People and corporations have been buying insurance for a lot longer than we imagine. Once upon a time, it was only for the rich, but these days it is available to everyone in a myriad of forms, which is good as there are an increasing number of reasons for needing it. Insurance not only protects you in the case of disaster, it can cushion you in the case of lawsuits and save your assets in this increasingly litigious age.
Homeowners or renter’s insurance is one of the most vital aspects of coverage. Renter’s insurance is designed to protect the renter against theft, but depending on state and local regulations, you may want to see if you need to be covered against accidents or other misfortunes that occur on your premises. All homeowners should have at least the minimum amount of liability insurance as even the best cared for property can have hidden pitfalls, or sudden icy spots after a storm. A lawsuit can cost you your home as easily as a hurricane.
Most states require all car owners to have at least liability insurance – some allow for a bond with the state to substitute for that – but while this will protect others against damage that may be your fault, it will not take care of you or your property. Therefore, it is advisable to look into things like personal property damage and uninsured motorist protection. You can have fairly high deductibles to save money on the premium, but avoiding these altogether can cost you.
You need to find an insurance agent who meets your needs. This means covering your basic needs as well as making sure you have everything you think you have. That is, your homeowner’s insurance may not include tornado damage in an area where that is a risk. Finding out you are not covered after disaster strikes can be financially and emotionally ruinous. While having more insurance costs more, there is also usually a discount for multiple levels of coverage, which will mitigate the cost.