Insurance is one of those things that you need to buy just in case disaster strikes. Whether it’s natural or man made, insurance will help offset catastrophic expenses that can destroy your family. Read on to discover 4 kinds of insurance you can’t afford to go without.
This may seem like a no-brainer, but there are still people in this world that choose to go without insurance. While renter’s insurance is completely voluntary, most homeowner’s are required to carry insurance on their house. Although, the coverages may vary from plan to plan and there are always additional choices you can get for your policy.
Having insurance on your dwelling and the possessions within it will protect you in the event of a fire or other natural disaster. Most policies provide a means to replace important contents such as furniture, clothing and appliances. It is important to note that not all homeowner’s policies cover the same things, so you should check with your insurer to see if floods, hurricanes and other extreme events are covered. Some people may be required to buy extra coverages if the home is located within a certain distance of water.
A lot of young people go without health insurance if possible because they don’t get sick enough to warrant the extra expense. Health insurance is expensive, but in the event of an injury or illness, health insurance can make a huge difference. What used to be a voluntary type of coverage will soon be mandated, and companies will be required to offer a certain level of coverage. Young people will find themselves with no option but to participate, though their coverages may not cover their needs in all situations. The bottom line is that you need to be well informed and purchase insurance that meets your needs now and in the future.
Going without car insurance isn’t an option in most places, so being caught behind the wheel without the proper documentation can be an expensive mistake. Being involved in an accident without car insurance can even land you in jail. Before you get your license suspended or you spend a night in the slammer, shop around for some auto insurance. Find a way to fit it into your budget because this is one type of insurance you can’t afford to go without. Remember, auto insurance isn’t just for the bad drivers, even if you do everything right and you get hit, you’ll still be required to prove you are insured. Luckily, rates for good drivers tend to be lower.
If you have anyone depending on you like a spouse or children, you’ll want to make sure you have life insurance. Many employers offer life insurance for employees that are on the clock, but when you’re not at work you still need protection. Life insurance can ensure that your loved ones have the means to stay in their own home, finish their educations and just survive if something happens to you. While you should always hope for the best, it never hurts to plan for the worst.
These four types of insurance are essential to every adult. Plan your budget carefully to ensure that you can meet the premiums because you simply can’t afford to go uninsured.