Expert financial advisor, Dave Ramsey, weighs in on the types of insurance you can’t afford to miss out on.
While most Americans know that they need insurance coverage, they don’t necessarily know which coverages are most essential. With all the different coverage options out there, it can seem impossible to determine which policies are most important for you. Luckily, expert financial advisor, David Ramsey, explains which coverages you need the most.
- Auto Insurance
Most states make this insurance a legal requirement. Make sure you have enough liability coverage to address third-party injuries and damages, and make sure you have enough coverage for your own medical treatment and repairs.
- Homeowners/Renters Insurance
Homeowners – protect the physical structure of your home, your personal belongings, and your personal liability. Renters do not need coverage for their physical space, but renters insurance will provide coverage for their belongings and liability risks.
- Umbrella Insurance
Worried about gaps in your liability coverage? Securing the right umbrella policy can provide the right liability coverage to supplement the coverage of your other existing policies.
- Health Insurance
Make sure you have the right coverage to handle the medical treatment that you and your family might require. You can save on your health insurance with a high deductible health plan and an HSA (health savings account).
- Long-Term Disability Insurance
This type of insurance will help you replace a portion of your income if you sustain a debilitating injury or illness that prevents you from working.
- Term-Life Insurance
Securing this type of insurance will provide a sense of financial stability in the event that you pass away unexpectedly. Make sure you have enough life insurance coverage to take care of your debts, ongoing financial obligations, lost income, funeral and burial costs, and so on.
- Long-Term Care Insurance
This type of insurance will offer coverage for assisted living, nursing homes, hospice, skilled nursing, therapy, and the other personal care services that you might require as you age.
- Identity Theft Protection
Finally, this type of insurance will help you pay for the recovery and restoration of your personal information in the event that you are a victim of identity theft.
According to Dave Ramsey, these are the 8 types of personal insurance that you absolutely cannot afford to overlook. Do you need assistance with securing these essential types of coverage? If so, contact the experts at Stromsoe Insurance Agency in Murrieta, California. Our dedicated team is ready to get you covered today.
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