5 Types of Insurance Every Person Should Have 

It might feel, sometimes, like insurance is pointless. You might wonder why you need to insure something, or someone, when you feel strongly they won’t be lost, stolen, or damaged. The problem is that accidents, natural disasters, and sudden emergencies happen. Insurance is one of those things you don’t want until you need it, and then you really want it. For this reason, it is better to be safe than sorry. Here are the types of insurances you definitely need. 

1. Homeowners or Renters Insurance 

Perhaps the largest purchase you’ll make in your life, your home may have cost you hundreds of thousands of dollars — or more. Even if you rent, you likely have most of your expensive items in your house or apartment. Damage to or loss of items in your dwelling can happen at a moment’s notice. Hail may rain down and damage your roof. A flood might rush water into your basement and lower levels of your home. A burglar may even break in and steal your belongings. 

The right insurance will cover all of it. Sure, you might feel like your house will never be the same or like your personal items cannot be replaced. But you’ll feel that way regardless. Get a home insurance quote or a renters insurance quote so that while you’re grieving over loss and damage of property, you’re not also losing tremendous amounts of money. Also, make sure you do your research in advance and ask plenty of questions about your coverage. 

2. Automobile Insurance 

In most cases, you’re required to have comprehensive and collision insurance on a car that has a lease or a loan. The bank wants to cover their investment, of course. But a lot of people think that liability insurance is plenty for a car that you no longer owe money on. The problem is that liability insurance only covers the other person’s vehicle in the event you are at fault in an accident. Your car could be totaled, and you would not be covered. 

Look, if you have a piece of junk that you’re driving around in, and you don’t care what happens to it, you might just need liability. However, if you value your vehicle, you may want comprehensive collision insurance to cover any loss or damage. Find the right insurance company, and you could pay a minimal amount each month to ensure you’re not at a loss in the event of an accident. 

3. Medical Insurance 

While it is no longer a federal requirement that United States citizens have health insurance, it is still a good idea. You might have heard the Confucius quote, “A healthy man wants a thousand

things. A sick man only wants one.” In America, where health, dental, and vision care are beyond expensive, insurance is essential to getting the help you need if you do fall ill. The last thing you want is to recover from an illness with thousands in medical bills. 

With websites like or one specific to your state, you can find a policy that ensures you get everything you need. Vision and dental insurance can be as low as a few dollars a month. Medical insurance can be affordable regardless of your health and medical history; just be sure to shop around. Of course, you want to practice preventive medicine wherever you can, but get health insurance as a necessary backup. 

4. Life Insurance 

Americans have a hard time dealing with the issue of death. Even though everyone does indeed die eventually, far too many people shy away from having critical discussions and putting their affairs in order before they die. This can often leave loved ones not only grieving the loss of someone they cared about but also in debt and struggling financially. Fortunately, it doesn’t have to be that way. 

The right life insurance will provide your beneficiary with financial support in the event of your death. For a minimal monthly fee, you can get a life insurance policy worth hundreds of thousands of dollars. Plus, a life insurance company can offer other products like long-term disability, which will help you support yourself in the event of a long-term illness that leaves you out of work. Do your due diligence and find the right company for your needs. 

Read Also: A Beginner’s Guide to Motorhome Insurance

5. Pet Insurance 

Last but not least, if you have animals, you probably want pet insurance. While you probably take your animals for vaccinations and wellness checks, you might not be prepared for an illness or injury. A pet with a broken bone, cancer, or some other illness can cost you thousands of dollars at the vet. In most households today, your pet is a member of your family, and you don’t want to see them suffer. 

For about $50 a month, you can feel good knowing that if anything happens to your pet, you’re covered. Shop around and find the best rates for your pet, and make sure your local veterinary clinic takes the insurance you have. You can get coverage for much lower, but typically this will cover a lower percentage of certain types of care. Or, you can get the full range of options that will cover up to 90% of the cost of any illness or accident that might befall your animal. 

In the end, you can get insurance for pretty much anything these days. You could insure your jewelry, heavy equipment, or your cell phone. And that is all well and good, but, if you get

nothing else covered, at the very least insure your health, your life, and your property. That way, you can keep moving forward in life without suffering what could amount to crippling debt.

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