Insurance is important if you want to properly protect your assets. However, there are a number of insurance policies vying for your attention. Before you get an insurance policy, make sure it’s something that you need, and that will truly benefit you. Here are some of the insurance policies that you should have:
Health insurance is a necessity if you want to protect yourself from catastrophic problems. Even though health insurance can be expensive, a long hospital stay can be even more expensive. Protect yourself with the help of health insurance. Even if you get a more basic plan, only to apply to catastrophic situations, it can still help. You can improve your situation with the help of a Health Savings Account.
Most states require auto insurance by law. And you should have it anyway. It can help protect you in terms of liability if you cause an accident, and it can protect you in terms of getting money to buy a new car if you need it.
Your home is likely to be your biggest asset. You need to protect it, and the items inside it. Even if you have rental, you should get some kind of insurance. Rental insurance can protect the items you have. We were surprised, when we were still renting, to add up the value of what we had in the apartment.
You can protect your family from financial devastation at your death if you have life insurance. It provides a way for your family to have the financial resources they need after you are gone. This is an important part of ensuring financial freedom for your family.
Other Types of Insurance You Might Consider
In some cases you might need to get other types of insurance, depending on your financial situation. Some of the types of insurance that you might consider could include:
- Disability Insurance
- Income Insurance
- Long-term Care Insurance
Before you choose insurance, make sure that it’s something you need, and that you understand the fine print. You want to be sure of what you are getting, and you want to make sure that the coverage fits your needs. Double check what your other insurance policies cover to make sure you aren’t doubling up on coverage that you don’t need.
In the end, insurance is an important part of protecting your assets. Without it, you might find yourself paying even more in to cover losses and pay damages.