Posted on: 1 September 2015
Personal line insurance covers everything from car insurance to homeowner's insurance, and while you might have all of the more common types of personal lines, there are several others that you might not have considered. To prepare yourself for any and all of life's surprises, consider investing in these unique types of policies.
Mortgage and Credit Disability Coverage
Many people who purchase disability insurance invest in the type of policy that covers any loss of income you might experience from a long-term illness or disability. While this is an excellent investment, it doesn't protect you from losing your home or falling behind on debt. Mortgage disability coverage is designed to help you keep your home while you are unable to work by providing you with funds to make your monthly mortgage payment. Credit disability coverage provides similar benefits to pay your credit card and installment loan debt, so you can maintain a positive credit history while you recuperate.
Pet insurance works much like health insurance does for humans, and it ensures that you'll be able to provide your fury friends with the healthcare they need to stay happy and healthy. Veterinarian bills can be pricey, even for healthy pets, and large bills can sometimes force owners to make end-of-life decisions based on financial reasons. Pet insurance can help to remove the financial part of the equation when choosing the right type of medical care for your cat or dog. The cost of this type of insurance ranges from around $10 per month to more than $90, depending on the carrier and options you choose.
Believe it or not, earthquake insurance is not just for people living in California. It is estimated that 75 million US residents living in 39 different states are at risk for experiencing an earthquake. If you experience a devastating earthquake that damages your home, your homeowner's insurance policy may not cover the damage. Purchasing earthquake insurance or a rider for your homeowner's policy can help protect you against major earthquake damage. The cost of this type of insurance can be minimal, depending on where you live. Homes in low-risk areas qualify for rates as low as 50 cents per $1,000 in coverage.
As with any personal lines insurance, you'll want to weigh the benefits of each type of coverage with the potential cost. Remember that your auto, life and homeowner's policies don't provide complete protection for all of life's emergencies, so consider which supplemental policies fit your needs and budget. Contact a professional insurance firm, like NFP, P & C, Inc., to see what coverages are best for you.Share