How, when, and where you can buy insurance varies somewhat depending on what type of insurance you're looking for. Read this FindLaw article to learn more about buying insurance.
Whether you've just started looking into buying insurance, or you own multiple policies already, you've probably noticed that there’s no shortage of eager insurance agents waiting to sell you all sorts of insurance products. But how, when, and where you can buy insurance varies somewhat depending on what type of insurance you're looking for. Read on to learn more about the first steps toward buying insurance.
There are a few things to consider as you begin thinking about buying insurance. Of course, the first question is “What kind of insurance are you looking for?” There are many types of insurance, some you may have never heard of. If you’re about to buy a house, you’ll need to look into title insurance and homeowners insurance, among others. However, if you’re worried about floods, you’ll need separate flood insurance, since that type of damage isn’t covered by the typical homeowners or renters policy.
Even within a given type of insurance, there are different categories of coverage. For example, within a car insurance policy, liability insurance covers damage or injuries to other people, while collision insurance covers damage to your own car when you’re at fault for an accident. Not all types of coverage are included in every policy, so it’s important to examine your options closely.
You should also ask yourself whether or not you really need the type of insurance you’re considering. For one thing, the coverage your looking for may already be included in one of your existing policies, like your home or auto insurance. Furthermore, perhaps the risk or events you’re worried about are not great enough to warrant the cost of the premiums you’d be paying. For example, many people cannot afford the premiums for earthquake insurance. Similarly, some people no longer need life insurance because they’re older and have no dependents.
Obviously, you should buy insurance before the event that you’re insuring against happens. No company will sell you car insurance to cover an accident that has already occurred. So, you should purchase automobile insurance when you buy a car (in fact, you’re required to by law), and home insurance when you purchase a home (most lenders make this mandatory). And you should buy business insurance if you run your own business. For life insurance, plans are generally more affordable when you’re younger, and make sense if you have loved ones who rely on you for financial or other support.
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