Types of Insurance You Need but Dont Have
Insurance policy is an agreement between an insurance company and the client to cover their property against damage, etc. depending on the clause of the plan. Insurance can cover a sizable number of elements such as health, motor vehicle and building among many more. Everything is not covered by the insurance policies you buy for a particular property. There are a lot of details excluded in the insurance that you are probably paying for but are essential. Read on to learn some of the insurance policies that have been ignored but are essential.
Renters insurance is the first insurance policy you should consider, especially if you are renting a house. If you are renting a house, it is likely that the landlord has insured the house. However, the property inside the house are not insured, and you are liable in case of any damage. If you have renters insurance, you will be sure that your belongings are covered against any damage. Lack of renters insurance also means that you are likely to be sued for any damage to the building.
Earthquake and flood insurance is another policy that most people have ignored. Natural disasters such as floods are common phenomena and can cause havoc, especially if you in a flood zone. Another reason why you should have earthquakes and flood insurance is that your regular homeowner’s insurance does not cover your home from the damages caused by natural calamities. It is also important to consider supplemental health insurance plans that cover costs above essentials covered by your basic medical plan. Supplemental health insurance covers medical coverage for health issues such as long term disability and dental insurance. Still, vision insurance plans and critical illness plans are also covered by supplemental health insurance.
Moreover, you should note that umbrella and gap insurance plans are necessary. Note that if you are a homeowner and the loss is bigger than your insurance policy limit you will be sued. By having an umbrella and gap insurance, you will get extra liability protection. It is also beneficial to have umbrella and gap insurance to avoid paying off the loan in case you owe money on the car, and it gets damaged.
Pet insurance is another policy worthy of consideration. Medical care for pets can be costly, sometimes you may not be in a financial position to cater for it. To ensure that your pet is covered, you should buy a policy similar to the basic care you purchase for yourself and family. However, you dont have to worry if your pet already has a condition. To help you save a lot of money you would have spent on medical care of your pet which already has a condition, you should consider buying pet insurance pre existing condition.