# 8 Reasons You Need Insurance

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Life will throw you a curve ball there’s no question about that. Whether you’ll have insurance when it does is another matter entirely.

Insurance buffers you from unexpected costs like medical expenses. And while most people know that insurance is important, not everyone knows the different types of insurance out there and how they can help.

### 1. Health Insurance

Why you need it: Both expected and unexpected health care expenses — including routine visits, medications, emergency stays, and serious surgeries — can add up quickly and cause a lot of debt for those who can’t afford the out-of-pocket costs

What it is: Health insurance is a contract between a health insurer and a policy holder that requires the health insurer to pay for all or at least a portion of medical costs.

### 2. Car Insurance

Why you need it: Driving while uninsured is against the law and dangerous because the driver and their vehicle aren’t protected against an accident, collision, or general theft and vandalism.

What it is: Auto insurance covers cars, motorcycles, trucks, and other vehicles, and is intended to protect against physical damage or bodily injury that could result from driving, whether the incident is reckless or an accident.

### 3. Life Insurance

Why you need it: Death can be expensive  ⁠— from settling an estate to planning a funeral, the associated costs can really set you back ⁠— but a life insurance policy will ease the financial burden placed on a surviving spouse and dependents (i.e. children).

What it is: In the event of death, a life insurance policy pays a beneficiary an agreed-upon amount of money to cover the expenses left by the deceased. A beneficiary is the person or entity named in a policy who receives benefits, such as a spouse.

### 4. Homeowners Insurance

Why you need it: Maintain your home and keep its property value high, plus be covered in the case of major damage, like a house fire.

What it is: Homeowners insurance covers the house you reside in and any associated structures, such as a porch, garage, and balcony.

### 5. Umbrella Insurance

Why you need it: If you think you may need extra coverage in addition to another type of insurance policy, for example on a home or vehicle, then umbrella insurance will help further protect you from risk of being sued for damages.

What it is: Liability insurance is what’s called umbrella insurance, because it covers costs in excess of other insurance policies.

### 6. Renters Insurance

Why you need it: Things happen — that’s a mantra every renter knows to be true, and so they protect themselves and their property while renting. In fact, many landlords require it.

What it is: Renters insurance is used by tenants to cover personal property in case of damage or theft, which is not the responsibility of the landlord.

### 7. Travel Insurance

Why you need it: Planning to jet off to a new destination? Then make sure the cost of your airfare is covered in case of medical emergencies or other incidents that may cause a trip to be cut short.

What it is: Travel insurance covers trip cancellations, lost or misplaced luggage, travel accidents, and even medical expenses while on the trip.

### 8. Pet Insurance

Why you need it: Paying into pet insurance may be more cost-effective than paying a lump sum to your vet should your pet need emergency medical treatment, like an emergency room visit.

What it is: Pet insurance (mostly for dogs and cats) covers all or part of veterinary treatment when a pet is hurt or sick. There are two types of pet insurance: a wellness plan that covers routine visits and shots, and a health insurance plan that is more comprehensive of genetic diseases and major surgeries.

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