(English) The Importance of Having Insurance

insurance policies

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While insurance policies can vary from amount to coverage type, these four types of insurance policies are important to consider having. As life happens so do accidents and having these types of policies can be helpful to have in your back pocket.

Auto Insurance

Many states (including Colorado) require that you have some form of auto insurance. However, that doesn’t mean that every driver has adequate coverage. This can be an issue if you find yourself in an accident with a uninsured or underinsured person. Since cars can be an expensive item, having some form of liability coverage as well as bodily injury coverage is important to ensure you aren’t stuck with the full bill if an accident occurs. We highly recommend also purchasing UM/UIM coverage. Having this additional coverage can save you thousands of dollars in the event that you are hit by a driver with inadequate coverage.

Life Insurance

Having life insurance can help make sure your loved ones are covered in the event of your death. Life insurance policies can cover funeral expenses or any additional debt you still owed before your passing. It can also be paid out to a beneficiary that you designate (such as spouse, a child, or partner).

Property Insurance

In the event of a fire, weather incident, or an accident that damages your home having property insurance can help cover the cost of repairs or rebuilding if necessary. It can also provide defense against you losing your property if you are sued.

If you have a mortgage, many financial places require you to have property insurance while you are making payments on your mortgage. If you do not own any property, having renters insurance can help cover any loss of belongings due to burglary, on premise injury, or other incident.

Health Insurance

We all want to stay healthy but at one point or another an illness or serious injury can occur. Having health insurance allows you to to receive treatment at a more affordable rate.

If you have a job, inquire with your employer if you are eligible to receive health benefits through an employee health plan. If your employer does not often a health plan, you can also find options through the federal health care system or open marketplace during open enrollment.