Insurance panama city fl

Most people think that insurance is on of the biggest scams out there. However, there are several types of insurance that it is very important to have. The law enforces some but there are even more that are not legally required but are still a good idea to have.

Auto Insurance
Motorcycle insurance and boat insurance could also be included in this category. These are all required by law. The reason being is that without them, people may not be as careful around other vehicles as they are. Because everyone is supposed to have at a minimum, liability insurance, no one wants to have to pay for the other vehicle if they are the at fault party in an accident. If you don’t have auto insurance and are caught, you’ll have to pay a hefty fee and possibly face a judge. Not only that but paying auto insurance is a good thing to have whether you are at fault or not. If you are not at fault but are the victim of a hit and run, your insurance, if you have full coverage, will cover the cost of repairs and will open an investigation to find the at fault party. Sometimes, it could take years but one day you’ll open your mail box to a refund for your deductible which means they found the at fault party and were reimbursed.

Home Owners Insurance
Home owners insurance is so important to have. If you don’t have it and something goes wrong in the house, you could find yourself struggling quite a bit. There is a lot that can go wrong in a house from floods to broken appliances to break ins, etc. Without home owners insurance, you’d find yourself in between a rock and a hard place trying to come up with the possible thousands of dollars that you need to take care of whatever happened. Unlike owning a vehicle, you can own a house without being legally required to have home owners insurance. But, often times when you first get financial aid for a home with a mortgage, the lender will require that you get the coverage in case of anything unforeseen happening.

Strong>Renters Insurance
Again, this is not legally required. It is, however, very helpful. Take the couple that had their washing machine break while they weren’t home, for example. It flooded their entire apartment before they came home to catch it. They did not have renters insurance and their lease did not require the owner to get them a hotel. They had to pay for a hotel out of pocket for three days before they were informed it would be at least a week or two before they were able to get back in the house. Presumably because the owner was not financially responsible for the couple’s accommodations during the time, he took his time negotiating with contractors to fix the house back up and they ended up having to stay with friends for over a month. Having renters insurance would have allowed them to at least stay in a hotel for the duration of the time, giving them their own space and accommodations without having to pay their friends compensation or any money out of pocket.

Life Insurance
Many people don’t see life insurance as important because you never get to cash it out yourself and see the benefits. However, this isn’t necessarily true. Most life insurance policies will also allow you set up the account as a sort of savings that you can borrow from without penalty as long as you replace the funds within a certain amount of time. Aside from that, if you are the breadwinner of the family, having life insurance will set your family up to be taken care of should the unthinkable happen. If it doesn’t, you can use the policy as a savings and still benefit from the payments that you are putting into it.

Having these types of insurance will save you a lot of money in the long run and help you to be able to keep yourself afloat in the hard times. Never underestimate the necessity of insurance by falling prey to the rumors that insurance are a scam. They’re there to help you in the hard times.

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