What Kinds of Insurance Do I Need?

When you are an adult, there are a lot of things in life to take care of. When one little thing goes wrong in life, it can throw an entire month, or an entire year off. This is what insurance is for. The next time you run into a problem with your car, home, pet, or property, you can file an insurance claim and get some help with the coverage of the expense. In some cases, you can get the entire expense covered. You can also file an insurance claim if you are dealing with a disability situation, depending on the disability. But a lot of homeowners worry about extensive insurance because they feel like it is too much to think about, or too confusing. Pet insurance may seem expensive, or more than the minimum car insurance feels like a waste of money if you never use it. But what about when you do need it? Use this guide to learn more about the different kinds of insurance you may need, and why it’s a good idea to shop around to get the right coverage.

1. Homeowners

In most states, you will need homeowners insurance if you carry a mortgage or a loan on your property. Home insurance can be overwhelming. If you pay cash or pay for your home outright, you won’t be required to have insurance, but it is always a good idea to have it. In many cases, home remodeling companies will take coverage from an insurance claim to pay for major renovations, if an accidental issue forced the renovation.

You may also want to get insurance for your home, or additional coverage, if you used a custom home builder for your home. With custom homes, your insurance claim rates may be higher because you may have unique problems. At the same time, you will need proof of insurance if you ever need to get a home equity loan or another mortgage, even if your home is paid for. Many banks will refer you to insurance companies when they are offering you a mortgage, but there are many good companies around that can help you with this.

In these cases, you will pay for your homeowner’s insurance at the same time that you pay your monthly mortgage. Your bank will put your insurance payments into escrow, and then pay out your insurance bill every year from this account. Even if your home is paid for, home insurance is a good idea to have. You never know when you will need to file an insurance claim, and there are many events in life that may force you to.

If you incur damage to your home or loss, you may want to file a claim with your home insurance to have it covered. Personal property that is lost or stolen can also be claimed on your home insurance if you have content coverage, which most homes do. Liability insurance with your home insurance will help to cover costs incurred when there is injury to others that are on your property or in your home. And, if you cause accidental damage elsewhere on someone else’s property, that could be cause for a claim on your own home insurance.

Your home insurance is much different than your home warranty, in that they will be used at different times. Your insurance covers problems that are unexpected events, such as accidents or a crisis. Your home warranty covers defects to things like appliances, woodwork, and drywall that fall apart or break through no fault of your own. Additionally, mortgage insurance is different from home insurance in that your mortgage insurance covers you if you can not pay the mortgage, whereas home insurance covers expenses for the home itself.

2. Renters

When you are getting property rentals and even commercial property for rent, you still may need to file an insurance claim on occasion. An insurance claim for a rental property can be for any number of things, from liability protection to contents and fire protection. Renters insurance is much more affordable than home insurance and is different because you will have different expenses than a homeowner. A homeowner will have to repair things, while a renter will have to replace things.

Liability protection is protection that will cover you if there is an accident in your home that causes an injury to another party. If your dog bites another human in your home, you will have to cover those costs. You can file a claim with your tenant’s or renter’s insurance for this. It is very unlikely that the homeowner or owner of your building will cover costs if there is damage or losses to your property unless they are found to be liable.

Additionally, if your homeowner sues you for anything, you want to have insurance coverage for that, if you are found liable. Renter’s insurance can be a lifesaver in many areas of your home or office building today. There are so many instances in life where insurance could be desperately needed. When an accident strikes or someone with gleams in their eyes comes your way, you want to know that you are covered for those expenses.

Acts of nature or catastrophic damage can also occur with your home or office space that you are renting. In many cases, you have to work with the insurance company to find out who is liable for what expenses and costs. Your insurance company may want you to go to the owner of the building for coverage, but the cause is always going to be the bottom line here. If you start a fire, even by accident, you could be held liable in situations like this.

Still, you will be able to get insurance for these types of crises even when you are renting. An all-risk policy means that you have insurance for damages and losses that are caused by almost anything that isn’t mentioned in the policy. You can have personal liability for those dog bites and slips and falls in your home or office. You may also add replacement costs to your policy to ensure that claimed items are restored or replaced to their original condition.

