Consider Your Insurance While not always the most interesting subject, insurance is a topic that does require a fair amount of attention. Although we may think we understand what types of insurance are available to us, how much they generally cost, and what they provide us with, the fact of the matter is that insurance is changing and evolving all the time. Whether it’s due to fluctuations in the economy, new legal restrictions, or even an increased frequency of natural disasters, the insurance industry does not stay the same. And if you want to ensure you have good, reliable coverage, you’d better keep up on your insurance education. Here are the types of insurance you should be aware of.
Hazard Insurance Hazard insurance covers physical damages involving your property and possessions. So theoretically if your house were to burn down, your insurance would cover the losses incurred by the event. Most insurance plans have long lists of what they cover, and sometimes people assume that this means they cover everything. Unfortunately, this usually isn’t the case. For instance, flooding and earthquake damage are rarely currently covered by insurance plans without paying additional fees. And while higher insurance payments are not favorable, not paying for earthquake protection when your house is near a fault line is extremely risky. So make sure you’re adequately covered.
Liability Insurance Liability insurance is a bit different from hazard insurance in that fact that it protects you from legal repercussions. For instance, if someone were injured on your property, your liability insurance would cover their medical bills and the legal fees if they decided to sue you. Most homeowner’s insurance policies come with about $100,000 in liability coverage. However, this number is extremely low when you consider recent court cases. Protect yourself legally by purchasing a policy that insures you for a more realistic amount, around $1 million.
Life Insurance Life insurance protects your family members and dependents in the event that you should pass away. While life insurance may seem simple, there are actually some details that you need to make sure you know. The important thing to remember about life insurance is that some
policies only last a certain amount of time before expiring, meaning that if you die after they expire, your family does not receive anything. Additionally, some life insurance policies in Conway also have an option to invest part of the money you put into it, which can lead to greater returns. Ensure that you research life insurance before settling down in your home in Myrtle Beach in order to truly enjoy the security that life insurance can bring. Insurance can be confusing at first, but with a little bit of patience, your understanding will grow. Make sure you and your family are protected by being studious and choosing the right amount of insurance.
Photo Credit: http://www.naaree.com/, http://www.alturacu.com/