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8 Types of Insurance You Can’t Go Without

Are you sure that you are properly insured? How much insurance can be too many? Well, there is no particular number but there are certain insurance types that you must definitely have. Life is unexpected and you never know what is going to happen at the next turn. Getting the right insurance will keep you secured so that you do not end up in a pool of debts.

Auto Insurance

You should never drive while you are uninsured because, in case of any mishap, the amount of money that will been spent can be as much as $4900 according to the reports of Insurance Information Institute. You can implement some of the best car insurance tactics and keep an eye out for better rates across multiple companies.

Term Life Insurance

According to reports generated by the Insurance Information Institute, 30% of the population of America does not have a life insurance. The last thing that you can imagine is a financial hardship at the time of a crisis.

Homeowners/Renters Insurance

In case of an event covered loss, a homeowner’s insurance will help you repair your house.  But you must make sure that your policy has an extended dwelling coverage. A renter’s insurance is similar to a homeowner’s insurance except for that fact that the latter one will not cover the renter’s possessions.

Health Insurance

Most Americans do not have enough emergency savings when it comes to paying for a medical bill, which can easily go up to $1000. Being uninsured only makes you vulnerable to a serious financial crisis. You can get a high-deductible health plan which will make your eligible for a Health Savings Account (HAS) which, in turn, will help you save tax.

Umbrella Policy

Much similar to the meaning of the term itself, an Umbrella Policy can give an extra protection to your assets in the event that your expenses are exceeding the limit of your policy. A common example would be a multiple vehicle accident where the costs of the total damage can easily add up and exceed your policy’s limit.

Long-Term Disability Insurance

In case you are not able to work due to some serious illness or injury, the long-term disability insurance will keep you covered. Do you think that permanent disability isn’t so common? Buckle up as your thoughts are about to change. According to the Social Security Administration report, one in every four 20-year olds of today’s world will become permanently disabled way before they hit 67. So, make sure you are insured.

Identity Theft Protection

With a steep rise in cybercrime, protection of your personal information should be one of your first priorities. Retail stores are often attacked by hackers and this leaves you at a great danger because some other person can ruin your finances by doing everything in your name.

Long-Term Care Insurance

Having a disability or chronic illness means you need services like in-home help or nursing home care. So, this insurance will keep you covered without draining your retirement savings.

These are some of the insurance policies that you must definitely have. Being uninsured is never the solution. Go for a premium that you can afford so that in case you a crisis, you do not face a financial catastrophe.

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