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As you may already know, adult life means more responsibility. Sometimes this means more expenses and more stress. Life doesn’t have to be that way. You can provide yourself with an extra buffer using insurance. There are so many kinds out there, it can seem overwhelming. However, there are some very important kinds of insurance that you should obtain the older you get. Some kinds you legally need, others are by choice.
You should have most of these already, but if not, read more about them below:

  • Health Insurance
  • Life Insurance
  • Car Insurance
  • Mortgage Insurance
  • Homeowners Insurance
  • Renters Insurance

Why Do I Need Health Insurance?

Simply put, health insurance protects you from high medical costs. Premiums may be expensive, but not as expensive as paying for medical costs straight out of pocket long term. Health insurance usually covers things like emergencies, prescription medications, and maternity care. It can also help you pay for check-ups and other preventive health measures.

Why Do I Need Life Insurance?

Life insurance provides financial stability for your family and children when you die. Essentially, if you pass away, they still receive money as if you were still supporting them. Lucky for you, there are several kinds of life insurance policies that you can choose from. Some are more affordable than others depending upon the situation you’re in. For more specifics, Idaho life insurance experts can help you find out if whole, term, or universal is right for you.

Isn’t Car Insurance Required?

Yes. Although, it’s a state by state case. Residents must maintain a minimum, and this can vary depending upon what state you’re in. In most cases, the types of required coverage are bodily injury and property damage. Car insurance costs vary by the age of your vehicle and driving statistics in your state. Some insurance companies offer new car discounts, so don’t be afraid to buy an upgrade.

What is Mortgage Insurance?

Usually, borrowers who can’t make a down payment of 20% or more have to pay for mortgage insurance. This makes it so that you can qualify for a loan that you otherwise would not. It’s basically insurance that protects the lender. The rates also vary depending upon your credit score, and the type of loan you want to purchase your home.

Do I Need Homeowners Insurance?

If you’ve already paid off your home, then you legally do not have to have it. However, it is highly recommended to keep it in case anything were to happen to your home. If you don’t have homeowner’s insurance you may have to pay out of pocket for several repairs and replacement costs. You can still own a home without homeowners insurance, just know that you run the risk of paying for everything you lose. Sometimes a lender will require it in the terms of a mortgage, so you might not have a choice.

Need Renters Insurance Instead?

Not all of us can purchase a home or qualify for a mortgage, but if you live in a rental you may still want an extra sense of security. Much like homeowners, renters insurance protects your belongings from theft, fire, and other disasters. Some property management companies require that you purchase renters insurance as part of the lease agreement. Other times it’s optional. Renters insurance can give you more peace, especially if your neighbors are attached to your walls. You also do not know the history of the property and how well it was taken care of by the previous renters.