Monday, November 29, 2010

Insuring Your Family

When you’re a stay-at-home mom, there’s nothing scarier than the thought of an unforeseen event or accident that would cause a disruption in your life. Fortunately, there are steps you can take that can limit the impact that such an event can have on your family. One such step is to make sure you are properly insured. Take the time to assess what you could be insured for, and whether or not you should go through with purchasing insurance.

Renter’s Insurance
If you are renter, don’t assume that your landlord’s insurance will cover your possessions should an accident like a fire occur. In most cases, the landlord’s insurance will only cover the actual living space. Like homeowner’s insurance, renter’s insurance will cover the possessions inside your home should anything happen to them. However, renter’s insurance does not cover the actual building you live in. Consider purchasing renter’s insurance if you own valuables you wouldn’t be able to replace. Renter’s insurance will also protect you should a guest get seriously injured in your home.

Flood Insurance
If you’re a homeowner, purchasing flood insurance is a smart move. Even a few inches of flooding could set you back a few thousand dollars, and, according to the National Flood Insurance Program, the average flood damages claim was $33,000 last year, and 25% of the claims were from families who didn’t even live in areas at high risk for floods. If you live in a low- to moderate-risk area, you could purchase a blanket policy for a flat fee.

Automobile Insurance
Beyond your typical car insurance policies, you should hold policies for the other forms of transportation you use. If someone in your family drives a motorcycle, for instance, get quotes for insurance the same way you would get quotes for car insurance. Motorcycle insurance would cover roadside assistance, comprehensive and collision coverage and bodily injury and property damage liability, among others.


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