Insurance can be a confusing topic for many people, as there are so many types to consider. If you are ready to purchase insurance but aren’t sure where to start, the following are some basic types of insurance to consider.
A home is an investment – a very large one. Should a fire or other event destroy it, most homeowners do not have the money to rebuild or to buy another home. Having home insurance helps make sure that your family is not left homeless in the event that your home is destroyed or damaged.
If you don’t own or are not buying a home, renters insurance is a wise decision. Your landlord likely has insurance on the property, but it does not cover your personal possessions. And it usually will not cover your stay somewhere else if the property is damaged or destroyed. Renters insurance, on the other hand, typically covers your personal possessions as well as hotel and meal expenses if you cannot stay in the rental due to a covered event.
Life insurance isn’t required, but it’s usually a wise move to help your family cover expenses in the event of your death. There are several types of life insurance, including term and whole life.
Term life insurance covers you for a set term, usually in increments of 10 years. It’s a great option when you’re currently paying a mortgage as it can ensure your family can stay in the home should you pass away before paying off the mortgage.
Whole life insurance covers you for your entire life, as long as all premiums are met. There are advantages and disadvantages to whole life policies, so it’s best to speak to an insurance company in Miami to determine if whole life is the right move for you.