When it comes to insurance, you might find yourself asking, “What are the types of insurance I really need?” Insurance can get pricey, and the last thing you want is to be paying for a variety of insurance policies that you never really use.
At the same time, you want to keep yourself and your property protected should anything happen to it. Massive, unexpected bills are everyone’s worst nightmare, and insurance policies exist to pay those off.
Trying to narrow it down to the essentials? These are the types of insurance that everyone should have.
If you’re trying to cut it down, at least keep these.
1. Health Insurance
With 44% of Americans uninsured when it comes to health, it’s a high number. That doesn’t mean it’s a good idea to go without it.
If you end up in an accident or with an unexpected illness, you could be slammed with bills — especially if it requires being hospitalized. Hospital costs average $3,949 per day, which is no small number for the average person.
Health insurance will pay those bills, so you’re always covered for care.
2. Auto Insurance
You can’t legally drive anywhere in the States without being able to financially cover potential damages. For most people, this means having auto insurance, or car insurance.
Of all the different types of insurance, this is the one most people have since it’s difficult to get around in America without driving. It’s important to research the types of insurance companies available for this since quotes can vary drastically.
3. Life Insurance
No one wants to be forced to think about taking out life insurance, as it pays out in the event of someone’s death. However, if you have family, people who need taken care of, or a specific funeral you want that may cost some money, life insurance is a must.
Finding a good life insurance policy means a decent sum of money in exchange for a premium. Often this comes with terms and conditions surrounding the circumstances of death though, so be sure to check the fine print before signing the contract.
4. Home Insurance
If you own a home, home insurance will make sure that they pay for anything unexpected that happens to the home.
Damage to a house can get expensive, so this is essential for any homeowner.
It’s important to look at the things that home insurance doesn’t cover and make sure you have that too. For example, companies like www.betterflood.com can provide flood insurance, which most home insurance policies don’t cover.
What Are the Types of Insurance You Need?
So what are the types of insurance you might need?
It depends on your circumstances. For example, some people might think it necessary to have identity theft insurance or disability insurance.
Many types of insurance can come in extremely handy but, at a minimum, these are the ones you need to be safe and secure.
For more important life tips, check out the rest of our site.