You might feel that you can get by with the bare minimum or skip it altogether when it comes to insurance. However, your desire to save a few bucks every month could mean catastrophe for your wallet if an accident or disaster ever struck. Here are some types of insurance you always want to have
1. Liability Insurance
Liability insurance is required in most states for you to be legally able to drive your car. However, you should look at your policy and make sure you have enough coverage. If you get into a car accident that was your fault and someone is hurt, you could easily find the medical bills and vehicle repair costs spiral out of control.
Many states have the minimum required liability insurance Newark DE amount as low as $25,000 of bodily injury coverage per person, with a max of $50,000 per accident. That means that if someone required a hospital stay and a surgery, you’d use well over your max liability amount and would be required to pay the rest of out pocket.
2. Earthquake Insurance
Earthquakes happen out of nowhere and can cause an immense amount of damage to your home, and you never want to be without the extra insurance if an earthquake hits. While a regular homeowners policy might cover some of the damage from the earthquake, you’ll likely find that you have to pay quite a bit out of pocket for the repairs if you don’t have earthquake insurance.
3. Long-Term Disability Insurance
Admitting that something might happen to you one day is a scary thing to do. However, having something happen to you and then you not being able to earn money is the scariest thing that can happen. Instead, look into getting long-term disability insurance. Disability insurance usually pays a portion of your salary for covered disabilities. Some policies can cover up to 80% of your salary, so you’ll want to talk to your insurance broker about finding the right policy for you.