Insurance is a consideration when anyone reviews his or her personal finances. If you are lucky enough to be employed by a company that provides an excellent benefits package, you might only concern yourself with auto and homeowner’s policies. If you own the business, you have much more about which to worry. If one or more of your policies is about to expire and it’s time to reevaluate your needs, take into account these four coverage options and their application to you.
1. Auto Insurance
Because it is required by law in all 50 states, everyone realizes that he or she must carry automobile insurance coverage for their vehicles. You cannot afford to get into an accident uninsured. You cannot even afford to be pulled over for a moving violation uninsured, as this will result in additional fines and the possible suspension of your driving privileges. Nope, you need auto insurance, and that includes covering your recreational vehicles, as well.
If you are concerned about cost, look into local insurance that can be tailored to your precise needs. If your vehicle is paid off and you carry the title, you are only required to insure your car or truck to the state minimum standards. This might be enough coverage if you are a safe driver. If you are accident prone, you may be better off securing more insurance and increasing your deductible. This will give you maximum coverage while lowering your payments.
2. Home Coverage
Many parts of the country have unique home insurance coverage requirements. For example, if you live in Chicago, you know there’s a flood risk associated with your property. Californians are wise to purchase earthquake insurance, and Floridians oftentimes add hurricane riders to their protection. Your home is your castle, so protect it by insuring it against any possible disaster. This includes liability insurance should someone slip and fall on your property.
Do not forget renter’s coverage if you live in an apartment. The property manager’s general and liability policies do not protect your belongings. Whatever you move into your unit is your responsibility, and you should protect everything with proper renter’s insurance. It isn’t that expensive, and you will be happy you have it should someone break in to your unit or another unfortunate incident occur, such as a fire or weather-related disaster.
3. Life Policy
As mentioned above, if you are fortunate enough to work for an employer who offers life insurance as part of your benefits that’s fantastic news for you and your family. If your employer does not include life insurance as part of your benefits package, however, you’ll want to add this to your overall insurance package. It’s horrible to think about it, but if something should happen to you, your loved ones will need the financial provision a life insurance policy affords.
4. Business Insurance
You don’t work for an employer, you are the employer and you have unique insurance needs. When re-evaluating your insurance coverage, make certain you have all the policies required by your local and state authorities. This tends to include general, liability and worker’s compensation coverage, and you do not want to get caught under-insured should an incident occur or during an audit. Should you not have enough coverage, you could lose everything.
These are four different insurance coverage options that are very important for everyone. Merriam-Webster defines insurance as, “A mean of guaranteeing protection or safety,” and this is only one of the meanings of this word. When it comes to you, your family, your belongings and/or your livelihood and employees, you must guarantee their protection or safety. Do so by evaluating your insurance needs thoroughly and then securing an all-inclusive policy that protects everyone and everything.
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