Four Types of Insurance You Probably Didn't Know You Needed

 Four Types of Insurance You Probably Didn't Know You Needed

Did you know that there are actually four different types of insurance? If you’re like most people, you probably knew about the kind of car insurance you need to drive on the road, but did you know that there are others? By learning mmoreore about what types of insurance exist and what they do, you can better protect yourself, your family, and your assets in the long run. Here are the four main types of insurance you should be aware of if you don’t have them already!

Auto Insurance

However, not all types of auto insurance policies are created equal. For example, some only cover damages and don't provide any coverage for bodily injury if you're involved in an accident with another driver. Others offer higher liability limits for bodily injury to protect your assets. 

To make sure that you get the right type of car insurance coverage, start by understanding your own needs (and what will be best for your budget). 

Here are four types of insurance that you should consider getting: 

1) Personal Auto Insurance - Covers both property damage and personal injuries arising from automobile accidents involving the policyholder's car. Most states require at least minimum amounts of liability protection on a personal auto policy.

Homeowners or Renters Insurance

Everyone needs homeowners or renters insurance to protect themselves from the costs associated with personal property loss. Many people don't even realize that they need this type of coverage until they experience a disaster. Homeowners insurance provides protection for your home and its contents in the event of damage, theft, or natural disasters such as storms. You should also consider getting additional liability coverage on your policy to help cover medical expenses and other damages you may be liable for.

Life Insurance

When you are living paycheck to paycheck, it can be difficult to set aside money for future expenses like retirement or college tuition. If you have a family, life insurance is especially important because it can pay off outstanding debts and leave behind a legacy for your loved ones. Term Life Insurance offers the best coverage at the lowest price but whole life has better long-term benefits.  Accidental Death & Dismemberment: Accidents happen every day so it's vital that you purchase AD&D coverage in order to protect yourself and your loved one's financial futures.

Disability Income Insurance

The three main types are short term disability, long term disability and group benefits. For example, short term disability provides coverage for a limited period during which an individual may be out of work due to illness or injury.