Do you have all of the insurance coverage you need heading into 2020? Many people don’t have the coverage they need, because they don’t know what coverage options are available to them. While all drivers are required to have car insurance, many people stop there, leaving them and their loved ones vulnerable. Let’s look at the different types of insurance that are available and why you may want to consider adding some coverage in 2020.
Home or Renters Insurance
Do you own a home? If you own a home and have a mortgage, you probably are required to have home insurance. But does your home insurance cover all of your needs? Many home insurance policies don’t cover everything you may want coverage for, such as flooding, hurricane, etc. Additionally, you may be surprised to find out that your policy may not cover the value of any of your possessions in your home. Coverage for things like art, jewelry, etc. needs to be added to your policy in order to be protected.
Renters insurance is another often overlooked insurance policy. If you don’t own a home, but instead rent an apartment or home, you may want to consider renters insurance. While you don’t have to worry about claims to the actual building while renting, you do need coverage for the contents of your apartment. Renter’s insurance can protect your belongings in the event of an emergency.
Do you have anyone depending on you? Any debts to your name? Life insurance is an essential insurance policy for anyone who has loved ones, yet it is often overlooked. Life insurance policies come in a wide array of coverage levels, but it is wise to have enough coverage to pay off existing debts, funeral costs, and other expenses that may accumulate should the unthinkable happen. Life insurance is especially important if you will leave behind loved ones who will be responsible for these expenses after you pass.
Disability insurance is another important type of insurance that many people don’t have. Disability insurance pays out some of your salary should you become disabled and unable to work. This type of insurance is especially important if your salary has a big impact on your family’s finances. Instead of being forced to lower your budget and downsize due to a disability, this insurance can protect you and keep your family afloat until you are able to go back to work.
Make Sure You’re Covered in 2020
The beginning of a new year is a good time to reassess all of your insurance policies and determine if you have the coverage you need. Head into the new year with peace of mind and confidence that you and your family are protected should something unthinkable happen. To work with an insurance agent in Maryland call us at Freedom Insurance today! We’d be happy to discuss your insurance coverage with you and help you find policies that meet all of your needs.