Today everything from a cell phone to a yacht can be insured. However, choosing the right insurance is not that easy. For example, it is better to insure your child’s life or his health? It is natural to want to protect yourself against all unforeseen accidents but not all types of insurance are necessary. While some types of insurance cover rare events others have a number of restrictions that make recovering money quite difficult. Here are the five basic types of insurance you must have.
Health Insurance
From the doctor’s fees to medicines and tests that you may need to take, falling sick can be quite an expensive affair. Hence, health insurance is a must for yourself and for every member of your family. You can apply for health insurance independently through an insurance agency or through your employer or through a labor union. Health insurance usually covers doctor’s consultation fees, routine checkups, prescription medication and any medical care that may be needed in the event of an accident or illness.
Disability Insurance
Though broken bones can be reset, it can take a while for you to get back to work after an accident. Disability insurance covers temporary and permanent disability as well as partial and total disability. This type of insurance reimburses you for the income lost while you are unable to work due to a disability. This may also be applied for independently or through your employer.
Life Insurance
Life insurance does not protect you as much as it protects your family. This type of insurance helps pay for costs such as mortuary fees and burial fees as well as helps your family recover some of your lost wages. This type of insurance is especially necessary for individuals who are the sole earning members of their family. However, if you do not have children and your parents are not dependent on your income, life insurance may not be as essential.
Car or Motorcycle Insurance
Today, motor insurance is not merely a choice but is a legal requirement in most states. When it comes to car and motorcycle insurance there are many sub categories. Liability coverage can protect you against personal injury and damage to your vehicle. In the case of an accident, it also covers damage to the other vehicle. In cases where it is difficult to determine who is at fault, collision insurance can cover the damage to your vehicle. Accidents are not the only cause of damage to a vehicle. Damages caused by events such as a tree falling on your car can be covered with comprehensive car insurance. If your vehicle is new, you may also choose to insure it against theft.
Home Insurance
Insuring your home is a good idea both in the case of rentals and when you own your home. This protects your belongings in the case of theft or damage. However, you must read the fine print on your insurance file to see if you need any additional insurance against natural calamities such as earthquakes or floods. To learn more visit this website now.
