5 Types of Insurance You Didn’t Know You Needed

It’s hard to imagine your life without insurance—there’s auto insurance, home insurance, health insurance, and more. And while you may think you have enough coverage in place, it can never hurt to learn more about other types of insurance that could protect you and your family in the event of unforeseeable events like floods, earthquakes, or even job loss.

Here are five types of insurance that you may not have considered before but should at least be aware of and How to find the right insurance agent!

1) Homeowners

Homeowners insurance protects your home against theft, fire, weather damage, and other disasters. It is not included in most homeowners’ policies but can cost up to $1,000 each year depending on the type of property you own.

If a serious accident happens in your homes, such as a fire or a flood, it’s important to have this kind of protection to help protect your savings from the financial strain that such a catastrophe can cause.

2) Car Insurance

If you own a car, car insurance is a must. This type of insurance covers you if your car gets stolen or in the event of an accident. Car insurance companies also offer things like roadside assistance and emergency services which can be necessary for some people to maintain their driving privileges.

3) Water Damage Protection

Water damage protection is one type of insurance that many people aren’t familiar with, but it really should be. Water damage can happen anywhere, any time- even if you don’t have a water source in your home.

This type of insurance covers things like sewer backup, flooding from broken pipes or water main breaks, burst hot water tanks, and leaking appliances. Coverage levels can be set up to cover up to $500 for any one incident as well as all incidents in the coverage period for one year.

4) Flood Insurance

If you live in a flood-prone area, you may want to consider adding flood insurance to your homeowner’s policy. Floods can happen unexpectedly and can cause significant damage, so it’s important to be prepared. Remember that many homeowners’ policies don’t cover floods; and if they do, the coverage is usually limited.

5) Life Insurance

Life insurance is a type of insurance policy that helps protect your family and loved ones financially in the event of your death. Life insurance covers many risks, such as the loss of your income, the cost of care for any children or spouses you may have, burial expenses, and more.

In addition to life insurance being an important financial strategy for covering these risks if you die prematurely, it can also be a valuable estate planning tool for removing tax obligations from your estate. A life insurance trust allows beneficiaries to collect the proceeds of a policy without paying taxes on them, meaning they’ll get to keep more money!

How to Find the Right Insurance Agent?
The first thing is to look for agents who are licensed and work within your state. This can be done by looking at the first letter of their last name and the last four letters (example: F-O-N-T) to find out if they’re an agent that’s licensed in your state.

Agents should also provide a physical address on their website as well as where they work. If they don’t have any reviews, it may be best to move on. If you’ve found an agent, make sure to look over his or her credentials before signing up with them.

Ask them what type of insurance products they offer, such as life insurance, auto insurance, homeowners insurance, etc., and get quotes from other companies to compare pricing too! Make sure to read all the fine print when you sign up with a company so you know exactly what coverage is included in your plan. And always remember, even though insurance is supposed to protect you against big risks, not every type of risk will have a way to insure against it. So talk to your agent about what types of risks might exist in your situation and decide together which kinds of policies would be the best fit for you.

Remember to keep an eye on your policy terms, like deductibles and co-pays, so you’ll know how much coverage you need. Make sure to periodically review your policies to see if anything has changed and call your agent right away if there’s been a change.

You should also update your contact information so they can reach you in case of an emergency, especially since phone numbers change often these days. When purchasing car insurance, it’s important to note whether the policy includes personal injury protection (PIP). It pays for certain medical expenses related to injuries suffered in an accident regardless of who was at fault.

Advantages of Insurance
There are many advantages to taking out an insurance policy for your home, including the protection it offers in case you have a fire or other disaster. However, some disadvantages come with having insurance such as paying high premiums and being unable to cancel the policy after moving out of the house.

As such, when considering what type of coverage is best for you and your family, it is important to take into account all these factors and weigh them against each other. For example, if you don’t care about canceling your policy after moving out but would rather have cheaper rates, then consider a renter’s insurance instead.

Or if you’re looking for something more than just fire damage coverage and want some medical expenses covered too, then look into getting life insurance on top of property and casualty policies.

Conclusion

By now, it should be clear that there are a lot of insurance types out there, and many will depend on your situation. It’s important to talk to your agent about the exact coverage you need for yourself and your family to ensure that you have what you need when it counts most. A good agent will answer any questions you might have about different options, so make sure to ask them before making any decisions.

If you find an agent who can not provide this information or does not seem knowledgeable, then keep looking. When you find the right one for you, they’ll be able to guide you through every step of finding the right type of insurance policy and plan that suits your needs. They will also be available to answer any questions you may have as the policy progresses, from claims inquiries to updates on new policies.

So do not wait until something happens before getting a quote! Contact an agent today!