4 Types of Insurance Everyone Needs

Insurance is important — without it, your assets are at risk. So if someone sued you or your business, or if you had a house fire or even worse you were in a car wreck, you could lose everything. No one wants to start over from scratch. Insurances are good risk mitigation and also for your mental wellbeing. 🙂

Learn more about what type of insurance you should carry for yourself and your business to ensure all of your assets are properly protected.

Liability Insurance

You need to have liability insurance for your car, home, and business. Additionally, if you have many assets, you should consider adding a blanket liability policy, which provides additional protection beyond your home, car, and business policies cover.

Liability insurance would cover the cost of medical bills and property damage to the victim if you were responsible for someone’s injury.

For example, if you own a house in New York and someone slips and falls on your walkway because you failed to shovel the snow or remove the ice, you’re responsible for the costs related to the person’s injury. As a result, the injured party could quickly contact lawyers to file a personal injury claim. If you didn’t have liability insurance, the cost of the settlement awarded would come out of your pocket — if you don’t have the money to cover the settlement amount, you could lose your home or other assets.

Negligence, injuries

Liability insurance also covers car-accident-related injuries, and for businesses, it covers things such as negligence or injuries that resulted from defective products. Additionally, if you own a brick-and-mortar business, you should consider obtaining public liability insurance to make sure all of your bases are covered.

Homeowners Insurance

It’s important to have homeowners insurance on every house you own — even rental properties. Your homeowner’s insurance covers any damage to your home caused by fires, tornados, vandalism, and theft.

If you live in a flood-prone area, it’s also important to get flood insurance and your regular home insurance. Also, you should talk to your insurance agent about the different types of additional coverage their company offers. For example, if you live in an area that could get hit by a hurricane, you need to make sure your home insurance policy covers hurricane damage.

However, even when you don’t own a home, you should still obtain renters insurance. It covers all of your belongings. So if there is a fire or your home is robbed, you can file an insurance claim to be reimbursed for the value of your damaged or stolen property.

Car Insurance

If you own a vehicle, you need car insurance. Accidents happen all the time, and they can happen anywhere. You could even back into a car pulling out of your driveway.

Car insurance protects your vehicle and any vehicles or property you damage in an at-fault accident. It also covers medical expenses for injured people when you’re in an at-fault accident — but not the people in your car. That’s where your health insurance comes in.

Also, some car insurance companies offer additional medical coverage, which covers people in your car who don’t have health insurance.

Health Insurance

You need insurance to protect your belongings, so it only makes sense that you’d want insurance to protect yourself and your family members.At the very least, you should carry health insurance, but you should also consider obtaining a prescription, dental, and vision coverage. This way, you don’t need to pay the total price every time you need a prescription or have to go to the dentist or eye doctor.

No one enjoys paying their monthly insurance premiums, but in the long run, it’s worth it. You never know when you might need to file a claim.