8 Types of Insurance You Need

“Insurance is the only product in the world that both the seller and buyer hope it is never actually used.” Author Unknown

Discussing insurance products are often uncomfortable. It requires us to think about probabilities with dire consequences.

Insurance is a way to have protection from financial losses. That coverage provides a guarantee of compensation for individuals in return for a payment of a premium.

An insurance policy is a contract between the person buying insurance (the insured) and the insurance company (the insurer) sold by insurance agents.

The deductibles are the specified money amount the insured must pay before an insurance company pays a claim.

1. Auto Insurance This insurance is inexpensive but will be beneficial for repairs and if you have serious injuries.

2. Homeowner’s Insurance. Homeowner’s insurance will combine the property and liability coverage into a single policy.

3. Renter’s insurance The homeowner is your landlord and likely has insurance for the dwelling and furnishings if provided as part of your lease agreement.

4. Life Insurance Life insurance is protection for families that are fully or partially dependent on your income. If a working parent passes away, their income is lost.

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