5 Insurance Policies Everyone Should Have

Not all insurance options are a good idea. Stick with these basics, and you'll be covered for most of life's major accidents.

  1. Homeowner's Insurance or Renter's Insurance

    This will replace your home and belongings if a natural disaster or a burglary damages or destroys your property. Renting? Your belongings aren't covered unless you have renter's insurance.

  2. Car Insurance

    Liability insurance only covers the repairs of the other car if an accident is your fault. Collision insurance covers your car too. Comprehensive insurance covers your car if it's damaged (think tree or deer) or stolen.

  3. Health Insurance

    Unpaid medical bills are the number-one cause of bankruptcy. Health insurance is a must. Many coverage options are available to fit your family's needs.

  4. Life Insurance

    This isn't something we want to think about, but we should. You need to ensure your spouse and children can live comfortably in your absence. Look for a term life insurance policy that replaces 10-12 times your annual income. Avoid all whole life insurance policies.

  5. Disability Insurance

    This replaces your income if you are hurt or injured on the job. Many employers provide a small disability policy as a benefit. Find out how much coverage your employer provides. If it doesn't replace at least 70% of your pay, look for an additional policy from an independent agent.

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Hear From the Experts

We have whole life insurance. Should we switch to term?

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Break even

Jay on Twitter asks Dave how to determine the amount of the deductible on your home insurance. Dave explains how this can be accomplished through a simple break even analysis.

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