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

Buying insurance is the best way to manage the risk of losses that could be financially catastrophic to you. There are eight types of insurance you need.

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.

The Premium Premium is the monthly or annual cost for insurance coverage.

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

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

Exclusions Your policy may not cover everything and may exclude that loss or damage.

8 Types of Insurance Your Household Needs: 1. Auto Insurance Driving a car is the single most extensive exposure to catastrophic losses for Americans.

2. Homeowner’s Insurance Your home is usually your most significant asset. Here is where our families live and spend precious time with our children and pets.

3. Renter’s insurance You should buy renter’s insurance when renting from homeowners.

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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