Insurance is a financial lifeboat that comes to save us when we’ve encountered one of life’s crazy circumstances. To some, paying for financial coverage in the event that something goes wrong may seem like a waste of money. Which is why many foregoing common insurance policies and end up in a world of debt later. If you’ve avoided certain insurance policies because you believe it’ll never happen to you or you’ll cross that bridge when you get to it, you could be in for a world of trouble. Here are just a few more policies everyone should consider:
There is an accident every minute of the day in the US. While you’d like to think that you’re a safe driver and nothing will happen to you, you can’t control everything and everyone on the road. Car insurance provides financial coverage in the event of an accident.
If the injuries you sustained were serious, you could hire a personal injury attorney like Bachus & Schanker LLC to obtain financial coverage for damages, emotional distress, pain and suffering, and more. As you go through legal processes and court proceedings adequate car insurance coverage will cover the damage to your vehicle and in some cases your medical bills until you’ve reached an agreement in your case.
While homeowner’s insurance is a necessity in order to obtain a mortgage, renter’s insurance is often overlooked by renters, which is a terrible mistake. Most tenants are unaware that if there is a natural disaster like a fire or storm, or even something like a plumbing leak, their belongings are not protected by the landlord’s homeowner’s insurance.
While the landlord can file a claim, and have the premises repaired through his insurance provider, you, as the tenant, are out of luck without the right insurance protection. All of your belongings that may have been damaged or stolen will have to be financial recuperated by you. Whereas, if you have renter’s insurance you can file a claim and receive a check to replace your things.
Long-Term Care Insurance
Although the goal is to live a long, healthy, prosperous life, as you get older your health may not be what it once was. Though you may have health insurance and retirement savings, they don’t always cover the costs of what you need. Should you need a home health aide to help you out around the house during the day, those costs would be up to you to cover. Need to move to a senior facility or nursing home? Long-term care insurance helps to cover the costs that your health insurance won’t. This keeps money in your pockets for other expenditures you might have after you retire.
Identity Theft Insurance
While in years past this may have been something that only a few people needed, now it is almost an absolute must. With everyone using technology to complete just about every function in their daily lives, it can be fairly easy for hackers to steal your identity and ruining your financial life. Whether someone steals information from your online banking site, you lose your driver’s license, or you end up having your credit card information pulled in a big data breech, it can wreak havoc on your life.
Identity theft insurance is affordable and can help you to get your life back on track. They will cover any financial loss you suffered, pay for any accounts that were opened illegally, and cover any legal fees that may be required to regain your identity and clean up the mess.
Yes, insurance is another bill that everyone would like to avoid. However, when you think about all the money that having insurance can save you, it only makes sense to invest. While you shouldn’t take out an insurance policy for everything, car, renter’s, long-term care, and identity theft protection are all insurance policies everyone should have. Investing in each of these policies allows you to get through those unforeseen circumstances just a bit easier.