There are many different insurance plans you may need, in order to protect you from financial loss due to a multitude of causes. When considering what life may throw at you, it becomes easy to see why insurance is a necessity, and required by law, in some cases. The insurance plans you require will depend on your circumstances. Some insurance plans you may need to purchase are as follows:
Obtaining some form of auto insurance is a legal requirement if you own a vehicle, which is used on public roads. You should purchase, at least, liability coverage, which will protect you from financial loss if you are involved in an accident with a third party or third party property. However, this cover will not reimburse you for damages to your own vehicle in the event of a collision. The cover that will give you optimum financial security is full coverage. Full coverage combines liability, collision and comprehensive cover, in order to protect you against a multitude of risks.
If you own your home, household insurance is a necessity. You may be legally required by your mortgage loan company to purchase this insurance, in the terms of your agreement. Household insurance can protect you financially from many causes of loss to both the building and its contents. As buying your home is probably the largest purchase you will make in your life, it makes sense to insure it, and your belongings within, against damage or destruction.
If you rent your home, it is important to remember that the property owner's insurance will not cover you for loss to your belongings. Similarly, it will not cover you for third party liability, should you be found responsible in the event of a claim. In order to protect yourself, you should purchase a renters insurance policy. This will protect you from a number of perils, which may cause financial loss.
In the US, health insurance is a necessity as there is not yet a national healthcare system in place. Therefore, in order to prevent possible devastating financial loss in the future, it is wise to obtain a good health insurance policy for you and your family. There are a number of different plans available, with varying premiums, deductibles and co-payments. These insurance plans can help you with both day-to-day healthcare costs, as well as extensive healthcare needs, which may occur at some point in the future.
If you own your own business, you will need a number of different insurance plans.
This includes cover for various liability issues, commercial property such as retail or office space, business interruption, employee benefits, commercial auto insurance and more. Insurance is also necessary for those in the farming business.. If you run your business from home, it is important to remember that your household insurance will not cover you for loss or damage to property or buildings, which are solely used for business purposes.
If you travel for any reason, you may wish to purchase travel insurance. This can be invaluable to protect you financially from events such as loss or damage of luggage, trip cancellation, flight delays, healthcare abroad, curtailment and more. Travel insurance in often inexpensive, and can be purchased for one-time travel or multiple trips within a set time frame.
With the economic crisis resulting in the loss of many jobs in the US, it may be wise to purchase a private unemployment insurance policy, to provide you with extra financial protection. This could give you added security should your employer's insurance policy not pay sufficient benefits. Similarly, it may be a good idea to purchase insurance for other causes of wage-loss, such as disablement. Other covers may be provided under a combined policy, along with unemployment insurance.
In order to obtain the insurance coverage that is right for you and your family, speak with several insurance companies or an experienced insurance agent, who deals with multiple insurance providers. It is recommended to obtain multiple quotations for each insurance plan, in order to find the one that is right for you. Never accept an offer of insurance until you fully understand the terms of the policy, in full.