Being fully insured is an important step in adulthood but there are so many expert opinions about what type to get, when to get it, and how much to cover. Car insurance, cyber insurance, home insurance, it’s overwhelming, to say the least!
The key to feeling confident in your insurance coverage is to customize it to your exact situation. Taking what you need and leaving the rest. This way you’ll know that everything that needs to be covered is and you’re not paying for extras that you won’t use. You can be peaceful that your assets and loved ones are protected no matter what’s to come.
In order to help you get the best insurance setup, we’ve put together this guide of the top eight insurance types people have. Having a basic understanding will help you know where to start!
1. Car Insurance
Since it’s required by law for every driver, the best place to start getting insurance is with car insurance. This protects both you and the other drivers on the road in case of a car accident.
Liability insurance in Ontario is a simple policy that covers damage to your vehicle, medical treatment for injuries, and damage to structures or other cars. It’s comprehensive and will make sure you don’t end up in a poor financial situation after an accident. You can have multiple drivers on a policy to make sure your whole family is covered.
2. Home Insurance
While not required by the law, house insurance is required by most lenders before they’ll provide funding to purchase a home. This makes sure that their investment is safe and the value of the home isn’t going to go down when damage is done.
Depending on where you live, home insurance policies can cover a variety of natural disasters. Most policies also cover a variety of common accidents that happen in a home, like flooding or fires.
It’s also a good idea to get cottage insurance policies for other home structures you own, even if you don’t live there full time.
3. Business Insurance
Running and owning a business inherently comes with a lot of risks, there aren’t many guarantees in the line of work. That’s why all insurance experts will recommend getting business insurance.
This type of policy can cover things like damage to property, injury to employees, liability issues, and even some payroll disruptions.
Since businesses are so unique and different from each other, it’s best to work with an insurance broker to determine exactly what would be best for your company. They can help dive deeper into the options and help find a great option.
4. Life Insurance
Life insurance is something that many people don’t think they need because they are healthy and living a full life. Unfortunately, you just never know when you’re going to need this type of coverage.
According to the experts, every adult who has assets or has people who depend on you for either care or financial support needs life insurance. These policies are cashed out in the event of your passing and can help keep your loved ones from financial problems. The funds can be used for funeral expenses or paying regular bills until something else is figured out.
5. Other Vehicle Insurance
Daily driver cars aren’t the only vehicles we drive and should be covered by insurance policies. Anything that drives should have individual coverage to make sure you’re prepared in case of an accident.
RV insurance is used for four-wheelers or snowmobiles, trucking insurance for those large, semi-trucks, and boat insurance obviously for boats. And those are just a few options you can choose from. The best insurance companies provide a wide variety of options you can choose from to get all of your assets prepared.
6. Renters Insurance
Even if you don’t own a home, you still need some coverage for the place where you do live. Renters insurance is a great way to cover any damage that occurs to your apartment or rental while you’re living there. This way you won’t be responsible to pay for the repairs your landlord does.
On the other side, if you are a landlord it’s a good idea to get an insurance policy yourself to cover the same type of situation. The more coverage the better in these relationships.
7. Cyber Insurance
In today’s world, you’d be hard-pressed to find someone who is never online. The internet is integrated into so many facets of our everyday life, it’s truly hard to get away from it. And hackers are everywhere on the internet causing issues and ruining financial standings.
Because of this cyber insurance has become a crucial element for many adults’ ideal coverage. This allows them to recoup losses incurred from a hacking or other cyber-attack quickly and efficiently.
8. Umbrella Insurance
Even with a solid insurance coverage plan, there still may be issues that fall through the crack and cause you distress. This is where the overarching umbrella policy comes in.
Umbrella insurance covers more of those holes and is a more broad type of coverage. It helps to be in place for things that come up unexpectedly you haven’t been able to secure with their own policy yet. Truly, umbrella coverage is the best way to feel confident that you are fully covered with no potential issues.
Types of Insurance to Considering Having in 2022
Many people put off dealing with insurance because they don’t want to think about the events that lead to using an insurance policy (disasters or accidents for example). But having those things set in place are the best way to feel peace and confidence moving forward.
And the good news is, you don’t have to do everything all at once. Start with the basic car insurance or home insurance and then move on to the more obscure or specific policies you’ll need.
If you’re in need of some guidance and advice for your insurance needs, contact us today to talk to one of our insurance professionals!