Important Insurances To Have
It is important to make sure you are covered with the different types of insurance that will protect you financially, and legally in some cases. Three of the main types of insurance that you are going to want to have include car insurance, health insurance, and home insurance. If you don't own your home, then you want to be sure you have renter's insurance. Here are the basics of each type of insurance so you understand the importance of each.
Car insurance basics
Car insurance is a type of insurance that you are legally required to have in order to drive your car. If you aren't covered, then you face fines, and if you happen to be involved in an accident, then you can and more than likely will be sued. Depending on the amount you end up being liable for, you can put your assets in danger, such as your home and other property. There is limited liability insurance that covers you legally when you drive. However, you can purchase a higher policy if you want to be on the safe side and ensure you are fully covered in the case of an accident. You should also consider full coverage which is going to also cover damages to your own car in the case of an accident. You can also add on other benefits, such as rental car coverage, full windshield replacement, and more.
Health insurance basics
Carrying health insurance used to be more of a personal choice. You have various choices regarding your coverage, such as paying more for lower copays and adding on extras, such as vision coverage. When you carry health insurance, you can go into the doctor anytime you are sick without worrying about not being able to afford that large bill.
Homeowner's or renter's insurance
Once you own your home outright, you have the option to go without homeowner's coverage. However, this is a very bad idea because homeowner's insurance will be there to cover you in the case of accidents happening on your property, and it will also take care of things that can go wrong and be quite costly to fix, such as roof damages or plumbing damages.
If you rent, then renter's insurance is a good idea because it will cover you if something should happen to your rental. For example, should your rental be robbed or there be a flood that takes place and ruins your belongings, then your renter's insurance will kick in and help you to replace your items.