For most people in the United States, insurance for homes and cars is a necessity. Still, many people either forgo insurance for their property or choose the cheapest–but not most comprehensive–coverage available. Doing something simple like getting a discount auto insurance quote online or researching renters insurance rates can help save you money and ease worries. Here is a breakdown of the most common types of insurance available, why you need them, and how they protect you from accidents, theft, natural disasters, and other mishaps.
Auto insurance is required to drive a car in all 50 states of the USA and is necessary to protect you if you get into a car accident. Anything from a small “fender bender” to totaling your car or having it stolen is covered by most types of insurance, even cheaper, discount auto insurance rates. Car insurance can also cover the costs of medical care for any injuries you or your passengers may suffer as the result of an accident. Not only is this type of coverage mandated by law, but it is also the best way to guard against the dangers of the road. Consider a discount auto insurance policy with the best coverage possible to help allay the high costs of damage, theft, or injury.
Homeowners insurance is not required by law if you own a home, but many mortgage lenders will require you to carry it. This type of insurance can be costly, with some homeowners spending approximately 2% of their annual income on homeowners insurance, but it is the best defense against events such as natural disasters, like hurricanes or floods, or things like house fires and burglaries. No matter where you live, homeowners insurance is a necessity. The Federal Emergency Management Agency states that 64% of homes in the United States are under-insured for their estimated value, which could affect insurance payouts in the instance of a disaster. FEMA also reports that 50% of homes in high risk areas for such disasters are uninsured, meaning that if anything happens to them, the cost for repairs or replacement is the sole responsibility of the home owner. This is too much risk for such a costly investment, so it is important to obtain this coverage and receive the best coverage possible.
Finally, there is renters insurance, which protects the assets of people who live in apartments, townhouses, rented houses, or other leased dwellings. On average, a rented property contains approximately $400 worth of household appliances, and the renters may also own other belongings such as electronics, clothing, and furniture. Because units in places such as apartments and townhouses are in the same building or nearby buildings, disasters such as fires can spread easily and cause significant damage to a renter’s possessions. Renters insurance costs less than homeowners insurance and is the best way to deal with the unexpected results of living in a shared or rented space.
No matter what you need to protect, having no coverage or a lack of it can place an unnecessary burden on you in times of trouble. Be sure to compare insurance quotes and purchase discount auto insurance, renters insurance, or homeowners insurance today. It could not only save your investments, but it could save your life as well.