A Comprehensive Guide to What can be insured?

A Comprehensive Guide to What can be insured?

Before starting with the topic, let’s give a thought on some questions, have you ever thought who will take care of the financial needs of your family after you die? Have you ever thought what if your precious car is crashed then who will meet the expenses? Ever thought if your hard-earned house collapsed is due to natural calamity then who will pay the damages? and many more questions. These questions must have buzzed in your mind at some point or another. Well, who will help you in such adverse situations? World’s best solution is Insurance. Yes, you read it right. You can not even imagine what all can be insured.


So let’s answer what can be insured?


#1: Your Life:

Getting your life insured is the best gift ever. It sounds peaceful and secure in mind that life, the most beautiful gift by nature can be secured by getting it insured. Life insurance insures many things like daily expenses, funeral expenses, mortgage, car loans, credit card bills, personal loans, child care, and other expenses, etc. This insurance is incredibly important as it gives assurance that your family can move on easily with finance in hand when you will not be there.

Some of the best insurance companies in the USA from which you can avail this type of policy are William Penn, Guardian, etc.


#2: Your Health:

It’s a known fact that health has no price but the doctor has. We all should feel lucky and blessed that health can also be insure. No one should see the day of becoming bankrupt because of health care costs. This is where health insurance helps you by insuring things like hospital visits, rehabilitative and habilitative services, medical devices, pediatric service, prescribed medicines, any kind of therapy, etc. There are many different plans with different facilities included in health insurance. Choose whatever suits the needs of you and your family.


#3: Motor/Auto:

How about the feeling of riding your car on the road with a free mind and no worries whatsoever? This feeling is possible when you purchase a car and leave the future in the safe hands of insurance. Many events happen when you own a car e.g. Accident, car stolen, damaged by fire or natural calamity, and vandalism, etc.

Also read: What Influences Auto Insurance Costs and How?

Other instances like accidents leading to injury to you or passenger. Or another’s car damaged because of your negligence which leads to a legal dispute and many more. Such events can easily be insure by purchasing the best coverage for your car. Coverage includes vehicle repair or replacements and medical expenses, liability coverage, etc.


#4: Your House:

Yes, this is true that your hard-earned house can also be insured. House is the most valuable asset one can own. Getting the house insured is also an asset that responds immediately when something unforeseen happens. For instance, interior or exterior damage to the house, loss of furniture, personal property is damaged or stolen, an injury arises while in the house, etc. Now you can let out a sigh of relief as your house is fully protected.


#5 Your Identity

You will agree that we live in a digital world and spend so much of our time online. Identity theft when someone steals your identity or misuses your personal information to commit fraud. E.g. someone takes a loan on your name, uses your credit card, and steals money. But now you can feel safe with the facility of identity insurance to restore your identity. This helps you in the reimbursement of some expenses like notary fees, lost wages, child care costs, legal fees, etc. It also provides credit monitoring services, suspicious identity alerts, etc.


#6 Business’s Key person

In every business, there are one or two key persons whose skills and intelligence are very crucial and valuable to the business. If they die then your business will face substantial financial loss. So if they die, then key person insurance will insure your company and send the insurance payoff.


#7 Special events

Have you ever heard that your one special day can also be insured? Well, yes it can be. Special events like marriage, conferences, exhibitions, and religious celebrations, etc. Special event insurance covers your cost if in any case, anything unexpected happened. Like something which cancels or damages anything in your special event. Or if you are held liable for any damage. For instance, if in case any employee of the event company damages the property that belongs to the venue owner. Or any guest slips and gets injured. Any fight between two or more waiters or the stage collapses, performers on stage get injures, etc. Therefore, special events insurance covers event cancellation and even liability.

Also read: What to do When Your Insurance Company Won’t Pay?

Other types are UFO abduction insurance, war and terrorism insurance, insurance against food poisoning, body parts insurance, disability insurance, and many more.


Final Words

The basic goal behind buying any kind of insurance is to make you and your family financially secure. Insurance acts as a strong commitment in life that it will look out for you and your family during life and also after you are no more. This is needed as you are doing real justice to your own life and assets belonging to you. Assets you own and life you live both are incredibly precious to you and they both require full protection. However, this protection is required to protect you, your whole life, and your family after you are no more.

Also read: What is Critical Illness Insurance and How it Works?

It’s a myth that saving money alone is enough to protect you, your assets, and your family. In practicality, the truth is that insuring your assets and your life with insurance policies is very important. So that you can face any type of financial emergency. We cannot predetermine future events. But with insurance in place, we can live peacefully and prepare ourselves financially to manage future risks.

We hope this article has given you complete information about what can be insured. Do share your reviews on this article in the below comment section. Also, if you find this article informative do share it with your other friends.