Life is filled with unexpected moments. It’s important to get the right types of insurance coverage to help cushion the hefty financial burden those moments may bring.
While you may not be able to prevent the unexpected twists and turns life takes you down, you can control how you will navigate the journey. You can choose the best types of insurance policies that make sense for your specific needs.
While paying insurance premiums may be inconvenient, equipping yourself with the right types of insurance policies can provide you with financial protection surrounding the unpredictable accidents that can happen at any given time. When those accidents happen, you’ll be glad you have insurance.
There are several types of insurance to meet several different lifestyle and financial needs, which makes choosing a policy and a plan a complex process. Here are three types of insurance that you may want to strongly consider investing in.
#1 Home Insurance
Not only will having a home insurance policy financially safeguard you in the event of major damage to your house, but if you take out a mortgage on your home, your lender will actually require insurance coverage.
When choosing your home insurance policy, be sure to review each policy carefully, noting what each policy does and does not cover. For example, if your home has additional dwellings, such as a garage, porch or balcony, you may want to have extended dwelling coverage included in your policy.
A good insurance policy will offer coverage beyond just the physical structure and will also cover personal possessions and structures, such as fences, sheds, and pergolas on your property.
Your agent should discuss two different types of coverage options. One will offer replacement value and the other will be for cash value.
Replacement value in a policy only pays for the cost of damages or the cost of the home at the time of purchase, in the event that it needs to be replaced.
Cash value in a policy means that depreciation is factored into the amount your insurance company will pay out in the event of a disastrous claim.
Your home is often your most substantial financial investment, so your time is well spent talking about your needs with your agent and determining the best policy for you.
#2 Auto Insurance
Florida law requires that you have and carry proof of current insurance when you are driving a vehicle. Actually, in every state except Virginia and New Hampshire, you are legally required to have some level of auto insurance.
One of the main reasons why you should have auto insurance is that it will protect what is likely to be one of the most significant assets that you will ever buy, your vehicle. Because of this, you will want to make sure that it is covered in the event of a loss.
When you have a good auto insurance policy, you can receive coverage for accident damage, auto theft, vandalism, and a variety of other losses.
#3 Umbrella Insurance
Umbrella insurance works as financial coverage from life’s surprises that you may have missed when selecting your insurance policies. It is additional coverage on top of your existing home or auto insurance and covers costs that may exceed your existing policies.
Simply put, in today’s litigious world, if someone is injured in an accident, whether it is on your property or on the road, and you are found to be at-fault, you can be held liable for their medical bills, rehabilitation treatments, and lost wages.
Medical bills and legal fees can mount up and quickly exhaust the legally mandated liability coverage. This is when an umbrella policy comes into play. This type of policy provides an extra layer of liability coverage beyond your primary insurance policy. If you are deemed liable for an accident, this additional umbrella coverage can mean your financial survival.
Which Types of Insurance Are Right for You?
There are many other types of insurance aside from home, auto and umbrella. Because there are so many types of insurance, policy options, and providers, choosing the right options for your lifestyle and budgetary needs can be a daunting process.
Consulting with an insurance agent who is well versed in all types of insurance coverage and policies can help you navigate the process of selecting the right type of insurance for your needs. They may even be able to help you create a customized bundled option. Contact GreatFlorida Insurance today to learn about your options and find the best insurance coverage for you.