Most people are typically required to have auto and homeowners insurance policies either by the state or a finance company. However, there are a variety of other Insurance policies out there that you should never go without.
5. Health Insurance: If you become sick and are rushed to the ER or Hospital care, the costs involved are likely to be expensive. Health Insurance helps you with these immediate costs upfront. To keep premiums down, choose a plan with a higher deductible.
4. Long Term Care: In the blink of an eye, your life can change. A slip and fall can lead to a traumatic brain bleed, a Stroke can leave you paralyzed. Many Baby Boomers out there are currently taking care of their parents- and are seeing how difficult it can be. Your health is going to change... be prepared for when it does.
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3. Life Insurance: This is a no brainer. Protect your income! If you love your family, don't burden them with funeral costs, and paying off debts. If your family depends on your income, you should have a life Insurance Policy.
2. Homeowners: As mentioned, this is usually required if you have a mortgage. However, Condo-Unitowners, and Renters: you should have this policy! It adds coverage for fire, theft, and liability. It also covers items are stolen from your car.
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1. Umbrella Policy: Liability Coverage that protects you in the event you are sued for bodily injury, property damage, or libel/slander. Coverage starts at $1M- and trust me, if you are in a serious car accident, or there is a slip and fall at your home... you will be sued and your current coverage may not be enough.
In the end, Insurance is supposed to help you. It is intended to restore your life back to how it was before your claim.
It is ALWAYS better to have the coverage and not need it, than need it and not have it!
Valerie Mazzola is an account manager for the . "Business Corner" is a partnership between San Bruno Patch and the San Bruno Chamber of Commerce that features blogs on Wednesdays guest-written by chamber members.