Four types of insurance and why you need them

It’s better to be safe (and protected) than sorry. Read about four types of insurance, and why you need them.

No one enjoys spending money on insurance. But everyone is happy they did when something happens that their insurance policy covers.

Insurance becomes even more important to us as we get older and accumulate things that have value – both emotionally and financially.

Our family home, the possessions we’ve worked hard to acquire over the years, our car, and our family’s health – we have many things that we treasure and would like to keep.

But as careful as we are, sometimes the unexpected happens. Bad luck, a bad decision, or the action of someone else. And when it does, insurance policies can come into their own.

Insurance can help to replace or compensate us for losses, and ensure we have access to the help we need to minimise the negative impact on our life. This can be particularly important when it comes to our health; we can replace a laptop or car, but our loved ones are irreplaceable.

That said, shopping for insurance can feel overwhelming and confusing. There are so many different types of insurance and policies. To help give some tome toppling clarity, here are four different types of insurance you might need and how they can help.

1) Health care insurance

If you are planning on having just one kind of insurance, make it health insurance.

If you have young children, you’ll know all too well how fast medical bills can pile up each month, and how tough it can be to keep up wtj the when that happens.

Having healthcare insurance will take a huge financial burden off your shoulders, and put your mind at ease knowing that you can provide your family with adequate health care if and when they need it. 

2) Home insurance

If a house fire or an other disaster befalls to your home and you don’t have home insurance you’ll regret it!

When you take out home insurance you have the peace of mind of knowing that your home and belongings are protected, and that you will be compensated if anything happens.

The insurance gurus at explain that for a higher premium you can even extend your home insurance to cover any valuable art pieces and jewelry, if you own them.

Most mortgage lenders will require you to have home insurance, however it is up to you to choose the kind of plan that would suit you, and. the level of cover you decide to buy. 

3) Car insurance

Car accidents happen all around the world every day. And even the most careful of drivers have a reasonable chance of being in at least one car crash in their lifetime – even if it’s not their fault. So it is almost a necessity to get your car insured. According to PolicyScout, this it’s vital to pick the correct type of cover, whether it’s third party or fully comprehensive.

Car insurance policies will cover car repairs and medical bills that you may incur after getting into an accident. And not only will you be looking after yourself by having car insurance, but you will also be caring for other drivers on the road, as your car insurance will cover the damage you may cause to others.

In most countries, car insurance is a legal requirement, which further signifies its importance as a road safety measure. For instance, an SR22 insurance Louisiana is often mandatory for Louisiana drivers with DUIs and other driving violations.

4) Travel insurance

If you are a frequent traveler, you need to seriously consider having a good travel insurance plan. Travel insurance will cover any costs you incur from delayed flights, luggage loss, and some policies will also include emergency accommodation expenses. 

They’ll also cover unexpected health expenses – which can quickly rack up if you fall seriously ill or have an accident when traveling.

Insurance policies are important tools to help protect you from the fallout of unforeseeable events, and mitigate your losses from them. Whether the costs are physical or financial, insurance is a wise investment.