4 Insurance Policies You've Gotta Have

I have a love hate relationship with insurance. It?s one of those things that you hate to have but love when you actually need it. Still you hope that you never have to use it which creates this love ? hate relationship which leaves you feeling like you?re just throwing away money hoping that something doesn?t happen that requires you to use it.

These are the types of insurances policies that you absolutely need if you?

Own A Car: Auto Insurance

Drive to <insert destination here>? Then you need auto insurance and there?s no way to get around it since all states mandate that you have it. For most people, not being able to drive a car means not being able to earn a living. Furthermore, should you get into an accident, then you?ll need auto insurance to cover your liability, medical expenses or other damages related to the accident. Check out how to save money on auto insurance here.

Rent A Home: Rental Insurance

Many renters overlook this policy since it?s cheap and never think anything will actually happen to their property. Just like homeowners a policy to cover their property, renters need this to cover theirs. You may be thinking that if something happens to your property in your apartment or rental home that your landlord?s policy will cover it. Not a chance. The landlord?s insurance typically covers the physical properties of the home but not your personal belongings within the property itself.

Luckily, rental insurance is pretty cheap and can start as low as $10-$20 per month.

Own A Home: Homeowners Insurance

Like rental insurance, this policy is a must have if you own a home. In fact, this is mandatory when you a home so this is not optional like rental insurance. Think about it, if every appliance in your home stopped working, would you have the money to to fix all of them? Or what if your home was damaged due to vandalism or some other issues that warranted laying out a wad of cash to make repairs? This is where homeowners insurance comes in to play. Homeowners insurance will pay for the repairs, a new place to live ? temporarily, long term or if necessary, replacing the home itself.

Get Sick: Health Insurance

Without the proper medical insurance, you might as well be one fat medical bill away from declaring bankruptcy. If you have an ongoing medical condition that requires the consistent care and oversight of a doctor, then you?ve probably seen the bills whether or not you have health insurance. Even if you?re in pretty good health, changes are due to an accident or other health issue, you?ll need to see the doctor. At the very least, get a policy that covers major medical issues to avoid a large bill at the end of your treatment.

Optional But Recommended Insurance Policies

Long Term Care Insurance

Many of us aren?t thinking about actually needing this type of policy but it?s best to think about it now rather than down the line when you need it. Should you need long term care in a nursing home or hospice in your golden years then you?ll need this type of coverage to avoid draining your retirement fund or nest egg. This policy allows you to maintain a peace of mind about this expense that you hope never to use but will be thankful that you do should you need it.

Disability Insurance

You probably have this insurance policy through your employer, but it is a good idea to check with HR to make sure that it is actually in force. Make certain to find out how much it covers and if it does not cover 100% of your salary then you?ll need to purchase a supplemental disability policy. Maybe you?re thinking that your emergency fund can cover an incident should you need it. Have you factored in how long you might be out from work? The accompanying portions of the medical bills that will be your responsibility? It?s better to cover those possibilities especially if you are the breadwinner to avoid depleting your emergency fund trying to keep up with the related expenses. This type of policy is typically more expensive to obtain but well worth it should you ever need it.

Compare policies and be certain that you ask the right questions around the types of disabilities that are covered, waiting periods, premiums etc.

Ultimately you need to weigh which insurance policy is right for you and your situation. In the end, if the situations apply, not owning one could cost you more in the long run and it?s better to be safe than sorry.

Do you own every policy on this list? If no, why not?

Source: http://www.businessinsider.com/4-insurance-policies-youve-gotta-have-just-in-case-2012-2

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