They say insurance is that one thing you buy and then hope to never use. The key, though, is buying it. Those without insurance run the risk of gathering huge amounts of unexpected debt that could culminate in business loss or bankruptcy. So even though it may turn out to be money paid that you’ll never use, it pays to have that piece of mind and safety in case something unplanned comes up.
Kinds of Insurance
Many different types of insurance exist, and by taking a look at your lifestyle and family needs, you can decide on what types of insurance will benefit you and your family to have. People often get health and dental through work, others need to purchase this on their own. Some insurance companies specialize in just one type of insurance while others, like the Leibel Insurance Group, offer a few different kinds of insurance.
- Commercial Insurance – If you have a business, you’ll want some sort of business/commercial insurance. This can cover things like the vehicles used for your work, property insurance, and small claims against you. Too many people try to get away with suing small businesses, like with slip and fall claims, but insurance can help you in these areas. For instance, if you own a home business, have a client over in rainy or icy weather and he slips on your front porch, you could be liable. Insurance will protect you and your assets. Another scenario is if you have a delivery person working for you and he gets in a wreck with your company car. You’ll be covered with insurance.
- Health insurance – If your work doesn’t cover this, you’ll want health insurance for you and your family. Again, there are many different coverage plans, and when you figure out what will be the best plan and option for you – talk with your agent. Things like co-insurance, deductibles and co-pays will all be factors in health insurance.
- Auto Insurance – Driving is risky and it’s necessary, by law, to have auto insurance. There are different levels you can get, but everyone driving a car, and that includes teenage children, needs to be covered by at least the minimum insurance. Depending on the type of vehicle you own, you may want more insurance. If you have a 15 year old car that isn’t worth much, don’t spend a lot to cover it if it’s in an accident. On the other hand, if your vehicle is new or worth a lot, cover it with insurance. When looking at auto insurance, see what you can do for lower rates – for instance, if your teenage driver has a high GPA, rates may be lower, or if you take a defensive driving class you may qualify for lower rates.
- Life Insurance – This is one many people have trouble thinking about. But if you want to leave your family in a sound financial state without worry of debt and paying bills should something happen to you, you’ll want life insurance. Many people don’t realize that a stay at home parent should have insurance as well. Think of all the things he or she does with the kids and in the home, and should something happen, someone would probably have to be hired and paid to fill in.
- Home Insurance – Your home is probably your biggest asset and you want to protect it. Home insurance covers many things, from damage to the home itself to the contents in it. Things like fire damage or water damage, hail damage and robbery can be covered under insurance. However, home insurance doesn’t cover everything, and though it may cover water damage, say a burst pipe, it may not cover flood damage. That probably will be a separate policy. The best thing to do is talk to your agent about what you have, where you live and what type of coverage you want.
Insurance can be tricky. You need to know what to ask and what to look for. For instance, you may wonder why your house wasn’t covered in a flood, well you probably don’t have flood insurance. You may wonder why your daughter’s car insurance is so much lower than your son’s – ask your agent, but usually boys have a higher premium.
Think about what you need, what you can afford and what will help you and your family if something unexpected happens. Though it will add to your expenses, insurance can save you in the long run.
Image Source: http://www.utahhomelistings.com/mydata/images/home.jpg