top insurance questions

15 Must-Have Insurance Policies

Life is full of uncertainties, but that’s not always a bad thing. Some of these uncertainties can lead to positive outcomes, and are what we lovingly know as surprises. Unexpectedly finding out you got a promotion, the job you wanted, getting proposed to, even finding out you are expecting a child are all surprises in life that we look forward to. However, some uncertainties are not always positive. Deaths, accidents, and even the weather are all factors that we can’t control, yet are still affected by each and every day. What should you do as a human being that cannot control these negative incidents?

The Purpose of Insurance

Unexpected events can bring with them things such as shock and trauma. Most also bring about financial worries, such as car accidents and robberies. Insurance is important to have when dealing with uncertainties and protecting yourself and your family from financial ruin. Unfortunately, dealing with financial difficulties after things like accidents or a diagnosed illness is far too common. Insurance can help prevent yourself from being stressed after an accident occurs, and also to give you peace of mind and know that you are protected. Far too often, people don’t understand the importance of insurance, or choose to ignore getting insured because they don’t think anything bad can happen to them. On the contrary, though you may live life as safely as possible, you are still prone to accidents and illness from time to time.

The Legality of Insurance

Even after knowing the importance of having insurance, people still might wonder how necessary insurance is. One of the top insurance questions is whether it’s legally necessary to obtain. Auto, mortgage, and medical insurance are not only necessary to carry for your own peace of mind, but also legally necessary. Without insurance, you could be subject to fines and lawsuits. Don’t take a chance, and get these 15 insurance must-haves as soon as you can.

1. Homeowners Insurance

top insurance questions

As part of your mortgage agreement, you are required to carry homeowners insurance to let the bank know their asset is protected. One of the top insurance questions new homeowners have is how much their insurance should cover. Usually, the insurance plan will cover the cost of the home, and will protect against outside and inside damage. Insurance is relatively cheap, about $90 per month, but can help save you hundreds of thousands, if not millions in case of an emergency or accident.

2. Renters Insurance

Even if you don’t own a home, you should still purchase renters insurance. Renters insurance covers the cost of any accidents, such as fires, that can break out and destroy your apartment. This is especially important if you are renting out a furnished apartment with precious valuables and furniture inside. Renters insurance is also cheap, and one of the top insurance questions renters may ask is if they should add anything else to renters insurance. Many renters insurance plans will allow you to add incidentals. For instance, if you live in California, it would behoove you to add on earthquake insurance, just to be on the safe side.

3. Title Insurance

Sometimes, purchasing a home isn’t as simple as signing off on a contract. You might hear from a wills and trusts attorney, who tells you that the home you just paid for actually belongs to someone else, and that the title you possess is invalid. Fortunately, title insurance can help protect you in the case that something goes wrong with your title. This is fairly common, and happens in about one third of all closing procedures! Don’t take the risk of letting your dream home slip by your fingers. Title insurance goes a long way in helping protect you.

4. Auto Insurance

Auto insurance is not only a great insurance to have, but also one that is required by law to carry. This is actually for good measure. In the U.S. alone, there are approximately 6 million car accidents on the road every year. Because of this, it’s extremely important to get the help of car accident attorneys, as well as carry great insurance that will pay the party who was the victim of an accident for repairs and medical expenses.

top insurance questions

Even if you buy a pre owned car, it’s still important to get purchase the best auto insurance. One of the top insurance questions people ask about vehicle insurance is, is it worth it? Absolutely! Don’t get caught in an accident without insurance. Fines, financial struggles, and even jail time are all possibilities if you are at fault of an accident and have no insurance.

5. Medical Insurance

Of all the insurance plans you can have, the most important is medical insurance. Many Americans find themselves in financial ruin and years of debt caused by medical bills. It’s imperative you get medical insurance to seek the best healthcare services for sudden illnesses, emergency room visits, outpatient services such as therapy, and medication. Without medical insurance, you can be sure the costs of medical bills can pile up quickly. Be on the safe side, and ensure you work in a job that offers medical insurance as part of their benefits package. Or, if you are low income, programs such as Medi-caid can also help.

6. Supplemental Insurance

Even with medical insurance, sometimes the out-of-pocket costs can be ridiculously high. In addition, if you are an employee such as a federal employee, you might not be awarded state-sponsored unemployment insurance and will have to pay for costs out-of-pocket as well. Supplemental insurance companies such as Aflac can help you cover the costs of those expenses that aren’t covered by your primary medical insurance.

7. Dental Insurance

You might not think you need dental insurance coverage. One of the top insurance questions people have about dental insurance is knowing if it’s worth it to get, even if they have healthy teeth. Like all medical problems, dental health issues arise suddenly, and can be hard to avoid. Lack of dental hygiene, sugary foods, and pre-existing conditions like gum disease can all be cause for negative dental health issues. These includes things like cavities, need for root canals and tooth extractions, and even braces if your teeth are in serious need of cosmetic help. All these procedures are necessary to maintain your overall health and confidence. They can also be costly. Get the best dental care by enrolling in dental health insurance, and visiting your dentist as often as is necessary.

