Unexpected events, like an accident, natural disaster, lawsuit, or illness, can cause you to lose assets or income. However, you can protect yourself against those losses with the right insurance.

Insurance works by providing you a set list of benefits in exchange for monthly premium payments. The benefits differ depending on what you’re covering, but a typical policy will pay to repair or replace damaged assets or cover a loss of income. 

Your policies will often include a deductible, which is the amount you have to pay out of pocket before the insurance coverage kicks in. Some policies may require you to pay a deductible on each claim, while others may use an annual limit. Be sure to read and understand your insurance policies thoroughly so you know what’s covered, what’s not, and when you can make a claim.

You can get insurance coverage for all sorts of things, but you only truly need it to cover losses so large that you couldn’t manage them. For instance, your home or car should absolutely be insured, but you probably don’t need to pay for accident protection on a $200 tablet, especially if most of the covered period will be under warranty. 

When you’re looking for insurance, be sure to shop around and get quotes from different providers. Limit your search to reputable, established companies. Review each policy carefully for exceptions and limits on benefits, and compare deductibles and premiums.

You can often receive discounts on your policies by taking out more than one type of insurance with the same company. You can sometimes adjust the cost of your premiums by changing your deductible too – the higher the deductible, the lower the premium. Ask your insurance provider if there are other ways to get discounts.

If you're looking for new insurance coverage or would like to review your existing policies, our friends at Veridian Insurance can help. For more advice about your individual financial situation, fill out the form below.