Insurance: 5 Types You Can’t Do Without

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Insurance is a safety net that is useful in the worst of circumstances. Although making insurance claims is often left as a last resort, it can give you peace of mind to know the protection is there. The certain types of insurance that are essential for that peace of mind.

Those who avoid paying for these types of insurance often live to regret it. Take a look at the insurance types that are a must for all.

Home Insurance

If you own a home, getting home insurance may be a condition of your mortgage. However, having home insurance or building and contents insurance at the least will cover a number of unexpected events. For instance, it could help you to cover the costs of restoring your home if there is a fire or flood.

The longer you stay in the home, the more likely it becomes that something will crop up that you need to use your home insurance for.

Workplace Insurance

You may need specific insurance for the type of industry you work in. You can discuss this with your employer and make sure you’re covered as you work. For example, a doctor may need medical malpractice insurance in the case of a patient filing a claim.

If you work in a particularly dangerous industry, you may want to think about extensive health insurance. Some employers will pay this for you but if you aren’t covered through your job, think about looking into it yourself.

Car Insurance

If you’ve ever been in a road traffic accident, you’ll understand the importance of car insurance. It will ensure your car can be repaired or you’ll get a payout to purchase a new one. Having car insurance is a condition of driving a vehicle on public roads.

If you were at fault for the damage of another car, your car insurance will also help to pay for the repairs of another driver’s vehicle. You’re also covered in the event that someone steals your car and it can’t be recovered.

Life Insurance

Unfortunately, no-one has a crystal ball. Life can creep up on you and throw curve balls when you least expect it. Life insurance is a great way of making sure that your loved ones will receive some financial aid in the event of your death.

This is especially important for parents who want to make sure their children are taken care of if something were to happen. 

Travel Insurance

If you’re planning to travel abroad, you’ll need to look at travel insurance. Avoid making the mistake of traveling without it. If you or anyone you’re traveling with has an accident while traveling, you’ll need travel insurance to cover your hospital bills.

Without travel insurance, these bills can be very costly. You may find yourself stuck in a foreign country without any way to pay your hospital costs or get home.

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