Types of Insurance You’ll Need When Living On Your Own

types of insurance you'll need

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  • Moving out to live on your own is a big step.

    This requires taking on a lot of responsibility you probably didn’t have to worry about before.

    Part of this responsibility of living like an adult is having the right kinds of insurance to protect you against emergency costs.

    While you don’t need every kind of insurance coverage, certain kinds of insurance are a necessity when living on your own.

    Car Insurance

    Unless you are going to be living in a big city with adequate mass transit options, you are probably going to need to own a car to get where you want to go. In that case, all states require that you have some level of car insurance.

    This insurance protects you in case of an accident. Without car insurance, you could be put in extreme financial turmoil just from having to pay for and take care of a routine fender bender.

    Health Insurance

    The second kind of insurance you should look into when living as an adult on your own is adequate health insurance. Thankfully, obtaining health insurance is much easier than it sounds since it can be done through your job or applying to the government’s health insurance marketplace.

    Without health insurance, you could end up going massively into debt should you land in the hospital for any reason, and paying for doctor’s visits or any sort of medical aid could put a sizable dent into your savings account.

    Even worse, you may end up either having to decide or being forced to forego treatment because of the expense that’s involved.

    Life Insurance

    Another form of coverage you can get from an insurance company, something like bear river insurance, is life insurance. Having newly moved out and deciding to live on your own, it’s likely you don’t have a spouse or children to leave behind that might need the money your insurance could provide in your absence, but it’s still a good idea to consider purchasing.

    Especially since even the cost of a funeral and the subsequent burial or cremation can be more than many people have ready in their savings. This is a great way to make sure that whatever family you leave behind is cared for and can pay for what you need if you leave the Earth early.

    Renter’s Insurance

    Having just moved out to live on your own, it’s likely you don’t own your own home at the moment. You do probably rent an apartment or room in a house though, meaning you need renter’s insurance to protect your belongings should something happen to them.

    Should the things you own become damaged or destroyed, you can rely on renter’s insurance to pay you what you need to replace them. This is especially useful if the apartment you’re living in isn’t the most reliable when it comes to the plumbing and you have items stored under the sink, or you live in a rougher neighborhood and are liable to have things stolen.

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    This is only a beginner’s list of the kinds of insurance you should invest in. Other kinds of policies, such as long-term disability insurance, may also be a good idea to purchase.

    Overall, make sure you get the policies you need to protect yourself from harm while making your way as a newly minted adult in the world. Not doing so can leave you mostly strapped for cash, but also unprotected against accidents, illness, and the unexpected.

    Image credit: by twenty20.com

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