5 Types of Insurance We Recommend
When financial hardship hits, we want to make sure you have the coverage you need. To help you, we have compiled a list of policies that you might not have but should consider, to increase your protection.
Many people are surprised to learn that losses due to flood are not covered under a homeowners policy. To get coverage for a flood claim you need to buy a separate policy. While some areas are more prone to flood damage than others, more than 20% of the flood claims reported come from areas that are considered low to moderate risk. Premium can differ based on the amount of coverage and the location of the home. If your home is in an area that is considered low risk the cost is much less than in areas that considered high risk.
Thinking about your own death, or the death of a loved one, is not something anybody wants to think about. However, this scenario can cause extreme financial hardship on a family. If your death would have a negative financial impact on the people in your life you should consider life insurance. There are many types of life insurance policies and the amount of coverage needed can differ dramatically for each person. The pricing can also differ dramatically based on the characteristics of each person. However, any amount of coverage can help, and an expert can help you to find a plan that fits your exact needs.
If you’ve ever had a pet need extensive medical treatment, you know how expensive that can be. Pet health insurance helps to reimburse you for costs associated with veterinary care your pet needs. Depending on the coverage, type of animal and the health of the animal the cost for this insurance can run as low as $15 a month and as high as $50. Many families find themselves having difficult conversations about helping their pets or experiencing an unexpected financial burden. Pet health insurance can help to remove that uncertainty and protect your furry friend!
There are types of property that insurance companies offer a predetermined coverage limit on. These are usually high value items like jewelry, furs, art, firearms, musical instruments, silverware electronics. For example, a policy might state that jewelry is only covered for $1,500 in the event of theft or disappearance. This means that if you have a $5,000 ring that is stolen you will not collect more than $1,500. This is just one of the many examples of how scheduling an expensive item on your policy can help. By adding specified expensive items to your policy, it enables you to insure them for their full value.
An umbrella policy is designed to cover you when a liability claim exceeds the coverage you have on your existing insurance. It is an extra layer of protection that helps to protect you in the event of a major loss. Coverage limits typically start at $1 million dollars and the price generally ranges from $150 to $300. In the event of a catastrophic accident this policy could be the thing that protects you from financial hardship.
If you would like to know more about how one of these policies can protect you from financial hardship, please reach out to your Hertvik Insurance agent for more information.