We all hope we will never be in a difficult situation and need to use our insurance coverage, but we appreciate its value if we do. It’s worth reviewing your current insurance coverage and what you may need to add. Here are some top insurances that you probably didn’t know you needed.
Identity Theft Protection
When you think of identity theft, you may think it only happens to people in movies. However, protecting your personal data is not to be taken lightly. With very few of your details, a fraudster can wreak havoc on your finances. If you find yourself in the painful situation of having your identity stolen, it can take years to track down the culprit and undo the damage.
Of course, depending on your financial and work situation, some people are more at risk than others. So carefully consider if it is in your personal interest to take out identity theft protection.
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Condo Association Insurance
Living in a condo or part of an association may mean that you have property responsibilities to consider in shared spaces and elsewhere. In these instances, condo association insurance is something that may be an asset.
First, don’t mix this type of insurance up with condo insurance, which covers individual condo units that are owner-occupied or rented. Instead, condo associations should also consider getting a dedicated COA insurance policy, which includes liability coverage for shared spaces, including outside areas such as pools and clubhouses, business income, etc.
The cost is shared between the entire association and depends on the association’s size, the property’s value, and the level of risk associated with the property. One of the most significant benefits of COA is being covered if someone injures themselves on the property.
Homeowners/Renters Insurance
Although homeowners or renters insurance is not required by law, homeowners and renters insurance is a no-brainer. Find a policy with extended dwelling coverage, meaning they will cover the cost to replace or rebuild your home, even if the amount comes to more than your policy cover (up to around 25% higher).
Carefully consider what events you may face in your area and what is worth covering, even if it is a little extra. Depending on where you live, you may want to consider extras such as hurricane, earthquake, or flood insurance. Often, sadly, homeowners wait until after an event to check if something like flood damage is covered under their policy.
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Umbrella Policy
An umbrella policy is precisely what it sounds like, insurance that covers multiple situations with a sort of extra layer of protection. If you have multiple properties or vehicles, an umbrella policy is worth considering and covers you for personal liability. In the unfortunate case of being sued, rather than leaving yourself open to losing savings or even your home, it will give you peace of mind that you are fully covered.
Many often put off looking into different insurance policies, viewing them as unnecessary. Still, depending on your personal circumstances and residential situation, it is worth ensuring you have the necessary coverage.
