial losses due to accidents, natural disasters, or negligence. You may be surprised at the range of insurance options you have at your disposal. Whether you need to protect your life, home, or travel plans, you have several types of insurance that can help you.
Operating a vehicle comes with a great amount of risk. Regardless of how carefully you drive, your car needs all types of maintenance and can always break down at any time without such. Plus, once you take your car on the road, you’re in danger from other drivers who may not be watching the road as closely as you are. Luckily, car insurance covers the damage that can happen to your vehicle or other people’s vehicles in case of an accident.
It’s one of the types of insurance that’s a requirement in most States and can prevent you from running into financial ruin because you had to pay for damage out of your pocket. After all, several types of liabilities can happen in the event of an auto accident. If you’re at fault for an accident, not only would you have to worry about your car, but you would also be liable to pay for any damage to someone else’s car or property. A lawsuit can happen if you cause damage to property or bodily harm to someone else. If a lawsuit were to happen, insurance could help you offset those costs.
Speaking of damage to your car, it may not only have extensive damage but may end up being completely wrecked. Whether you have to visit auto glass shops, repair your windshield, or repair your brakes, it can cost a lot of money to do so. It would cost even more money if you had to completely replace your car.
Like most Americans, your home is your biggest and most expensive asset. That’s why home insurance is a must to protect your assets in case any type of damage out of your control goes wrong. The event of theft, vandalism, natural disasters, fire, or other issues. Home insurance will help ensure that you get compensation in return to replace or repair those items. Your Homeowner Association website can have more information to help you know about your home insurance coverage and other questions you may have.
You may need to get compensation from your home insurance for several reasons. Take, for example, a natural disaster such as a flood. Now that fall is here, that means it’s hurricane season for people living along coastlines. With hurricanes come, strong winds and heavy rains. If your house isn’t properly fortified, those strong winds and rains can flood your basement. In addition to your basement, the main part of your house can suffer the same type of flooding which could damage your expensive hardwood flooring. That water damage can also seep into your drywall and ruin your foundation. With a ruined foundation, your home can become unlivable.
However, damage to your home can also happen due to someone else’s negligence. What if somebody was driving recklessly and didn’t have proper brake controllers? Car accidents not only involve crashes with other cars, but they can also involve someone’s property. If someone crashes into your home, home insurance can help you repair any of the damage that would result from it.
Luckily, home insurance can allow you to make those necessary repairs to your home without paying several thousands of dollars out of your pocket. Just be prepared to take photos of everything, document what happened, and make your claim as soon as possible. In other words, don’t wait a month or two after a flooding or theft happens to report it to your home insurance association. Like auto insurance, home insurance is often a requirement. Mortgage lenders usually require it, but at least it provides a safeguard that can repair or rebuild your home in case it’s severely damaged or destroyed.
One of the main types of insurance people think of is medical insurance. Medical insurance has been a hot topic of debate for the past number of years in the United States. Such a reason may be due to the contrast in universal healthcare in other countries compared to the medical insurance in the US. American health insurance is usually tied to a job or you have to pay out of pocket. If you have to pay medical insurance out of your pocket, it can cost a lot of money, especially when you’re paying for an entire family.
The government has also provided incentives that can help people save on their monthly premiums depending on their income level. So if you’re still looking for health insurance, know when these open enrollment periods are. Even if you have insurance from your job, you may want to get certain supplemental insurance or medical plans that can cover where the insurance lacks.
When you have medical insurance coverage, you can have doctor visits, hospital stays, tests, prescriptions, and surgeries. It’s certainly one of the types of insurance all Americans should get. After all, medical insurance can ensure you and your family always receive medical care or emergency surgery.
The type of medical insurance you have can also affect the level of care you get and the type of doctors you can access. After all, all medical plans aren’t created equally. Insurance may only cover the basics if they have a very low premium. A higher premium or deductible may come with access to extra services, such as treatment for hair loss or getting acupuncture.
While paying high premiums every month can hurt your pockets, remember it can be a protection against bankruptcy. According to statistics, the number one reason for bankruptcy is due to extensive medical bills. There were certain diseases, such as cancer, can be very expensive to have. Any major surgery, such as those for your heart or other vital organs, can cost hundreds of thousands of dollars that would be difficult to cover without insurance.
