So, what do you need to know about insurance? That is such a loaded question. The first question you should be asking is what kinds of insurance you need. Once you have determined this, then you can start to ask specific questions about that type of insurance. Let us take a closer look at what types of insurance are available.
Insurance protects you against the risk of the unknown. Insurance is there to help you if you can’t afford to pay out of your pocket to set right something that has gone wrong, like a car accident, a tree in your yard falling on a neighbor’s house, the medical costs of a serious illness, or the death of a spouse. Therefore the types of insurance you require are based on your assets, your needs, and your risk.
A life insurance policy is a contract with an insurance company whereby, in exchange for premiums (payments), the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries in the event of the insured’s death. The type and amount of life insurance is chosen based on the needs and assets of the insured. Term life insurance generally provides protection for a set period of time, while permanent insurance, such as whole and universal life, provides lifetime coverage.
Health and Disability Insurance
Both health and disability insurance are also very useful. Disability insurance protects your ability to earn money. If you become disabled, how would you cover your living expenses? Protecting your income by purchasing disability insurance is a fundamental risk management strategy for all wage earners whose income is required to maintain their lifestyles. The two primary types of disability insurance include short-term and long-term. Health insurance is more commonly and consistently used. Most employers offer health insurance to employees, usually at fairly reasonable group rates.
If you own a vehicle then you need auto insurance. Depending on the value of your vehicle and your state’s requirements, the type of automobile insurance you should carry will vary. Some of the basic coverage will include liability coverage which pays damages due to bodily injury and property damages to others for which you are responsible. Medical expenses, pain and suffering, and lost wages are some examples of what Liability Bodily Injury may cover. Liability Property Damage covers damage to property and loss of its use.
If you own a home and you have a mortgage, you must maintain adequate homeowner’s insurance protection. Your mortgage company requires it. You need to consider replacement coverage, content coverage, and liability insurance to name a few. A good insurance broker will help you determine the level of coverage required.
At DCInsurers – Mountain, we are dedicated to serving our clients’ needs, whatever those needs may be. We have over 17 years of experience, building relationships and providing services to individuals, businesses and organizations in the Denver area. We provide a very client directed, client focused approach to our insurance quest for you. We provide completely objective information to all our potential clients, helping them make informed decisions about their insurance needs. It also means we’re able to shop and compare across the entire insurance marketplace to find the right policy for the right price. Further, we work with some of the top insurance carriers to find the best and most well-fitted comprehensive coverage for our clients at the most competitive rates on the market.
At DCInsurers – Mountain, we are interested in building long term relationships with you so we provide you with the best of our insurance brokers and place a high value on trust. To see how we can help you in all your insurance needs, contact us at 303-420-4774 or e-mail us at email@example.com