What Types Of Insurance Are Necessary?

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Having insurance is an important safeguard against risks, liability, and financial disaster. Not only that, but some types of insurance are required by law. If you need clarification about what types of insurance you need, read on. Taking the time to set up insurance is a wise decision that offers protection and peace of mind. 

Vehicle Insurance 

Whether you drive a car, truck, SUV, or motorcycle the New Jersey Motor Vehicle Commission requires that vehicle owners carry liability, personal injury protection, and uninsured motor coverage. Proof of this coverage must be provided during a vehicle inspection, at an accident site, or as part of a police stop. While boat insurance is not a requirement in New Jersey, many insurance companies also offer watercraft insurance. It is a great way to feel peace of mind about potential risks associated with boat wrecks. This can cover watercraft damages, medical costs, and even fuel spills caused by yourself or another uninsured boater. Some watercraft insurance packages also cover emergency assistance costs. 

Property Insurance 

Homes are a big investment, and lenders usually require homeowners with a mortgage to also carry property insurance. Fires, thefts, and weather events are all unfortunate but very real risks to homes. It is wise to carry property insurance even when not required by a lender. While insurance is a cost, it is quite small compared to the cost of finding temporary housing and having minor or major repairs and replacements to deal with out of pocket. Renters insurance is also available and is a smart way for renters to have liability safeguards in place, as well as to protect any investments made in personal belongings. The National Flood Insurance Program is a vital initiative to educate owners and renters about the importance of having flood insurance. Even those owners and renters who do not reside in designated flood plains are very wise to carry flood insurance. Floods are devastating and having flood insurance is an important component of recovery. 

Health Insurance 

If you aren’t sure how to decide on a health care insurance provider, contact an insurance agency Perth Amboy NJ residents know and trust. An insurance agent can help explain available options and find one that is affordable and right for you. Insurance professionals can put confusing information in to terms that are easy to understand. It is important to know specifics about deductibles, co-pays, and co-insurances, so that there are no unpleasant surprises. 

Life Insurance 

This type of insurance is especially important for individuals with spouses and children. While it can be unsettling to consider the circumstances, life insurance provides a way to pay for funeral costs, as well as to pay for existing mortgages. Beneficiaries are also able to access money to pay taxes, school related costs, and any other expense that arises. There are various levels and types of policies, so it is always advisable to speak with an insurance professional before choosing the one that is best for you. 

Take the time to contact a local insurance agent and to discuss your insurance needs. Bundling options are often available to maximize insurance coverage affordability. Find a reliable company with a trusted reputation. Some insurance companies offer round the clock customer service assistance, and various discount options. When in doubt, speak with family and friends who are satisfied with their agents and coverage. 



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