Financial Security

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Financial Security

Have you thought about what your family would do financially speaking if you were to die today or tomorrow? None of us like to think about death, but it is real and inevitable. If you have not thought about your family’s financial needs before, you need to that now.

There are seven key areas of insurance that you need and you to get them immediately. These insurances will not only protect you and your family now, but also when you are gone. They are:

  1. Homeowner’s or Renter’s Insurance
  2. Auto Insurance
  3. Health Insurance
  4. Disability Insurance
  5. Long-Term Care Insurance
  6. Identity Theft Insurance
  7. Life Insurance

These insurances main purpose is to transfer the risk from you to them. The risk of a financial loss goes from you to them. They provide coverage for you from financial loss.

When you buy a home, especially if you have mortgage, you need to obtain homeowner’s insurance. You should purchase enough insurance to cover the cost of replacing the home. You also need to ensure that your insurance has replacement cost coverage.

Homeowners insurance is a “package” policy. In that it covers both damage to property and liability or legal responsibility for any injuries and property damage policyholders or their families cause to other people. It also includes damage caused by household pets.

While it covers damage caused by most disasters, there are exceptions. A standard homeowner’s policy does not cover flooding, earthquakes, or poor maintenance. The federal government’s National Flood Insurance Program provide flood coverage. Even though it is purchased from an insurance agent. You can obtain earthquake coverage either in the form of an endorsement or as a separate policy. Most maintenance related problems are the homeowners’ responsibility.

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