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New year, new insurance

New year, new insurance

New year, new insurance

New years resolutions already gone awry? Here’s an easy one. Starting this year, make a habit of reshutterstock_113165947viewing your insurance policies. The world we live in changes drastically from one year to the next, on all levels. Take whatever steps you need to prepare safety nets for you and your family for when the next big storm hits.

As a homeowner—insure your property, as a renter—insure your belongings. These policies cover problems that, if they arise, they can leave you bankrupt. Take for instance the case of a fire burning down your place. As the owner of the place with an active homeowner policy, you don’t need to worry too much. Well, you will most likely feel sad having lost some memories, but you’ll feel much better knowing that both the property itself and the items you had in it will be covered by the insurance policy.

As a renter in the place that turned to ashes you will be at peace if you were inspired enough to join the ranks of those who are protected by the renter’s insurance policy—unfortunately, there are still too many who make the wrong assumption that their landlord’s policy will extend to their belongings as well. But they are wrong. These policies have a surprising reach too—many cover expensive items outside of the home, not just the ones in it. For example: if your parents have a homeowner’s policy, it probably covers your dorm room on campus; furthermore, if you’re on vacation in Europe and someone steals your laptop, your worries disappear, but only if you have a renter’s insurance policy under your name.

As a driver, you are required by law to insure your car—this is true for other type of vehicles, too (boats, motorcycles). Basic car insurance will protect you in the event that your car damages someone else’s in an accident. Better plans will insure your car for all sorts of potential issues.

There are many other types of insurance ranging from commercial (for businesses) to specialty insurance plans and riders. No worder since it’s a big industry—premiums nationwide total over $12 trillion annually. Find the right ones for you and stay safe. As Irwin Redlener once said: ”Having insurance doesn’t guarantee good health outcomes, but it’s a critical factor.”