Types of Insurance That You Need

There are several types of insurance policies that you may want to invest in. If you have any questions about your current policy, or an existing policy, make sure to contact us so we can advise you on your options.

Homeowners insurance

If you own a house, your bank will require you to have homeowners insurance. If someone loses their homeowners insurance for some reason, like a cancellation, nonpayment, or nonrenewal, then the bank is notified. They will immediately place their own insurance in it and bill the homeowner. Then they will give the homeowner a chance to get their own. The bank will not allow it to go uninsured for any length of time. Unless you have paid off your mortgage, there is really no way out of homeowners insurance.

Auto insurance

This is another must-have. In fact, it is against the law to drive without some sort of coverage. If you are caught driving without insurance, you probably will not go to jail, but your driver’s license will likely be suspended and you will be fined.

Health insurance

If you do not have health insurance, you will have to pay whichever is higher. In 2014 it was either one percent of your yearly household income or $95 per uninsured adult. In 2015, the fee was two percent of your income or $325 per person, and in 2016, it was 2.5 percent of your income or $695 per person. In 2017 and beyond, the fee will be adjusted for inflation. So make sure to look into what health insurance coverage is right for you and your family.

Umbrella insurance

Think of umbrella insurance as insurance for your insurance. It is an extra amount of liability coverage in $1 million increments that protects over and above your personal and auto liabilities if they become exhausted. Typically a family can add this policy for between $250 to $300 a year. If you need umbrella insurance, it depends on what you have to lose and how concerned you are about getting hit with a lawsuit. To review umbrella insurance or any other types of coverage, schedule an appointment with us so we can go through the options for you.