Insurance is something that most people have, but hope to never need. Sometimes it can feel like the monthly expense of various insurance policies – homeowners, auto, life, health, etc – just isn’t worth it when you hope never to need the coverage you pay for. Even so, insurance is something that you should definitely have.
In some cases, having some type of insurance is required by law. You are required to carry at least a minimal amount of auto insurance if you’re a driver. Other times it may not be a legal requirement, but a lender may require you to have it. If you have a mortgage, a lender may require you have homeowners insurance. If you take out a loan for a car, you may be required to have collision insurance. In these situations, you really have to have insurance, even if you don’t wind up ever needing it.
However, as much as you hope to never need it, disasters happen. As careful as you can be, you rarely can anticipate everything that will happen to you. A home fire, a burglary, a car accident, a natural disaster… any of these things can happen, even when you’ve done everything possible to prevent it. And if you are faced with this kind of disaster, you don’t want to wind up destitute in order to pay for it. If you lost your entire home in a fire with no insurance, you’d be forced to pay for that out of pocket. Especially when you’ve reached a point in life where you have large investments, such as a home or a car, you want those things to be protected. With insurance, you may still face the awful tragedy of losing something important to you, but you’ll have the financial resources to put your life back together.
It is important to determine the kinds of insurance you need. You obviously need whichever kinds are legally required in the state you live in, or the types a lender requires. But additionally, you should figure out what other types may benefit you. Sometimes the minimum required types you’re required to carry aren’t enough. An insurance plan that offers more protection may be something that will benefit you. It’s equally important to determine the kinds of insurance you don’t actually need. For instance, many homeowners insurance policies don’t cover earthquake damage, so purchasing an earthquake insurance policy is something you have to do separately. But if you live in a region that rarely or never has earthquakes, that’s a policy you can probably do without.
There are also always many options available to you when it comes to finding an insurance policy that fits and your needs. There are literally hundreds of insurance companies out there, and you can compare their rates and protections to make sure that you get what suits you best.
Would insurance in Joliet work for you? Ask Great Northern Insurance Agency!
