What Things You Should Insure

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There are certain things in this world that we can’t afford to lose. And if we lose them, the cost and time to replace them may be out of our reach.

Most of the time, these are the things that we’ve invested on and are of great value for us. This could be a house, a car or a certain property which you got from your own efforts or have sentimental value for you.

Read on to learn more about the things that can be and should be insured.

For a fact, most things you own, and even some you don’t, can be insured. However, insurance companies only consider those which are of great value and create a significant impact in our lives when gone or destroyed.

Among these are the four most important insurance that every one of us need: life insurance, health insurance, property insurance and liability insurance. Let’s tackle each of them briefly.

Life Insurance

Your life is one of the most important things to be insured. Because we can’t deny the fact that our lives, careers and earning potential are often the thing we have invested in the most.

In most cases, the family breadwinner will be the only family member to apply because his or her passing would really affect the financial stability of the person’s family.

Life insurance provides support, specifically financial support, to your loved ones (or beneficiaries) after you die, whether unexpected or not.

There are two primary kinds of life insurance: whole life insurance which provides a lifetime support and term life insurance which gives support for a given period of time. In addition, the specific terms of your life insurance policy are important. You should know your life insurance policy and follow its terms to avoid cancellation or rejection of a claim should it be needed.

Health Insurance

Medical and health costs soar higher every year. It’s no fun to be sick in the hospital because that will surely mean you will have costs to pay.

That’s why health insurance is available so that in times of illness or accidents, you are able to pay the associated costs, leaving your mind and spirit free to heal the body.

Many insurance companies offer affordable individual health insurance to people, especially those who are employed. Sometimes, the employee’s company will offer group coverage as a benefit of employment or deduct it from your salary. You could also get affordable life insurance by joining a certain group or organization.

Property Insurance

Property insurance is a broad type of insurance. This includes house loans, car loans, home equity loans and insurance for other great-valued properties of yours.

These properties are considered to be a necessity and would create a financial disability if damaged, stolen or lost.

But you must also need to know that there are a lot of exclusions present in property insurance.

For instance, pests and rodent damage as well as some “acts of god” are usually not reimbursed by insurance companies, as well as intentional damage you cause to your property.

Even if you’re insured, you must always be careful to preserve your property as well as your own life!

Liability Insurance

Liability insurance falls under casualty insurance. This insurance is usually used to cover up damages to other individuals. And since simple damages are judged to be paid back on a costly basis nowadays, liability insurance could be very costly.  Moreover, there are also certain exclusions that companies don’t cover on this kind of insurance.

These are just some of the most important things that need to be insured. There are a lot more but always consider the things of most value when deciding what to insure. Set priorities and know what type of insurances you’ll need for your assets, your health, your life and the lives of your loved ones.

January 14th, 2008 by Local Fresh

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