Having just graduated from college and gotten married, I was at a loss for where to start when it came to insurance because my parents had always handled it for me. However, my husband and I had to figure out what kind of insurance we needed in order to protect ourselves from the unknown. I’m sure many of you in today’s younger generation are in the same position I was in, asking yourself, “What types of insurance do I need?” As someone who recently experienced this uncertainty, here are my recommendations:
- Car Insurance – If you are in an accident or pulled over, the first things the police officer will ask to see is your license, registration, and proof of insurance. Car insurance is very important – not only does it cover you and your vehicle, but liability insurance covers the expenses incurred by the other party if you are at fault. If you don’t have liability insurance and an accident is your fault, your insurance will not cover the expenses and you’ll be forced to pay for the expenses out of your own pocket. Yikes!
- Homeowners Insurance – Do you own or plan on owning a home? Buying a house is a large investment that you want to make sure you protect. If there is a fire, tornado, blizzard, or other catastrophe that causes damage, you’ll want to make sure you took precaution and had your home insured. If the kitchen in your brand new home catches on fire unintentionally, insurance can cover the expenses after your deductible is met.
- Renters Insurance – You might be saying: “I don’t own my home. I rent my home/apartment/condo.” Well, you’re in luck because there is insurance just for you! The landlord (hopefully) insures the actual structure in case of damage, but you want to make sure your personal property is covered in case it is stolen or damaged. Renters insurance protects your personal property inside the dwelling. This type of insurance is also especially important for college students who rent an apartment.
- Life Insurance – I’m recently married, and I just bought a house and a car. Because I had to take out a loan for these, I do not own them until I repay the loan. If something were to happen to me, my husband would have to pay for the loans by himself. If he couldn’t pay off the loans without my income, the bank would take the house and car away from him. However, because I have life insurance, I am hopeful that my specified policy limit would be an adequate amount to pay for the house, car and other needed items. Life Insurance gives peace of mind to our family and loved ones in case of a tragedy.
Talk to your local independent agent today to find out what kind of insurance you need in order to fully protect yourself and your loved ones. When tragedy strikes, you want to make sure you’re protected!