4 Things You Need To Insure Now

You probably have auto and homeowners or renters insurance, and chances are you understand the importance of having your car and home protected in the event of an accident, damage, or theft. In many states, auto and/or home insurance is required.

However, there are likely other things in your life that need insurance protection that you may not have considered. Here are four things you should talk to your insurance agent about insuring now.

YOUR/YOUR SPOUSE’S LIFE

Life insurance is a critical piece in making sure your family is taken care of should something happen to you. A life insurance policy can help your family pay for your funeral, pay off any outstanding debts (such as auto loan, mortgage or student loans), take care of ongoing living expenses, and even fund college education or future needs for children.

While most employers offer some form of life insurance policy, those policies do not cover you if you leave that employer. There are a number of types of policies you can consider, such as term, whole, universal, guaranteed, final expense, and more. Each has positives and negatives, and comes with different premium costs and qualifications.

To ensure your family is financially protected when you’re gone, talk with a life insurance agent today to understand your options and decide which life insurance coverage and limits are right for you.

ENGAGEMENT/WEDDING RINGS

An engagement and wedding ring doesn’t just stand for love, happiness, and the bond of marriage, it’s often also a long-term investment. Engagement rings can be expensive and it can be devastating if it’s ever lost or stolen.

Engagement ring insurance can be financial protection in the event of loss, theft, or damage, and you should insure the ring as soon as possible. You can choose to add a rider, or extension, onto your homeowners policy covering your ring, or you can purchase engagement ring insurance.

The rate is determined by a number of variables and factors, such as the value of your ring, where you live, and whether or not your policy has a deductible. You should be sure to get your ring appraised to know how much coverage you need, and consider adding other heirlooms or valuable jewelry to the policy as well.

PETS

There are two types of insurance to consider when it comes to your pets: pet insurance and personal liability coverage.

Pet insurance is similar to health insurance for humans. You pay a premium for coverage, and if your dog or cat ever needs surgery, emergency care or even prescription medications, pet insurance can help cover the cost. Some pet insurance companies even cover annual wellness visits and vaccines. Most companies have a deductible, so be sure to do your research to understand whether the benefits outweigh the cost.

Personal liability coverage can help cover you if your dog bites someone. While homeowners insurance policies typically cover dog bite liability legal expenses, if the claim exceeds the limit, you are responsible for damages above that amount. Having additional liability coverage can help relieve that burden.

SUMP PUMP/FLOOD

While you may have homeowners or renters insurance, those policies typically don’t include coverage for floods or sump pumps.

Just one inch of flood water can cause thousands of dollars of damage to your home. If you live in a flood zone, your lender will require you to purchase flood insurance for your home. However, even if you don’t live in a flood zone, having flood insurance can help financially protect you from damage due to a flood. If you don’t have it, you’ll have no coverage for your property or possessions if your home floods.

Your sump pump can also cause water damage if it backs up or stops working. Having a sump pump insurance rider on your homeowners insurance policy can give you the peace of mind you need to ensure your home and possessions are protected.

While there are some kinds of damage not covered by flood or sump pump insurance, it’s worth discussing with your insurance agent.