When it comes to insurance, there are many different kinds. There is personal insurance, there is homeowner’s insurance, car insurance, health insurance, insurance for precious items, and the list goes on. The basic idea of insurance is to pay a monthly amount to have a certain amount of coverage to pay for any damage done to the items insured. For your health, this would mean paying a monthly insurance bill and in the case that you broke an elbow, you would be covered for let’s say $50,000, meaning you could have a $50,000 surgery or procedure covered by your insurance company. In this article, we will discuss personal and homeowner’s insurance.
People often think that personal insurance is only geared towards life insurance, but in reality there are five different types of personal insurance. These include life insurance, critical illness insurance, long-term care, health insurance, and disability insurance. Now, let’s describe them in more detail one by one.
Life insurance: This allows your insurance company to pay one lump of money to your family after you die. They will be able to continue their lifestyle after you are no longer there.
Critical Illness: One lump payment upon you being diagnosed with an illness that cannot be cured.
Long-Term Care: This policy will provide monthly payments needed to take care of you for the length of your illness.
Health Insurance: This insurance only covers portions of your health bills.
Disability Insurance: If you can’t continue to work because of a disability this insurance will give a monthly payment
We have covered personal insurance, now let’s talk about homeowner’s insurance. We often don’t think about this until it is too late, but what is homeowner’s insurance?
When you get homeowner’s insurance you’re insuring both the home, and the things inside of it. If there were ever to be a fire, storm, or earthquake, and you lost everything, the insurance policy would probably only cover you up to 80% of the total value of the house. This means that they would insure almost all of the house, and you would need to have very accurate records of what you had inside, because the insurance company would insure the cost of the items in today’s market if they were new. If you live in Missouri, you can check out Ballwin MO home insurance.
In conclusion, this article touched upon two different types of insurance, personal and homeowner’s. Personal insurance has to do more with your health and the implications it has upon your life, with five different types of insurance covering health, critical illnesses, disability, long-term, and life insurance. Homeowner’s insurance not only covers the house itself, but it also covers the items you had inside. If you don’t have either of these insurances, we recommend you get them sooner than later. For homeowner’s insurance, make sure you take a video or pictures of everything inside your home so that you can be prepared better.