Between the General and Shaq cruising around, and that weirdo Flo with Progressive seemingly always on television or the internet, the world of insurance has become a confusing topic. Are there state minimums on car insurance? What all does my homeowners coverage cover? Do I have a medical plan that will take care of me and my family? Don’t feel bad if you do not know, trust me there are millions of Americans in the same boat. You listen to your insurance agent or your companies HR department and your fees are taken out of your check or bank account every month. I was living the same way and gave little thought about it until I was the victim of a car accident with an uninsured motorist. Without going into a lot of detail let’s just say I ended up paying out of my own pocket, to get my own car fixed, that was damaged by someone else. Don’t let this happen to you. Here is a list of the 4 types of insurance you actually need, and the proper amount of coverage that you need with each policy.
Okay I have to admit if I ever saw Flo from the Progressive commercials I would really have to restrain myself from slapping her! Just kidding Flo. But really, the list of insurance commercials on TV, Radio and Internet is ridiculous. Celebrities are paid millions to ride with the General, sing the Nationwide jingle or show you ridiculous accident scenarios that were “actually covered” so they say, but when it comes time to file a claim, Flo, Peyton Manning, or the General are no where to be found. At the very least you should have the minimum required auto insurance coverage for your state. It would be a very good idea to have more than your states minimum seeing that some states only require you carry enough coverage to insure against the damage of another vehicle, or injury or death of another person should you be at fault in an accident. This means that you may not have enough coverage to cover your repairs to your own vehicle, or to cover against other incidents, fender benders, rental cars, or other problems. Ask your insurance agent what the minimum is in your state or region is , then compare that to your current level of coverage. You can then make changes to your policy and get the coverage you need. You don’t want to wait until an accident occurs to find out what your policy does and doesn’t cover and be out of pocket.
No one want to think about death and dying but to quote Forrest Gump, “death is just another part of life.” Life insurance is important, but it’s often overlooked. Most people simply depend on the life insurance that their employer provides or that they may get along with their healthcare coverage. This coverage is designed to make the lives of your spouse, children, or parents a little easier in case something tragic would happen. So how much do you need? Think of it like this and ask yourself: what will I need my life insurance to cover? Ideally your coverage should help you and your family cover funeral costs, or at the very least provide a short-term revenue stream for your loved ones until they have adequate time to get back on their feet after your passing. In most cases, employer-based life insurance policies pay out a percentage of a person’s annual salary in case of their death, and also may allow you to buy more coverage at a more decent rate if you think your family will need it. Once again inquire from your employer just exactly what your coverage consists of and make any changes that you deem necessary. In some cases, your auto or property insurance agent may offer life insurance as well. For those of you that are younger, you may not think too much about life insurance at this point, but you should at least have some type of minimal coverage. Obviously the older you get, the more important life insurance becomes so take care of business and deal with the unthinkable in order to make things easier on the ones you are leaving behind.
Health and Disability Insurance:
This will be the biggest, most important and most difficult coverage that you will have to deal with. To just mention the subject of health insurance in 2017 , you risk a full blown political argument breaking out. With all honesty, for the first time I am without coverage even though I have a good, well paying job. The policy offered by my company is just not worth me paying for as a single guy with no children. Lucky for me I am Native American and enjoy full coverage through my Native Nation. Whether you get your coverage through your employer (or a spouse or partner’s employer), through a labor organization or union, or individually through the federal health insurance marketplace or a state equivalent, quality health insurance will make sure you’re able to see a doctor when you’re sick, get a routine checkup, purchase your prescription medication, or seek medical care in the case of an unexpected illness or an accident. Disability insurance, also usually offered by your employer or through an independent marketplace, is designed to provide supplemental income in the case that you’re hurt and unable to work for a short or long period of time. Unfortunately, both types of this coverage is necessary and in today’s social, political and economic climate you can be assured it is going to cost you. Never-the-less, at the end of the day your health is your most important asset, it allows you to work, parent, and enjoy life, so put aside all of the controversies you see in the mainstream media and get covered.
Homeowner’s or Renter’s Insurance:
For those of you that took the plunge and signed your name on the dotted line for a 30 year mortgage you already know that insurance is just part of the costs of being a homeowner. The lending institution (bank) will require an amount of coverage for you to carry, obviously to protect yours and their investment. If you are leasing or renting a home, condo, duplex or apartment, it is so important that you acquire renter’s insurance on your own. Do not count on the coverage that your landlord carries on the property that you rent or lease to cover your possessions. Believe it or not the renter’s insurance policies that are available will not break you and in some cases you may be able to get free with other policies you may carry. There are plenty of policies available that will protect your belongings in the event of a fire, burglary, weather event, or some other man-made or natural disaster. Your first call should be to your car insurance company, often times these companies will just give renters insurance away due to the fact that you’re already a customer. If you own your own home, homeowner’s insurance serves the purpose, and protects your property and investment against even more threats. It’s also important to remember that homeowner’s or renter’s insurance may not cover water or flooding damage, so be proactive and ask your insurance agent what you need to do to make sure your covered.
Contact Jones Brown Law:
In case the unthinkable happens and you should be on the receiving end of an uninsured person and or conflict Remember that the dedicated and experienced professionals at Jones Brown PLLC have you covered. It may seem contradictory to use the terms ethical and attorneys in the same sentence but we pride ourselves on principles of honesty, hard work, fair dealing and compassion in our representation. Our goal is to let clients focus on healing while we take care of the legal process of recovering from your accident.
Our attorneys and staff are committed to adhering to a strict code of professional ethics. We dedicate ourselves to our clients’ best interests and making the legal process as painless and simple as possible for the injured and their family. CLICK HERE to contact our offices.