Top 5 Insurance Policies Each Person Should Buy

In terms of purchasing insurance, there are different options available on the market that you might be interested in. Getting covered in insurance is very important; however, the coverage you have may also be too much for you.  Excessive insurance payment takes money away from the other areas in your life like retirement savings and emergency funds.

When we speak about insurance, there are 5 most common types of insurance everyone must take. These are the following:

Health Insurance

Health insurance is undoubtedly the top among the different types of insurance. Always consider the following essential factors when looking for health insurance.

Needs:  Young and fit people pay less for the coverage as opposed to the older ones like the parents, elderly and sickly people who pay more.  Are you planning to use more of your insurance? If so, you need a co-pay and a low deductible.

Doctors: One question to ask about health insurance is to know if it allows your active doctor to stay on.  

Cost: Understand what kind of coverage is affordable for you to pay.  It will give you more savings if you can shop for co-pays and higher deductibles.

Car Insurance

Car insurance is not something that you only like; it’s something that you must have because almost all states require it so.

If you have an older car, it will require no more than the minimum.  But if your car has a high quality value and it’s new, you can always opt to insure it against theft.

Types of car insurance

Liability:  This coverage has two types: property damage and bodily injury.  Liability covers damages done to others as well as to their property.  They don’t cover the passengers or the driver.

Personal injury protection:  This coverage covers the expenses incurred for medical treatment related to the injuries done to passengers and to drivers.

Collision:  Include collision insurance if you want a coverage for your insurance that covers damages to your car—whether it’s your fault or not.

Comprehensive:  Collision covers only the damages when it is caused by an accident.  For instance, you need comprehensive insurance to claim compensation in case there’s a tree that fell and ruined your car.

Uninsured or underinsured motorist: This is a type of coverage needed in case the driver who hits your car doesn’t have damage coverage in his insurance—or in any type of coverage at all.

Homeowner’s insurance

Renters insurance gives you protection against theft and damages of your personal belongings.  For those who live in urban areas, the cheap cost of renter’s insurance is enough to give a person peace of mind.

Sometimes, having homeowners insurance may not be enough to give you complete protection.

Ask your insurance agent if it’s necessary to have additional coverage for earthquake, flood, fire and other calamities that can be included in your average insurance plan.

Life Insurance

Nobody wants life insurance but this is one of the most important insurance that gives your family the level of protection in case you pass away.

Dying has a lot of expenses to encounter like payment for the mortuary and burial. Aside from this, life insurance will guide your family in offsetting your lost income due to your untimely death.

If you have no children, probably you don’t need life insurance; however, everybody else must invest in insurance policy.

Disability Insurance

Disability insurance is quite similar to life insurance.  During the time you’re incapable of working, disability insurance reimburses you for the lost income.

Since a third part of US citizens are disabled, buying disability insurance makes sense for your financial needs—whether you are a single, married, parent of non-parent person.

Disability insurance covers temporary and permanent disabilities as well as partial disability.

Nobody is sure about the future but this insurance is fairly inexpensive.

To get more information about the top insurance policies in Florida, please contact us at DMG Insurance and Financial Services, Inc. (http://www.dmginsurance.com) at 543 N State Road 7, STE 106, Royal Palm Beach EL, 33411, phone 561 422 7071, Fax 561 422 7072.

Top 5 Insurance Policies Each Person Should Buy

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