Having medical insurance gives you access to preventative care. Remember, going to the clinic or hospital isn’t just for when you’re sick. It’s also to help prevent you from getting sick and ensure that everything is functioning. So anytime you go in for a regular screening, biannual checkup, or to get a vaccination, your medical insurance can cover you.
When maintaining your health, your teeth are as important as your body. That’s why dental insurance should be one of the many types of insurance you make a priority. It’s no secret that dental care is expensive to pay for out of your pocket. Even the wrong dental insurance plan may not provide the right coverage for you. So do your due diligence and find the right dental plan for you and your family.
The right dental insurance should cover basic things such as exams, cleanings, fillings, and restorative care like crowns. When it comes to orthodontic care, some dental insurance can also help out with the cost of braces. According to the American Association of Orthodontists, your children can begin seeing an orthodontist as early as seven years old. Being able to pay for orthodontic care can ensure that you and your family have straight, healthy teeth that are easy to clean and won’t have any bite issues.
While you may have a mouthful of healthy teeth now, a day may come when you need to restore or replace some of them. Many older people experience teeth wearing down and may need to pull them in place of dentures. Thanks to advances in medical technology, dentures aren’t the only option to replace missing teeth. Dental implants have become more popular for anyone who needs to fill in one or a mouthful of missing teeth. Since dental implants have become more popular, you have a better chance of finding a dental insurance plan that can help you cover the cost of them.
If you have a furbaby, you understand why pet insurance is one of the types of insurance you need. With such coverage, you can assess regular veterinary services for your beloved pets. Whether you have Maine Coons, German Shepherds, or a pet rabbit, you can take them for regular exams, vaccinations, medications, and surgery. Just like with humans, your pets may need emergency care and your pet insurance can cover that.
If you decide to get a puppy, understand that there’s a lot of care involved as they grow. As your puppy grows from a baby into adolescence, you need to take them in for regular shots and checkups. If your little dog gets into a mishap and eats something that they shouldn’t, a quick trip to the vet can ensure they get the care they need. Unfortunately, animals such as your cats and dogs can get some of the same types of illnesses humans can get. So you may need to use pet insurance to get your animal treatment for cancer, arthritis, or ligament problems.
What if your pet is a little naughty and damages your neighbor or someone else’s property? What if your pet gets a little too excited and ends up causing injury to someone else or their pet? If your pet causes someone else harm, the right pet insurance can cover you for such liability.
Are you a business owner or planning on becoming one? If so, make sure business insurance is one of the types of insurance you have on your roster of things to do. Regardless of how responsible a business owner you are, there are still risks and liabilities that come with it. If you have business property, you may have to deal with property damage, repairs, or the same issues that come with owning a home. Your business insurance can ensure that you have the funds to make the necessary repairs so that it won’t stop your business from running.
When you sign a business contract, you may need proof of insurance to ensure you can cover the cost of what’s needed. If you have people working for you, understand they can get injured on the job. However, business insurance such as workers’ compensation, health insurance, and liability insurance play a role in protecting your employees.
Your business must also prepare for possible customer lawsuits, especially if there are any defective products or services. Take, for example, food service. If you end up serving food that produces a foodborne illness, such as E. coli or salmonella, and people get sick from that, your business is liable for a lawsuit. If your business has to shut down temporarily due to product recalls, investigations, or natural disasters, insurance can ensure your business keeps running, and you can continue to pay your employee income.
7. Life Insurance
It doesn’t just cost money to live, but also expensive to die. After all, your loved ones will have to deal with your remains and arrange for a service. If you don’t have insurance coverage. It can be a major financial burden on loved ones who want to give you a proper goodbye. So when it comes to protecting the people that you love, life insurance is one of the types of insurance you should get.
In addition to covering your funeral expenses, it can also provide money to help secure the financial future of your heirs. The insurance will usually pay a lump sum or regular payments to people named as direct beneficiaries on your policy. So if you want peace of mind that your family will be taken care of when you die, having a valid life insurance policy is the way to go about that.
As you can see, you have several types of insurance to make your life easier. Whether you want to keep up your health, your business, or your home assets, as well as ensure the future of your loved ones, these are some of the insurance you should have. After all, you can never be too cautious when it comes to protecting your life and the lives of those under your care.