So Over the Rat Race, Debt, and Financial IrresponsibilitySubscribe Now

Insurance Coverage You Should Never Do Without

Saving money is chic, but being uninsured is not, especially if you get into an accident. Here’s another chic fact you might not have taken into account, however, and that is you need more than just auto insurance coverage. Even if you’re renting your residence and don’t have a significant other, going uninsured can have long-term repercussions that won’t be pleasant for you or your family. Here are four policies that, in most cases, you should never go without.

1. Automobile

Of course, you have to insure your automobile. You also have to insure your recreational vehicles, motorcycles, boats, etc. You never want to be caught without insurance, especially if the police pull you over. Should you be uninsured, you will face additional penalties; if you’ve been in trouble for this in the past, you may lose your license. It isn’t chic to drive under-insured or uninsured, so don’t even think it. Make certain you secure a proper automobile insurance policy for all active vehicles.

If you are concerned about costs, speak with a local insurance expert who can discuss your many options. You may be able to save money on your auto insurance if you pay your annual premiums all at once. You might also earn a discount if you combine all of your vehicles onto one policy. You can also save some dough by combing your different insurance needs into one policy. Insurance companies are vying for your business, so find ways to make them earn it.

2. Homeowner’s/Renter’s

If you own your home, you know you need to insure it, but you also need to insure your belongings and your guest’s safety if you rent. Where you live oftentimes dictates the type of homeowner’s policy you’ll need. For example, it isn’t wise to be caught without earthquake insurance if you reside in California. The big one is coming; at least that’s what “they” keep saying. It also isn’t wise to avoid purchasing flood insurance if you live in Chicago. Come on, you know how wet the winters are each year.

If you rent, you’re still susceptible to same disasters homeowners are susceptible to, including burglary, fire, and slips and falls. Your property manager only insures the building, he or she does not insure you or your belongings. Unless outlined in your lease differently, this is your responsibility, so secure an affordable renter’s insurance policy to protect you and your stuff. You never know when something will happen, and you must be prepared even if you don’t own your home.

3. Life

Life insurance is a no-brainer, yet many people do not have a policy taken out for them. You never, ever want to think that something unfortunate could happen to you, but it could. Even if you are single, you may be in debt or have other responsibilities such as a home that will fall upon someone else’s shoulders. Do not leave him or her in the lurch. Make certain that you take out a life insurance policy that will cover all of your financial needs should something happen to you.

If you do have a family, it is even more important to take care of them after you’re gone, particularly if you are the primary breadwinner. Many people do not take into account exactly how much money they will lose should something happen to their loved one, so sit down with your partner and calculate the amount you contribute to the household. Now, imagine that money is gone, and then select a life insurance policy that will more than cover that amount for years to come.

These three policies are things you should never take for granted. You need to protect your vehicle, your home, and your family. Make certain you have enough coverage for all three.

Selling Your Home Without a Realtor

  On a side note, I have updated this article a bit to reflect a current annoyance I had with a real estate agent just this past weekend, and to promote the ease with which you can handle real estate transactions on your own, and without the … Continue reading...

Things to Consider Before Building Your Dream Home

Nothing is quite as exciting, or quite as stressing, as finally building your dream home. Being at the point in your life to finally build a house that is made for you and your family is quite the undertaking. The process will usually bring your … Continue reading...

Do What You Love and Get Paid For It

People talk about building their own businesses all the time. Often, they are simply tired of working for someone else and lining the pockets of a CEO who may not even know their name. The first hurdle is to figure out what that business will be. … Continue reading...

What Millennials Need to Know About Traditional vs Roth IRAs

Contributing to an IRA is an effective way for people of all ages to create wealth for later in life. Those who choose to open an IRA have the option of opening a traditional or a Roth account. Many financial planners say that having one of each may … Continue reading...