Additionally, coverage for living expenses is a common renter’s insurance coverage. This will cover the costs of living expenses if you have to move or live somewhere else temporarily if your home is found to be uninhabitable after a crisis like a fire or weather event. Several different factors will go into your insurance rates. That includes elements like how much coverage you want, your claim history, the amount of your deductible, home security, and how much contents coverage you want or need.

3. Auto

Auto insurance is mandated in almost every state with minimum requirements for auto insurance. The minimum amount of car insurance that you need is liability insurance. That coverage will ensure that you have coverage for other people on the road if you are in an accident. There are many other different kinds of car insurance coverage when you are asking for quotes for car insurance.

When you are a driver, you want car insurance to cover you in almost any negative event that could happen to you on the road. If you get into an accident, and you are found to be at fault, your expenses could double or even quadruple more, depending on the severity of the accident. Auto repair or auto glass replacement could be the least of your concerns when you are filing an insurance claim. You may also have your medical expenses, and the medical expenses or loss of life and companionship costs of other parties on the road that are involved in the same accident.

An insurance claim for auto insurance can also be filed in the case of content or property loss. If you leave your laptop in the car and have comprehensive insurance, and your car gets broken into, you can file a claim. While this may bring some relief, it will also go on your claims record and will be a factor when determining your car insurance rates for another year. There are many different kinds of car insurance your broker will want to talk to you about.

In addition to liability insurance which is standard, you may want to consider specified perils and comprehensive insurance. Specified peril insurance will cover damage to your vehicle in the event of a natural act such as hail or fire, and in some cases, theft. Comprehensive insurance covers almost every kind of damage to your car that is not collision or accident-related. An all-perils policy may be something you also want to consider, as it will cover all of the above and will have liability coverage attached to the policy.

4. Pet

Nobody wants to think about what happens at the pet hospital, but this is another area of life you can file an insurance claim for. There are more dog friendly and cat-friendly insurance companies today than you may be aware of. At the same time, you may be able to find pet insurance for almost any kind of pet, from rabbits to snakes, and more. Pet insurance is there for you when you need it most, in a crisis when a family member is ill and you can’t do anything about it but go to the vet.

Many organizations today, including local humane societies, will offer pet insurance. It has become much more affordable today than it ever has been. Most pet insurance will cover almost anything, but you will want to shop around. Most vets today will also happily file an insurance claim for you so that your pet’s visits are covered.

From initial exam fees to surgery and rehab, pet insurance covers what your beloved family member needs. You can get coverage for emergencies, as well as pre-existing conditions and specialist visits. A lot of insurance claims for your pet could be breed-specific. Be sure that you do your research about breeds if you are worried your unique beloved animal may not be covered when it comes time to go to the vet.

5. Disability

If you have a disability, you will wonder every day what the costs of living will do to you, in addition to wondering about your disability. If you are having a difficult time getting disability insurance, a disability attorney can help you. You may want to live in something like an assisted living community or a facilitated home that can help you to function physically and socially while helping to cut your costs. Disability insurance can do so much more than that though.

You can also get disability insurance or file an insurance claim for disability if you are working and have to suddenly take medical or health leave. Many employers will offer benefits that include disability coverage for short or long-term illnesses. You may also be able to get coverage if you have been injured at work and get workplace disability coverage that way. There are many different kinds of disability coverage you can get before anything even happens to you as well, such as personal health coverage, critical illness coverage, and long-term care coverage.

Disability insurance when you already have a disability is much more difficult to get than planning. If you are working, see if your employer offers it. If not, invest in it yourself for when that day comes. If you have a disability and are having problems getting insurance, there is support available to help you with your cost of living.

When you are an adult trying to navigate an intense world that has a lot of expenses, insurance coverage can be an easy remedy and an easy solution to life’s big problems. Homeowner’s insurance, renter’s insurance, car insurance, pet insurance, and disability insurance, can help you to cover life’s unforeseen and expensive emergencies. When you have a comprehensive insurance plan in your life, your life will seem easier, and you will have more peace of mind. Invest in the right insurance for your life today.

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