It's easy to put off purchasing some types of insurance. By their very nature, some policies cause you to think of negative possibilities and potentially face inevitable outcomes. Because that is what insurance is for: it is designed to help you recover from a loss. So, before you have a chance to put it off any longer, here are five types of insurance policies very family should consider purchasing.
There is no point beating around the bush on this one. If your family depends on you for their income, care, or any type of support, then you should have life insurance. When shopping for a life insurance plan, make sure you understand the two main types of policies available and how each can play an important part in protecting your loved ones financially.
Homeowner's insurance is designed to replace or repair your home and property if it is damaged, vandalized, or stolen. Because your home is probably one of the larger investments you will make as a family, you want to make sure it is covered. If you have valuable items like art or collectibles, make sure they are listed separately on your policy. You should also check about exclusions for flooding, and other natural disasters like hurricane or tornado damage, especially if your house is in an area prone to them. However, even if you are renting, you probably don't want to think about having to replace all of your belongings. That is where renter's insurance can help.
Liability coverage is the most basic portion of your insurance. It protects you from claims for any medical and property damage (up to your coverage limit) if you are at fault in an accident. Collision and comprehensive coverage can pay for repairs to damage of your vehicle that results from an accident, or possibly form a rock cracking your windshield on the highway. There are also options for rental car coverage, which can pay for you to have a loaner vehicle if yours is out of commission due to covered damage, and emergency roadside assistance.
Health insurance is something your family should have. It is almost always easier and less expensive to have preventative care than to deal with an illness. Besides routine care, health insurance can help cover medical bills from an unexpected illness or surgery, or if you are in an accident or suffer an injury.
If you do not have medical coverage through your employer, it is important to shop around for the best policy for your family's needs. You should check that any of your family's doctors and medications are covered before picking a plan.
While some types of insurance may seem like a natural part of life, others are easily put off for another day. And, while it is important that your family find the best and most appropriate coverage options for your situation, these five types of insurance should be considered part of any basic family coverage plan.