5 Types of Insurance You Need for Financial Security

Insurance is one of those expenses nobody wants to pay, but we all know we have to when considering the value it can add to our lives.

Car wrecks, health emergencies and natural disasters could spell financial ruin for someone who isn’t properly insured.

However, there are probably policies out there that won’t really benefit you, and there’s no need to have 100 different types of insurance. Here are the five most important types that you shouldn’t be going without. 

1. Auto Insurance 

If you own a car, you know that they can be a major expense. From monthly car repayments to routine maintenance and fuel, a vehicle can make a serious dent in your budget.

This makes it all the more important that you protect your asset in whatever way you can. Signing up for good, comprehensive car insurance is absolutely crucial, and will protect you financially in the case of a theft or any accidents that may occur. To find the best insurance for your needs, start by checking out USAA insurance reviews and comparing this to other companies.

2. Home and Contents Insurance 

If you own property, home insurance is vital. A home is an expensive asset, but it could all come crumbling down in the case of a fire, flood or any other type of disaster. Home insurance will protect you against nasty surprises like these.

Even if you’re a renter, you’ll still need contents insurance to protect your belongings in the case of these same emergencies. Imagine having to replace every kitchen appliance you own out of your own pocket? Content insurance will save you from that nightmare.

3. Life Insurance

People often question who really needs life insurance – the truth is that it’s not for everyone. However, this type of insurance policy is especially important for people with families, or those who have any type of dependent relying on them to provide. 

Life insurance will ensure that these people you care about are provided for in the case of an unexpected death. Not something fun to think about, but it’s crucial to be prepared for these things as they can happen to absolutely anybody. 

4. Health Insurance 

Of course, we all have to be prepared for medical emergencies. Health insurance provides that much-needed cushion and peace of mind knowing that in almost any medical emergency, you’re financially covered.

While unfortunately, this policy cannot physically protect you, it can still be potentially life-saving in the difference it makes in terms of medical care. 

5. Pet Insurance

Many pet wonders debate whether pet insurance is worth it, but just like with any human being, medical emergencies happen. Your furry family member could get sick or injured, and vet bills can make your jaw drop lower than your bank balance will.

Pet insurance is usually pretty affordable and well worth the expense that will save you a lot on medical fees in case anything happens to one of your pets. If you have a four-legged friend, definitely consider adding this one to your budget.