If you are like most people, the idea of having to buy more insurance is akin to getting a root canal. You may put it off and try to convince yourself that it isn't needed. Then, something happens and you end up with a huge bill that would have been paid if you had insurance coverage. While medical, dental, and auto insurance can be expensive, other coverage may be added to an existing policy that are not too costly alone. Consider your life, home, and family, then decide which of the following you should have.
People who own or are buying a house almost always have homeowner's insurance. If they are still paying a mortgage, the lender probably demands it. However, if you are renting, you may feel that the owner of the place already has insurance on the property so why should you spend the money on renter's coverage. The reasons are real and important. The building and property are covered by the owner, but none of your possessions are. If there is a plumbing or sewer problem that destroys or damages your belongings, you will not be reimbursed for them without renter's insurance. Generally, it is not an expensive policy and you may get a discount if you get it from the same agent and company that carries your auto insurance.
Additional Liability for Potential Dangers
If you have a trampoline, pool, horses, or go carts, you should make sure that your insurance policy has additional liability coverage for them. You may know your friends and family members very well but still have them come after you if there is an accident and someone is injured. When you purchase your homeowner's or renter's policy, talk with the agent to find out what dangerous things in your home should have liability coverage.
Life insurance is not just for people who have a lot of money. What would happen to your family if you were to pass away? Do you contribute to paying the bills that provide for your family's home? Life insurance can keep your family from losing their home or being stuck paying for debt you helped incur. Consider how much debt you have and how much money it will take to raise any children to college age and purchase at least that much life insurance.
It may seem like you pay a lot of insurance premiums and don't make claims against the policy so the money is just a waste. However, the first time there is an accident or other problem that is covered, you will realize how much money you saved by having the policy.
For more information on personal insurance policies and additional coverage, contact an insurance agency, such as Northeast Insurance Agency.