Insurances

Insurance is a system to alleviate financial losses by transferring risk of loss from one entity to another. In some other words, it's a contract in which one party agrees to pay for another party's financial loss resulting from a specified event (for example, a collision, theft, or storm damage). Lease agreements generally require that you maintain vehicle collision and comprehensive insurance as well as liability insurance for bodily injury and property damage.

There are many types of insurances:

house insurance;

car insurance;

life insurance;

business insurance;

insurances for important or expensive objects such as jewelry, furniture, paintings, etc.

Auto Insurance

Most states require you to carry a minimum level of auto insurance. You pay premiums to an insurance company for coverage. In return, your coverage will protect you against most financial losses that might otherwise be your responsibility to pay. Auto insurance is more than a matter of insuring your vehicle for loss or repairs after an accident. It is a financial safety net that can help you offset the cost of:

Bodily injuries to yourself or others

Lost wages due to injury

Benefits to survivors when an accident results in death

Lawsuits brought against you as the result of an accident

Repairs made to your car due to damage caused in an accident.

Homeowners Insurance

Homeowners insurance is one thing you can't avoid. Most mortgage companies require an insurance policy be taken out on a home within one day of closing.

Health Insurance

If your company does not offer insurance, or if you are self-employed or work freelance, you should purchase individual health insurance.

Renters Insurance

If you rent a house or an apartment, you might think you don't need insurance because you don't own the building.

Life Insurance Life insurance is an essential part of financial planning. One reason most people buy life insurance is to replace income that would be lost with the death of a wage earner. The cash provided by life insurance also can help ensure that your dependents are not burdened with significant debt when you die. Long Term Care Insurance There are many elderly people who, due to some physical or cognitive disease, are unable to care for themselves. Long-term care insurance could potentially cover nursing homes, assisted living facilities, adult day care, in-home care and other functions that help us get through everyday life. It is NOT medical insurance; it is simply for everyday life functions and living.