Some forms of insurance protection are not only recommended, they are vital to protecting your finances over a lifetime. Car insurance and homeowner’s insurance are a prerequisite to buying a vehicle or a home, and with good reason. Just one terrible accident that affects you and your passengers or that of another vehicle could be catastrophic to your future as well as making medical bills exceptionally difficult to pay. Without proper homeowner’s coverage, a fire or other disaster could not only wreak havoc on your property but make it impossible to rebuild later, potentially rendering you and your family homeless. Following are examples and basic information regarding the five types of insurance most individuals in the US may need:
- Car insurance – as one of the most common types, car insurance provides you with liability coverage in the case of an accident, medical payment coverage, along with other options such as comprehensive and collision, personal injury protection, uninsured motorist protection, and more.
- Homeowner’s insurance – obviously, the main concern in purchasing homeowner’s insurance is having protection against damage to the structure, whether that happens due to a fire or major weather event. Your policy should also protect you in the case that someone else has an accident on the premises. There are many things that can be excluded, however, and you should be aware if your policy does not cover disasters like earthquakes or floods. These types of events are usually covered as an add-on or by another policy altogether.
- Business insurance – although there are numerous types of different insurance that are highly recommended, general liability is vital to protecting your business in the case that a customer or someone on your property were to become injured or accuse you of negligence that caused them harm. Property insurance protects your facility and equipment, and a commercial auto policy will cover vehicles for your business. Other types of insurance such as workers’ compensation may be required, covering employees if they hurt while on the job.
- Health/life insurance – although health insurance can be very expensive in some cases, and almost cost-prohibitive, it does ward off catastrophic medical bills that add up very quickly. Life insurance can be thought of an asset to hand down to your family later, as well as a way to plan for financing of funeral expenses.
- Disability insurance – this type of insurance can be vital to your financial survival in the case of a debilitating accident, leaving you without the means to earn a living.
As a consumer, you are probably aware of how important it is to pay your premiums on time so that you are covered if an unexpected event arises from a problem with your health to damage to your home. That’s why it can also be so frustrating when an insurer acts in bad faith.
If you suspect an insurer is delaying payments on a claim or denying them without a valid reason, contact the Bolender Law Firm. We will advocate on behalf of policyholders through litigation, arbitration, or non-binding mediation. Our attorneys are experienced in representing clients in state and federal courts, at both the trial and appellate level. Call us at 310-320-0725 now or submit an easy consultation request online. We are here to help!