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What Types of Insurance Do You Need?

Risk safety signInsurance helps you manage the costs of risks you take in your life. It is a form of risk management. 

You may not think of yourself as a risk taker, but even if you are not a race car driver or skydiver, you still have the risk of sickness, injury, disability, damage to property and personal liability.

There are ways to reduce your risk. For example, you can make lifestyle changes that will improve your health or install security systems to deter theft. You can cover small losses with your emergency reserve savings, but sometimes you need to transfer large financial risks to a third party by purchasing insurance. 

Insurance provides protection from financial loss due to the types of risks that we all face at some time in our lives. There are a few general types of insurance protection:

  • Auto and mortgage lenders insist on insurance to cover your vehicle and your home. Renters insurance covers your personal property. All of these insurances also protect you from liability claims.
  • Protect your family’s financial future with health insurance, workers’ compensation, life insurance and long-term care insurance. 
  • Safeguard your financial savings with disability insurance, life insurance and unemployment insurance to provide income for you and your family in the case of illness, injury or death. 
  • Liability insurance, also called umbrella coverage, protects you against injury and property damage claims from others. Umbrella liability insurance generally goes beyond the underlying liability coverage provided in homeowners and auto policies. 
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