types of insurance

Top 5 Types of Insurance Everyone Should Have

All across the country, more than 40 million Americans lack insurance or are underinsured based on what their needs are.

With all of the types of insurance available, you’d think it’d be the other way around. But in truth, many of us are missing out on vital protections.

Here are the five most important types of insurance that everyone should have.

1. Renter’s Insurance

While most people think that they should wait until they own a home before they pay for insurance on their residence, they are sorely mistaken. Without renter’s insurance, people who live in cities or don’t own a home could be putting their most precious items on the line.

While you might assume your landlord has insurance, you might be left out of that policy. If you have a good relationship with your landlord, see what they cover and whether or not your belongings or your family would be covered in case of an event.

Rather than wait on your landlord, why not take matters into your own hands and protect your own family and belongings?

Renter’s insurance is great because it comes with added benefits. Not only can it make you eligible for discounts on other plans from your insurance company, it can also cover you for other things. You often get a small amount of liability coverage or coverage if your belongings suffer damage while you’re going from home to work.

If you drop your camera while out at the park on the weekend, if you have a low enough deductible, it could be covered. Take some time to learn more about renter’s insurance if it’s totally new to you.

2. Car Insurance

While this isn’t a must-have in every single state in the nation, most states require some amount of car insurance to get on the road. Car insurance is important not only for you but for other drivers on the road. Most of us take for granted the fact that everyone on the road is driving an insured vehicle.

Car insurance can not only protect other drivers on the road, but it can protect you in case you cause an accident. Even if you cause an accident, if you pay enough for your car insurance, you could ensure that your car gets repaired.

If you just invested in a new vehicle, a fender bender could be heartbreaking. Rather than cry over your new car, you could get it fixed up and back on the road as soon as possible.

Car insurance can also protect you from crippling medical bills. Whether you were injured or another person in your accident, you won’t have to shell out hundreds of thousands of dollars for someone else’s medical bills.

3. Pet Insurance

If you’ve never considered pet insurance, you’ve never dealt with a sick or sensitive pet. If you work a good job, you probably have great insurance for you and every member of your family. This means that when you’ve got an issue you’re only paying a small amount to use your insurance.

However, if you’ve got a pet, you could be spending hundreds for just the most basic level of treatment.

Many startups, tech companies, and modern workplaces are offering pet insurance to their employees. As more workplaces become dog-friendly and realize that pets are as vital to many people as members of their family.

Pets can keep young, childless, or even older people whose kids have moved out feeling grounded and connected to the world around them. With pets, people create small communities at parks and recreational areas. Pets are important to mental and physical well-being.

With pet insurance, you and your pet can stay happy and healthy for a small price each month. Rather than covering surgeries that could cost hundreds or even into the thousands, your pet can be as well covered as you are.

4. Dental Insurance

While just over 10% of Americans lack health insurance, over 40% lack dental insurance. If you’re one of that 40%, you’re making a huge mistake. Without proper, regular dental care, you could be setting yourself up for huge dental bills.

Covering small preventative care measures can cost you around $200 or less every year. Covering a major dental expense can easily climb to $5,000. That’s 25 years of dental coverage added to your medical coverage if you’re keeping score.

Dental insurance may not seem vital to people who are underinsured, and that makes sense. However, if you’re properly insured but not taking advantage of adding a dental plan to your insurance coverage, you’re making a mistake.

5. Life Insurance

No matter what age you are, it’s never too soon to look at getting life insurance. in fact, the sooner you start paying for life insurance, the more you’re able to leave your heirs. While you won’t get to take advantage of it, you want to ensure that your family and children have everything they need to lead a happy life without you.

Life insurance can make sure that you cover your medical expenses, funeral expenses, and anything left over after you’re gone. Life insurance can also be tapped into if you end up suffering a serious illness later in your life. Life insurance is never a waste of money, especially if your family is important to you.

The Right Types of Insurance Keep Life Safe and Happy

When you have the right types of insurance to suit all of your essential needs, you can manage any hurdles that life throws at you. Insurance can be confusing to people who don’t know the industry well.

However, with the right combination of coverage, you can weather any storm and get through potentially devastating troubles with ease.

If you’re looking for new and interesting ways to ensure that you stay healthy, check out our guide for more tips.