The Most Common Types of Insurance When it comes to something like insurance, its sort of obvious you need it, but where do you start? What policies are needed and which ones are a waste of time? Overall between renters, homeowners and business owners there is something like 55 types of insurance. That's a pretty crazy number and it might be so insane, that its actually making your head swim. So which ones are important and which ones are not? below we will be going over the most common types of insurance, as well as a few that are a waste of time and money! These are the most common types of personal insurance that you may need. If you are looking for other types of personal insurance or need business insurance you should consult with an insurance broker. Health
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This is a big policy. In fact in 2009 a study was done and it turned out that over 60% of personal bankruptcies were actually because of health insurance costs. When you purchase this type of insurance there are a few things you will want to think about. First off, you will need less coverage for a healthy single person than for a person that smokes, is elderly or someone with chronic health issues. If you want to use your health insurance a lot or you are a worry wort, you are going to want to find a plan that allows you a low deductible and copay. You also need to ask if you can keep your current doctor or not - some policies require you to get a doc in their network. When shopping for a policy know what you can afford versus what you can't afford. Car Insurance If you have a car, you absolutely need car insurance folks. In fact, in some or all of the states in the US its actually illegal to not have car insurance and you can get fined if you are caught driving without it. If you have an older car, the bare min will do, on the other hand if you own some really expensive car, you will want a bigger policy obviously. There are different types of car insurance such as liability, collision,
comprehensive, uninsured, and personal injury protection so its important to look into all of these and see which ones are right for you. Renters Insurance and Home Owners Insurance Chances are if you live on planet earth you will ost likely have some sort of a dwelling like a house or a rental property. Renters insurance is going to cover you against damage or theft of things in your apartment. On the other hand, homeowners insurance is essential and it helps protect your home and everything on the inside from damage and theft. If yo live in a natural disaster zone such as fires, hurricanes, tornados, flash floods, ask your insurance broker if you would need any of these extra plans or not. Life Insurance This is something that many people put off simply because they don't want to think about the end. But, if you let time pass and then you don't take care of this and you pass away, it could mean that your family is going to be responsible for things like paying for your funeral, burial fees, mortuary fees, etc. Life insurance is put into place to protect them from all of these things as well as leave money to your loved ones. Funerals these days have skyrocketed, they tend to be around $15,000 or more for a proper burial, headstone, etc. Add in the fact that you might be the bread winner in your household and you can only imagine the financial stress your family would feel if you suddenly passed away and they had to pay out of pocket for the funeral and arrangements and then on top of everything else had to worry about where to get money for things like bills. This is not only beneficial to you, but your family as well. Types Of Insurance That You DON’T Need! Flight insurance: Flying is one of the safest ways to travel. Life Insurance for Kids: Life insurance exists to replace lost income. Children have none. Accidental Death Insurance: Even the accident-prone should skip this insurance, which
generally contains so many restrictions that it is nearly impossible to collect. Disease Insurance: A good health insurance policy is probably a far better investment than trying to cover yourself for every type of ailment out there. Mortgage Life Insurance: Another redundant form of insurance, a good term life policy will cover your mortgage in the event of your death. Hopefully these details helped you into thinking about things you need in terms of insurance, and as mentioned above, things you definitely don't need when it comes to insurance "disease insurance, really?) so you can make a sound choice for both yourself and your family - even if in the long run.