Types of Insurance You Need but Might Not Carry

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Types of Insurance You Need but Might Not Carry

If you own a car or rent a home, you’re familiar with insurance. These policies protect you in case of a financial catastrophe. Purchasing insurance might seem like a hassle, but it’s a requirement for so many essential purchases.

What surprises people is the abundance of policies on the market today. There are several types of insurance you need but might not carry that could protect you from financial ruin. Learning about these opportunities could help you get out of a sticky situation.

Collectible Insurance

It takes a lot of time and effort to build a valuable collection. Vintage toys, vinyl records, rare sneakers —all these items cost money and need protection. Collectible insurance exists to safeguard your investments in case of an emergency.

If you have priceless items in your inventory, you should insure your collectibles. These policies will reimburse you if someone damages or steals your memorabilia. Collectible insurance is especially helpful for those with one-of-a-kind items you can’t replace.

Pet Insurance

Most people view their pets as part of the family. Since you likely hold health insurance for yourself and immediate family members, why not ensure your pet has access to affordable healthcare, too?

Veterinary services are expensive because pet care is a specialized industry. However, nobody plans on their furry friends falling ill or having an accident. Pet insurance will cover expenses, allowing your fur babies to live a long and healthy life.

Wedding Insurance

If you’re newly engaged, another type of insurance you need but might not carry yet is wedding insurance. You’re probably not thinking about liability coverage on your special day. However, having a policy to protect your purchases could save you if something unexpected occurs.

Some wedding venues require you to have liability insurance. It’s also a good idea to look into cancellation policies. This way, you can get partial or full reimbursements if you need to reschedule or cancel your event.

Identity Theft Insurance

Thanks to the internet, fraudulent activity is at an all-time high. Criminals can assume your identity and completely ruin your financial reputation. Having identity theft insurance will help cover costs related to your case.

People can steal your identity to access your bank accounts, social security numbers, medical records, and other personal information. However, proving your innocence and recouping losses is hard without funds. Identity theft insurance will allow you to clear your name and recover from any alleged criminal activity.

Nobody plans on having a life-changing event dismantle their lives. However, purchasing insurance policies can give you another line of protection and keep you from drowning in future debt.

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