Insurance is a form of protection a person can purchase to insure themselves or a valuable such as an automobile or home. Depending on what is being insured, the individual will be protected financially from any theft, damage, or injury that has occurred. When an individual purchases insurance, they agree to pay an insurance company a certain amount of money monthly or yearly. The money that is paid to an insurance company is part of the insurance agreement which is used in case of damage, theft, injury, or death. There are many types of insurance, including Homeowner’s Insurance, Life Insurance, Car Insurance, and others. Below, you will find information about the different types of insurance that is available.
Flood Insurance: is an insurance program that protects private and commercial property against flood damages. Because of the high costs often associated with flood damage, flood insurance in the United States is underwritten by the federal government. Flood insurance protects against structural damage, loss of property and other effects like mold or mildew.
Homeowner’s Insurance: is a type of insurance that is necessary to protect a private residence, the property, and it’s contents against damage, accidents, or theft. This type of insurance also provides liability coverage to protect against accidents that happen on the property. There are many different factors and requirements that will determine the cost of the individual’s Homeowners Insurance.
Renter’s Insurance: is an insurance that is available to help protect the individuals’ contents and belongings when utilizing a rental property. This insurance is available to an individual renting a home, apartment, condo, studio, or other rental property. Just like homeowners insurance, renter’s insurance will also protect against liability claims.
Condominium Owners Insurance: covers the property of a single unit or the area that the individual owns. Since the unit is a part of a larger building, Condo Owner Insurance allows an individual to protect their personal property and personal liability within their individual unit. Unlike Homeowner’s Insurance, with Condo Insurance, you are only required to insure the interior of the unit.
Commercial Property Insurance: is a type of insurance that is used to protect against the loss or damage of company property. The insurance will protect against theft, fire, natural disasters, wind storms, vandalism, etc. Typically, companies can expense insurance premiums.
Travel Insurance: is used to protect an individual while traveling. This includes medical expenses incurred while traveling, trip cancelations, luggage lost/stolen, travel delays, sickness, and others. Many companies offer travel insurance to an individual when booking a trip.
Pet Insurance: is a type of insurance that is available to owners of a pet or pets. Just like health insurance, pet insurance will help to cover fees and medical bills from the veterinarian. Pet Insurance allows the owner to pay a yearly or monthly premium to help cover expenses from surgeries or check-ups done on their pet.
Life Insurance: is coverage for an individual to protect against the loss of income if he or she passes away. This type of insurance will help to protect your family from financial burdens or provide financial security after you pass away. Usually, there are two types of life insurance, temporary and permanent.
Health Insurance: is a coverage that protects an individual from expenses incurred from illness, injuries, surgeries, or other medical expenses. Health Insurance policies will differ depending on the type the individual requires. The different types will adjust the premiums, deductibles, co-payments, etc. that are paid by the individual and the health insurance company.
Worker’s Compensation Insurance: is a type of insurance that protects employees of any given company. If a worker is injured on the job, worker’s compensation will pay for any treatment and lost wages. This includes small accidents, like breaking a finger, or long-term illnesses like mesothelioma.
Car Insurance or Vehicle Insurance: is a type of insurance that is used to cover cars, trucks, motorcycles, and other motor vehicles. This type of insurance will protect the driver or vehicle owner from costs associated with accidents or other damage. The insurance premium that a vehicle owner will pay depends on different factors, such as age, accident history, gender, etc.
Motorcycle Insurance: will cover an individual if they cause an accident while on a motorcycle. This type of insurance will cover the other person’s property that is damaged by the accident. Typically, most states require Motorcycle Property Damage Insurance.
Boat Insurance: is a type of insurance meant to cover motorized vehicles used in the water, including boats, yachts, and jet skis. It will also cover injury caused while on those vehicles.
Agricultural Insurance: also known as crop insurance is a type of insurance that is available to farmers, ranchers, and other agricultural producers. This insurance will help to protect them from any natural disasters that have an impact on their crops and revenue. These disasters include hail storms, floods, droughts, fires, and more. Typically, Agricultural Insurance is a type of private insurance and is sold according to the amount of acres.
Alien Abduction Insurance: is a type of insurance coverage that protects an individual in the event that they are abducted by aliens. However, to redeem the policy, the individual must have proof or evidence that an alien abduction took place.
Warning: When choosing the right insurance plan for you, it is important to be aware of popular insurance company tactics used to overcharge you.