We all have things in our lives that are important to us. We want to protect them from what troubles might be lurking in the future. Our possessions, our homes, even our very lives have enormous value to us and insurance is one way to guard against potential losses. But, when we look at our lives closely, we have to wonder if we have enough insurance in the right places and if that insurance will be sufficient to restore the things that might be lost.
Home owners insurance and auto insurance are perhaps the most common types of insurance plans out there, mainly because they are insuring property that is owned by the bank or lender. If you are making payments on a home or car, the bank that holds the note on that piece of property wants to make sure they get all of their money in the event of that property being destroyed.
In 2014, 5.3% of homeowners made a home owners insurance claim, and among those claims, 93% cited property damage, including theft, as the main reason for their claims. Without home owners insurance, many of these owners would be left with nothing.
One of the best ways you can aid yourself in the event of a disaster or trouble is to prepare yourself for the claim. Hopefully, you will never need to use this information, but if you do, having an inventory of what you have in your home will be amazingly helpful in restoring your home to the way you had it before the claim had to be filed.
In a recent 2015 survey, 51% of people said that they had some kind of inventory of their homes. This inventory helps a great deal when things have been stolen or destroyed in a fire or other type of disaster. If you know exactly what was there, then you know what you need to restore it all. It makes solid sense, but not everyone takes the time to do this. This doesn’t only apply to home owners insurance. It applies to renters insurance as well.
Another important type of insurance that most people carry is life insurance. However, many people underestimate the amount of life insurance they need. In the United States, only 57% of people surveyed answered that they have some type of life insurance policy. many people who have a policy have one through their work and are not very clear about what it actually pays out should they die.
There are many different types of life insurance policies out there, and you should always sit down with a professional to make sure you understand who gets what and how much.
These days, there is insurance for just about everything we own. Boat insurance, RV insurance, even insurance for our pets. The key is to add up what it is you love and ensure that the irreplaceables have the value you want on them.