8. Vision

Your vision is incredibly important, and can surprisingly be affected by other medical health conditions. For instance, glaucoma can develop as a result of pre-existing diabetes. Even simple conditions such as astigmatism can lead to blindness and a lower quality of life if not treated right away. Seeking the help of an optometrist and using vision insurance can save you many years of suffering, and can even help to restore your vision to what it was. If you have vision insurance, glasses, contacts, and even simple surgeries can all help to change your life starting today.

9. Pet Insurance

top insurance questions

Your pet is one of the most important parts of your life, and should be treated as a member of the family. What happens if they get sick? If they need routine medical care and surgery? Pet insurance can help save you hundreds if not thousands on veterinary bills. This is especially true if you have an older pet that needs routine medical care. Even so, younger pets might suddenly become ill, and an unexpected bill can prove to be a hassle. Though you must first pay out of pocket when getting pet insurance, it can prove beneficial in helping you pay off expensive vet costs.

10. Life Insurance

If a loved one dies suddenly, one of the top insurance questions you might ask is whether you’re covered for immediate costs. These costs include paying funeral homes for burial services, private autopsies, embalming, and even fulfilling the last wishes of a family member if they have other requests. Luckily, life insurance can help immediately to pay for all these expenses, and can be the difference between a family being covered and protected against financial ruin. If your family depends on your income entirely, and you want to be sure they are insured in case of your death, it might be best to get a life insurance policy as soon as possible. Luckily, many jobs that carry high risks, such as construction, working at a port, or as a police officer or fire-fighter all carry life insurance policies that automatically pay your family if you were to pass away while working. Though it is a grim thought, it’s best to prepare yourself, and your family as soon as possible with life insurance.

11. Workers Compensation

If you’re new to the workforce, one of the top insurance questions you might ask is what you’re covered for in case of an accident at your work. All employers are required to carry unemployment insurance, disability insurance, as well as worker’s compensation insurance. Workers compensation will aid you in case of an accident at work, and can provide convenient medical care by lining up with the right hospital or clinic near your job. Worker’s compensation can also, in the future, pay for future medical expenses that result from your accident. Never work a job without knowing that you are covered under workers comp!

12. Business Insurance

Known as general liability insurance, or even simply as business insurance, getting insurance to help protect your business from lawsuits is key. One of the top insurance questions business owners ask is if there is a specific policy that is right for them, and how they can go about protecting their business contracts against lawsuits? According to the U.S. SBA, or Small Business Administration, general liability insurance is necessary for all business owners. It covers and protects against financial loss as the result of bodily injury, property damage, medical expenses, libel, slander, defending lawsuits, and settlement bonds or judgments. You can always add on to your insurance by getting more insurance coverage plans, such as product liability insurance, and professional liability insurance just to name a few.

13. Umbrella Insurance

Living in the U.S. comes with many perks, and one of the best is our ability to sue and be sued by others for any amount of reasons. Whether you caused an accident unintentionally, had someone fall down your stairs, or any other number of reasons, you can find yourself in the midst of a lengthy, and costly, legal battle. One of the top insurance questions people ask about umbrella insurance is whether it’s worth it. Umbrella insurance is worth the cost, as you never know when you will be liable to a lawsuit. It’s better to be protected by paying a small amount per month than to have your wages garnished for years to come due to a lawsuit.

14. Travel Insurance

top insurance questions

If you love to travel, one of the top insurance questions you might be wondering is if there’s any way you can be protected while traveling? If you get sick overseas, want to cancel a trip, become stranded, or experience any other unfortunate errors, will you be protected? Fortunately, travel insurance is a great and viable option open to travel-lovers everywhere. Travel insurance is available through groups such as Allianz, Travelex, and Amex Assurance just to name a few.

15. Jewelry Insurance

Jewels and precious stones aren’t just for the wealthy anymore. In 2018, a study found that almost 40 percent of people aged 18-29 owned some type of jewelry. Whether you have an heirloom that’s been passed down to you from generations ago, have custom jewelry design pieces that you can’t bear to let go, or simply love to collect precious stones, it’s important to keep these pieces protected. Some top insurance questions when looking for a jewelry plan might be asking what exactly do they cover? Is the insurance good for broken pieces, or if pieces are robbed and stolen? Make sure you’re protecting these valuable assets as well, and get the best possible insurance for your gems.

Be Prepared

The world is a mysterious place full of weird and unexpected situations. However, we can prepare ourselves, even if it’s just a little, by getting insurance that best suits our budget, our lives, and can protect ourselves and our families for years to come.

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