What Is Personal Insurance & Who Needs It?

<br data-mce-bogus="1">

Insurance protects you when bad things happen. Essentially, your personal insurance acts as a safety net for you, your family, and your financial assets. The only caveat is, you can’t get insurance after the fact. That’s why it’s important to work with a specialist to discuss your insurance needs and make sure you have adequate coverage before you need it. 

You may be legally required to carry auto insurance, but most other insurance policies are optional. That doesn’t mean you don’t need them. In fact, if you earn a paycheck and prefer to keep your hard-earned money, having personal liability coverage or an umbrella policy is smart.

How Does Insurance Work?

Every insurance policy spells out what it covers and what it doesn’t. When you work with our insurance experts, we pay attention to all the fine print for you. You pay the insurance company an insurance premium. In return, they pay up to the maximum of the policy for covered incidents.

A simple example would be homeowner’s insurance. If you have active coverage, your insurance company will pay for a new roof after a hailstorm damages yours. This can save you thousands of dollars, and it’s well worth the premiums.

Types of Personal Insurance

There are many types of personal insurance products:

  • Auto
  • Boat
  • Home
  • Life
  • Motorcycle
  • Renter’s
  • RV & Trailer
  • Umbrella
  • Bicycle

If you have a vehicle, you need to obtain proper insurance coverage. Whether you’re driving a motorcycle, a vintage car, or a four-wheeler, your insurance policy protects you in case of an accident. 

Don’t assume your renter’s or homeowner’s insurance policy covers your boat, trailer, or bicycles. Let us double-check for you. Sometimes, you can add a rider to the policy, or you can get separate insurance for those items.

Insurance isn’t just important when you get into an accident. Your insurance can also cover theft, vandalism, or falling tree branches. Unless you park inside of a garage, hail can damage your car just as much as your roof.

<span style="font-weight: 400;" data-mce-style="font-weight: 400;">Consider Umbrella Insurance</span>

Consider Umbrella Insurance

We like to recommend umbrella insurance to our clients, because it provides a protective layer for your family. This type of policy is not just for high-net-worth individuals. Anyone who earns a paycheck can be at risk of wage garnishments after a liability lawsuit. It only takes one person to slip on the sidewalk in front of your house or get hit by a falling tree branch on your property. 

Umbrella insurance acts as personal liability coverage for you and your family. If you or your family member injured someone else or caused property damage, umbrella insurance will protect you. It can even pay for attorney fees and other legal costs.

FAQs about Personal Insurance

Why Do I Need Personal Insurance?

Think of personal insurance as the foundation for your financial future. Insurance protects you from financial claims made against you. For auto and home insurance, you can also save money on repair costs. You’re not required to have personal liability insurance, but you should consider it for peace of mind.

Am I Liable for Accidents I’m Involved In?

It depends. If you’re at fault or partially at fault for the accident, you can be liable for any personal injury or property damage involving the other parties. Car repairs are expensive and medical bills can bankrupt you. Without adequate insurance protection, you may find your wages garnished to satisfy claims against you.

Should I Carry Life Insurance?

If life insurance is right for you depends on your personal situation. Do you have enough assets to satisfy your debts, pay for funeral costs, and provide for your dependents in the event of your untimely death? If the answer is no, life insurance can bridge the gap when the unthinkable happens. Life insurance may not be necessary if you don’t have anyone else depending on an income and you have no debts. If you’re unsure, call us and we’ll help you decide what makes the most sense for your situation. 

Our first priority is helping you take care of yourself and your family. We want to learn more about your personal situation, identify your dreams and goals, and understand your tolerance for risk. Long-term relationships that encourage open and honest communication have been the cornerstone of my foundation of success.

Let’s Review Your Insurance Coverage Together

It’s a good idea to review your insurance policies regularly to make sure you’re protected. We’ll help you understand your insurance needs and select the best coverage for you and your family. Call us today to schedule an appointment.