Few people want to add to their monthly bills by purchasing additional insurance policies. Unfortunately, the cost to replace certain items could far exceed what people would pay to insure them. While people typically remember key types of insurance such as auto insurance and homeowners insurance, consider five important types of insurance you might be overlooking.
1. Life Insurance
Often people put off getting life insurance until they are older and the rates start to soar. If a person develops health conditions, the cost of life insurance can be even higher. Consider whether your family and business associates could continue to live comfortably without your income and input. If the answer is negative, it is time to consider investing in a whole life insurance or term life insurance policy.
2. Renters Insurance
Since the housing crash in 2008, many people have decided to rent a home rather than buy one. While a landlord may carry basic insurance on the premises, this coverage does not include your personal possessions. It can cost thousands of dollars to replace furniture, electronics and other important items. Recently Huffington Post outlined the reasons why people should get renters insurance before an accident or theft occurs.
3. Boat Insurance
While a boat is a luxury item, it still cost money to buy. Contrary to popular belief, boats are not typically covered under a homeowners insurance policy. It is essential purchase a separate marine insurance policy to cover watercraft such as boats and yachts. Consider the cost of getting into an accident or damage to your boat and it makes sense to invest in a policy that covers it.
4. Small Business Insurance
Large businesses and corporations realize the need to carry insurance. However, small businesses and home business owners often neglect to invest in essential insurance. Once incident or accident could cause you to lose everything you worked so hard to build. Even if the business consists of just one or two people, it is still imperative to have a business insurance policy to cover anticipated occurrences. If you employ anyone, you must get Workers Compensation insurance in case they get injured on the job.
5. Wedding Insurance
Wedding insurance is a new type of personal insurance policy and often couples are not aware it exists. If your family likes to party, wedding insurance is probably a good investment. Consider the cost of someone getting injured at your wedding. Besides taking away from the joy of the day, you could start married life in debt.