misc. stuff

Types of Insurance You Don’t Want to Be Without

types of insuranceHealth insurance is a necessity (and is still required by law for another year) and most states require you to have some kind of vehicle insurance. Those insurance policies will cover you for many of the calamities of life, but not all of them. Especially if you are a single woman, you need to make sure you have the right type of insurance to protect your assets.

Homeowners or Renter’s Insurance

If you are financing your home, you’re probably required to have homeowner’s insurance and it may be a part of your mortgage payment. It’s a good idea to double check the policy on occasion to make sure you are covered for any type of disaster. Do you live in a floodplain? Make sure you have flood insurance. It may seem silly if you haven’t seen a significant amount of rain in years, but Mother Nature sometimes plays cruel jokes. Don’t watch your belongings drift down your street in high waters while you stress over how to replace them.

Renters sometimes mistakenly think their landlord’s insurance policy covers their property. It doesn’t. You need to have a separate insurance policy for your belongings in case of a fire or other disaster. The good news is, many of these policies are less than $100 a month.

Life Insurance

No one wants to think about death, but everyone will die one day. Funeral costs are increasing and someone has to pay for it. Single women may want to consider a small life insurance policy that takes care of their indebtedness and funeral expenses. Working moms need a policy that will cover their income if they pass away along with other expenses. How much life insurance is a personal choice between you and your loved ones.

Disability Insurance

Another scary event—not being able to work due to serious injury or illness. Some employers offer disability insurance through the workplace or offer it through a third-party company. Self-employed and small business owners can find many companies that offer disability policies.

Disability insurance is either short-term or long-term. Short-term disability insurance covers you for nine weeks up to a year, depending on the policy. Long-term disability insurance plans can cover you for a year or up to when you retire. Long-term insurance benefits can come close to replacing the income you lost when you became sick or injured.

Umbrella Policies

Some see umbrellas policies as unnecessary if they have home, auto, and other insurance products. But an umbrella policy goes beyond your other policies. For example, if you are in a serious car accident. Your vehicle was fairly new and you have major injuries that will require several surgeries and rehabilitation. An umbrella policy will pick up costs and deductibles not covered by your auto or health insurance policies. An umbrella policy also protects you or your business from certain lawsuits and situations where you may be held personally responsible for someone else’s injury. Let’s say you have a party at your home and someone falls down your stairs and breaks their leg. Your umbrella policy will protect you from lawsuits and expenses.

Before you take out any policy, read the fine print and make sure you understand what is covered and what is not. Tell us your insurance stories in the comments below.

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