What Can I Insure?

8508172_mWith enough money to pay for the protection, you can insure pretty much anything.

Insurance companies can give bespoke quotes for you to insure individual and expensive items, and given the right price for them to still make money, the insurance companies will be happy to give you protection.

The more common types of insurance are:

Home Insurance

Depending on the policy you have, this could cover several or all aspects of your home.

The most comprehensive policies will cover the building that houses your home, and your personal belongings, as well as the personal belongings themselves. If you are a home owner it’s nearly always advisable to have home insurance, as it protects you from a large list of perils that can be upgraded further through riders and add ons.

Car and Auto Insurance

In Philadelphia, car and auto insurance is an absolute necessity both legally and functionally.

Legally, you will need to have the minimum amount of cover to protect you from liability on the road. Functionally, car insurance can protect you from a big financial impact if you get into an accident, and ordered to pay for the other parties’ property damage, or physical and mental issues associated with the accident.

These bills can build up to an extortionate amount, especially with medical bills rising year on year.

Life Insurance

This type of insurance protects your family and your dependents financially in the event that you pass away and are no longer there to provide your source of income.

Life insurance is most important for the primary bread winner in the family as they bring in the most income. Life insurance pays out in the event that you pass away within a set period of time for term life insurance, or whenever if you’ve opted for whole-of-life insurance. Upon your death, your beneficiaries will be entitled to a large tax free lump sum that would hopefully be enough to keep their finances afloat at least until they can get financially stable themselves without you.

During a death of someone close, the beneficiary could be going through an emotionally volatile period of life.

As this is happening, the last thing they’ll want to worry about is the money situation, or getting a job just to keep the finances in the green. Life insurance gives them this extra time to grieve, and with the comfort of knowing they won’t need to think about money until later.

Health Insurance

Just as life insurance pays out in the event of death, health insurance pays out in the event of an illness or a condition.

Health insurance is an important aspect of life in Philadelphia as there isn’t the luxury of government health care as seen by the English counterparts. Healthcare can be incredibly expensive, especially if you develop a condition that needs long term treatment.

Whilst most families will be able to withstand the financial consequences of this for a short period of time, when we’re talking about years on end, this could eat through your savings extremely quickly.