Do you ever feel you are “insurance poor”? You have insurnace for the things you can think of, but do you have insurnace for all that you need? In addition, do you have enough coverage. The thought of more insurance make you feel like your head will explode, right?
Insurance is a risk mitigator. It allows you to transfer (purchase) the risk (cost) of an issue/loss to someone else (insurer). For instance, your auto has insurance. Liability insurance transfers the risk of responsibility you have with that auto to the insurance company who will pay out of you have an accident. Full coverage will pay out on your vehicle if you have a claim on the damage to your auto. While the amount may vary in the pay out, you are purchasing that coverage to protect yourself to some acceptable level.
This is not a lesson in insurance, but a though provoker to make sure you have what you need!
What kind of insurance do you need? This obviously varies by person/family, but I would suggest at minimum the following:
- Auto – correct coverage on all autos – liability and full coverage (if you can not fully replace the auto with your money)
- Health – cover your health needs regardless of you age and/or health
- Life – protect your family from the loss of income of you or your spouse
- Disability – Short-term vs. Long-term – Make sure you a covered appropriately if you should become disabled
- Home Owners or Renters – Protect the loss of your property. On your home, replacement costs are a big need!
- Umbrella – cover your liability
- Long Term Care – are you getting older? Begin to consider…
These are just a few of the areas you need to consider to protect you and your family. Do not stick your head in the sand and think that everything will be alright – it may be, but do not take the chance!
Do your research. Contact an insurance agent/broker. Interview him/her to find the one to help you make the decisions you need to make for you and your family.