Knowing the Difference Between Insurance Policies

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Even if life is treating you well — consistent, secure work, continued personal health, a comfortable home, and much more — it’s best to ensure that you are prepared just in case anything unexpected happens. There are a countless types of insurance policies that can cover the separate entities of your life with security for both now and the future. Connecting with the right insurance company — protecting your assets, life, and health — is an invaluable financial decision.

Homeowners Insurance

Purchasing homeowners insurance actually isn’t a choice, as it is a legal requirement when owning a home. Similarly, if you have a mortgage, most lenders will require that you have insurance to provide long-term coverage of buildings owned. As of now, 93% of homeowners own some form of a homeowners insurance policy. Homeowners insurance will provide coverage for your home in the event of damage caused by fire, flood, and other natural disasters. If any items are lost in the event of these disasters, or in the case of burglary, the cost of their replacement might be fully covered by your insurance company.

Renters Insurance

As a renter, you do not personally own the property with which you live in. Thus, homeowners insurance is not applicable for your situation; however, you can purchase renters insurance. Renters insurance certifies that your insurance company will protect your personal belongings within the property you are renting from. In the event of a burglary, fire, water damage, or disaster, your policy will cover the replacement costs for any items damaged within the property.

Auto Insurance

Another type of insurance policy that is required by law, car insurance guarantees that have coverage in the event of an accident. Like your home or apartment, a car is an expensive asset that, when damaged, requires a lot of money for necessary repair. With nearly 6 million car accidents taking place in the U.S. each year, it’s best to be protected, just in case it ever happens to you.

By having coverage, your insurance company will protect your car with repairs, or replacements, as needed. Likewise, if you were to get into an accident and someone else is hurt or killed, most auto insurance policies will cover injury costs and legal fees (in case the accident is taken to care, based on the severity of the accident and its outcome).

Life Insurance

Whether if you have a family or not, life insurance is important for coverage in the event of death. It’s been shown that life insurance is thought to be incredibly important for personal security, with a 2017 study showing that 84% of people believing that everyone should have some form of life insurance. While you can opt for single coverage or group coverage, dependent upon the state of being single or having a family, life insurance is an important form of protection if the worst were to ever happen. If you have a family, your insurance company will cover your family in the event of death — from replacing lost income to helping pay off personal debts. If you are single, your life insurance policy will help pay off any debts and cover any burial costs.

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