When was the last time you checked your insurance? If your answer is over a year ago, then it’s about that time to take a peek. Why? Insurance protects our assets, including our home, our car, and most importantly, US. Here are 4 insurance policies that we recommend you have and review regularly:
Homeowners Insurance – If you finance your home, your lender requires you to have homeowner’s insurance to protect from unforeseen circumstances, such as fire or natural disasters. In addition to the actual house, the policy will also cover furnishings, other personal items and other structures on the property. Think pool or garage. Liability coverage isn’t required, but strongly recommended, since you don’t want to lose your house to pay for someone’s medical bills should they become injured on your property. Renter’s insurance is also a GREAT idea. Protect your valuables! There are so many companies out there – shop around!
Automobile insurance – State law requires that you carry some level of auto insurance. Coverage varies from state to state, but you will typically need to buy liability coverage. Speak with a licensed property & casualty insurance agent to discuss your current plan. Be sure your policy doesn’t have any gaps that would leave you exposed to any undue risk.
Health Insurance – Health insurance protects you and your family in the event of an unexpected serious illness or injury. None of us plan to get sick or hurt, but most of us will need medical care at some point. Be sure to understand how your plan works, what it covers, terms like deductibles and co-insurance. Health insurance is offered through most employers and can also be purchased through the marketplace at: https://www.healthcare.gov Life Insurance – Planning now will safeguard your family later.
Life insurance replaces your income and can help your family meet important financial needs like final expenses, debt, mortgage, and college expenses. Things to consider are amount and type, and each individual or family has a different need. Websites that I find useful are www.iii.orghttp://www.iii.org and www.lifehappens.orghttp://www.lifehappens.org. Do your homework, read up, but most importantly speak with an insurance professional.