13/12/2019 0 Comments
Why Do You Need Personal Insurance?
Personal insurance is a means to protect you and your family from different types of personal risks. Our lives are spent building a secure financial footing for ourselves and our loved ones. Accidents or disasters can strike anytime, leaving you in financial ruin if you are not prepared. Insurance is a contract that is represented by a policy where you receive reimbursement or financial protection against losses. KenMaynard Insurance Brokers can offer fair and prompt handling of your claims along with assistance in handling complex forms or policy details.
How Does Personal Insurance Work?
The insurer and the insured are bonded by a legal contract called the insurance policy that explains the terms and conditions under which the insurance company will pay the insured amount. The insured individual needs to pay premiums for the insurance which is generally a small amount when compared to the cover provided by the company.
The decision to provide the insurance will be at the company’s discretion as it will evaluate the claim application and may reject it if they don’t find it satisfactory.
What are the Different Types of Insurances Available?
There are multitudes of personal insurance policies available from which you can choose from; the right choice can make a lot of difference. For example, a fast-food restaurant owner may require a policy to cover damages or injury as a result of cooking mishaps like a fire in the kitchen. An auto driver may want coverage for injuries that can happen while driving.
The major types of insurances available are:
- Life insurance – This ensures your dependents are financially secured in the event of your untimely demise. If you are the sole income earner for your family, you should take this coverage.
- Health insurance – This covers a wide range of medical bills including your stay at a hospital. Different policies cover different ailments. While selecting, go through the lists of treatments, hospitalization and medication covered.
- Car insurance – If you own a car, this insurance will protect you from any unforeseen incidents like accidents. Your car can be also be compensated for during natural disasters like flooding. The policy may also cover third-party liabilities where you are supposed to pay for damages.
- Home insurance – It covers the loss or damages caused due to accidents like fire or other natural calamities like lightning or earthquakes.
- Dental insurance – It covers a portion of your dental treatment; ask your insurance provider about the exact details of it.
- Travel insurance – It is intended to cover medical expenses, trip cancellation, lost luggage and other losses that may occur during travelling.
To learn about how renovations can affect your home insurance, read our Blog – How Renovations Can Affect Your Home Insurance on it.
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