Some things just aren’t taught in school, and insurance is one of them. Many young people, although they know a lot about being an adult, may have not considered these types of insurances. Below is a list:
According to a 2014 Insurance Information Institute poll, only about 37 percent of renters purchase renter’s insurance. This is a staggering statistic (albeit old), as the same survey showed that 95% of homeowners have homeowner’s insurance. Rental property insurance is very important as it protects everything in your apartment/rented home, including things like appliances, jewelry, and cell phones that you would have to shell out big bucks to replace if you did not have renter’s insurance. Many renters are likely under the false assumption that, because they don’t own the property, the property owner will be liable for the damages that result from punitive damages from fire or burglary, but they are not. Plus, premiums are very low, especially if you can bundle it with your auto insurance. If you are deciding on insurance, you should call an independent agency or your current insurance agency to find the renter’s coverage right for you.
According to a 2017 survey, 84% of those surveyed said that most people need some form of life insurance coverage. However, many young people may think that life insurance is for old people, and wonder why they should spend their money on something that will not pay out for 60 or 70 years. However, depending on your type of life insurance, your coverage will be based on your health now, while you are young. Plus, your policy will build up a cash value which can be accessed during an emergency via a surrender. Universal life can be dictated by your payments and can cover you for the rest of your life. Even as a young person, something can still happen: the loss of a limb, the loss of sight, the loss of mobility, or even death. If you have no life insurance, nobody will be there for your family. If you are married, your spouse will be stuck with a big funeral bill and the loss of your income. If you aren’t, it is likely your parents who will be footing the bill. If they are aging, this could be tougher for them than one would think. An independent agency can provide the life insurance services right for you and go over your options.
According to research, 73% of people said that they did not have flood insurance that is distinct from their homeowner’s insurance. This is a big problem because of all the damages that flooding can cause. Furniture can be ruined, electronic appliances can stop working, flooring can need to be replaced, and mold can occur and cause huge monetary losses. Consider visiting an independent agency to purchase the best flood insurance for you at the best price.
While it may be tempting to go through a major company that you see on TV or the internet, an independent agency will fight for you to get the best coverage at the best price.