A Complete Guide to Which Insurance Policies You Should Have and Why
In today’s world, there are many different types of insurance options. Consumers are unsure if it’s necessary to pay extra on their homeowner’s insurance policy for sinkhole coverage. Agents push these useless insurance packages to reach their quotas when actually, most people won’t ever experience a sinkhole incident in their lives. The agents at Bachmann-Zeitlin, a dependable and honest homeowners insurance agency in Philadelphia, want their customers to get exactly what they need when it comes to coverage. We’ve outlined the different types of insurance the average person should own below.
Life Insurance
There are three different types of life insurance to consider: whole, term, and permanent. Life insurance is critical to have because, without it, surviving family members are left with the burden of funeral costs and necessary living expenses after you’re gone. A good way to determine how much you should pay for a life insurance policy is to estimate the years you have left in the workforce and your income. The policy should replace the remaining income you plan to make.
Homeowners Insurance
You pay a lot for your home, so it’s a smart idea to have an insurance policy to protect it against unforeseen circumstances like a fire, tornado, or burglary. When searching for a homeowners policy, make sure it covers the replacement of contents and the structure of the home. Some people may also be interested in having the cost of living elsewhere while the home is being fixed in the policy, too.
Auto Insurance
By law, most states require people to have automobile insurance. Auto insurance will cover the cost in full or partially, depending on the policy, if you’re involved in an auto accident. It is of particular importance to own an auto policy because if you injure someone or damage property, that is subject to a lawsuit.
Disability
If you’re injured and put out of work, having short or long term disability insurance is critical. A good rule of thumb when purchasing a disability policy is to cover at least 65% of your income. Some may say short-term isn’t an essential policy to hold, but if you don’t have a savings account, being out of work for a short period can be financially burdensome.
If you find yourself without insurance, an agent from The Bachmann-Zeitlin Insurance Agency can work with you to find the right amount of coverage for the right price. We offer a variety of policy packages in the Philadelphia area, such as auto insurance, homeowner insurance, and life insurance. To request a quote, please visit our website, or call 267-288-5193 to setup an appointment with one of our agents today!