Is that all clear as mud? An agent can help you make sense of it all. And flood insurance is also different than water backup protection. Flood insurance. Most homeowners don’t know that flood insurance doesn’t come with their regular policies.Here’s some extras you might need to add: When it comes to homeowners insurance, it’s always a good idea to check with your agent to know what your policy covers and what it doesn’t. Remember, the higher your home’s value, the higher the need for extended dwelling coverage. But there’s a limit to how much they’ll pay out-usually 20–25% above the amount you’re insured for unless you opt for more coverage. Here’s the thing with extended dwelling coverage: The insurance company will replace or rebuild your property even if the cost goes over your policy’s coverage. If you already have a homeowners policy, make sure it includes this fancy thing called extended dwelling coverage. This kind of coverage adds an extra layer of protection above and beyond your policy limits. Whether you own your home or are renting, it’s a really good idea to have homeowners or renters insurance to cover you. Trying to figure out your auto insurance needs can be tricky, so make it simple-talk to an insurance agent to help you get the right protection you need on your car. This level of insurance covers your losses that aren’t caused by the wreck itself, like theft, vandalism, flood, fire and hail. This covers the cost to repair or replace your car if it’s damaged or totaled in a wreck. Most states make you to carry a basic minimum amount of coverage, so check with your insurance agent to figure out how much you need. If you’re responsible for an accident, your liability coverage will take care of the costs of any injuries or property damage caused in the collision. Here are some different types of auto insurance coverage: 2Imagine having to pay that kind of money out of pocket! The good news is, you’ve got options when it comes to auto insurance, so there’s no reason to skip it. The Insurance Information Institute says the average loss per claim on cars is around $1,057. You should never drive around uninsured-not just because it’s against the law but also because getting in a fender bender can be ex-pen-sive. All that to say, if it’s something you think you could use in the future, it’s cheaper to get it now than in 15 years. And you’re never going to be younger than you are today. But think about this: The younger you are, the more affordable term life insurance is. If you don’t have a family, are debt-free and have enough cash to pay for your burial, you can hold off on life insurance. Reach out to Zander Insurance, one of our RamseyTrusted providers, to get a term life insurance quote now. It’s pretty easy for a healthy 30-year-old to find a cheap policy that will at least pay off your debt and cover burial expenses. If you have a ton of debt and no savings to your name, look at a small term life insurance policy. Whole life insurance is a gimmick in the long run.Īnd if you think you don’t need life insurance just because you’re young and single-think again. When you shop for life insurance, don’t forget to go with term life insurance. It doesn’t cost much, but the peace of mind it gives you is priceless. Talk to an independent insurance agent about term life insurance today. But if you had a term life insurance policy for 10–12 times your yearly income, your family wouldn’t have to worry about making ends meet, losing their home, or changing their college plans if you’re not there to provide for them.ĭon’t put this one off anymore. Think about it: If you were to die unexpectedly, how would your spouse pay for monthly expenses without your income? The last thing you want your grieving spouse to worry about is how to keep food on the table and make the mortgage payment after you’re gone. Not sure what the difference is between all of these? Have no fear-we’ll break down everything you need to know about each of these types of insurance.ĭo you have the right insurance coverage? You could be saving hundreds! Connect with an insurance pro today! Here are the eight types of insurance Dave Ramsey recommends: Without insurance, you could be one car wreck, sickness or emergency away from having a huge money mess on your hands.īut how do you know which types of insurance are worth it and which types are useless? We’ve got you covered. It’s all about transferring the risk here. It feels like a pain when you don’t need it, but when you do need it, you’re freakin’ thankful to have it there. Insurance might not be as flashy as something like your debt snowball, but insurance is just as important when it comes to things on the defensive side of your game plan here. You might even feel like you’re paying for nothing-but don’t get tricked into believing that. Paying for insurance month after month (when you don’t need it) can be a real drag.
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