What Is Personal Insurance?

The nature of the unexpected is that it happens when it’s least expected. Unfortunately, these things also have a tendency to happen when they are most inconvenient. The important thing is that you and your loved ones are covered in the event of any change in your circumstances. Personal insurance is there to protect you when the unexpected happens.

Who Needs Personal Insurance?

Personal insurance is for anyone who wants to protect themselves and their loved ones. If you don’t want to have to pay out-of-pocket for medical care, damage to your property, or accidents, then you need personal insurance.

The Benefits Of Personal Insurance

The nature of insurance is that you pay a certain amount monthly to offset the potentially substantial amount of money that different incidents may cost. Personal insurance is essentially an umbrella term for any insurance that will protect you from having to pay out-of-pocket in the event of an unexpected expense. There are many benefits to carrying personal insurance. These benefits include: helping cover medical expenses, protecting your property, keeping you safe on the road, as well as helping to cover renters and landlords.

Helps To Cover Medical Costs

Healthcare costs can be overwhelming. Roughly 137 million Americans faced financial hardship in 2019 as a result of medical bills. And more than half of all personal bankruptcies have been found to be due to healthcare-related expenses. If you or your loved ones are in the position of requiring emergency surgery, it can cost tens if not hundreds of thousands of dollars without insurance. Having health insurance decreases your out-of-pocket spending and makes these costs more manageable.

Protects Your Property

We invest a lot of our time, money, and energy into our homes. Purchasing a home is something of a right of passage, and it requires a tremendous commitment. But inevitably something always goes wrong. The basement floods, or the HVAC system dies, or a tornado blows through and rips the roof off your new home. Without insurance you would be left scrambling, desperately trying to duct tape shingles across your new, massive skylight. Luckily, most, if not all, mortgage lenders require prospective homeowners to obtain homeowner’s insurance. This protects your property, protects you, and yes, protects the lender, from catastrophes.

Provides Coverage To Renters/Landlords

Rental situations provide unique risks to both the renter and the landlord. In the event of a catastrophe, the only way for a renter to protect their property is by having renter’s insurance. Rental property insurance does not cover a tenant’s property. On the other hand, the property owner, or landlord, needs to have rental property insurance. It is not advisable to attempt to use homeowner’s insurance for a rental property. Rental property insurance covers certain liabilities involved with rental properties that homeowners insurance does not cover.

Keeps You Safe On The Road

Some estimates put the average settlement for a minor to moderate motor vehicle accident at roughly $20,000 to $30,000, give or take. If you’re in an auto accident your vehicle may need to be repaired, you or a loved one may have been injured, you or a loved one could have missed work, and more. Whether you are at fault or not, there are always certain costs associated with incidents involving automobiles. Assuming that the average person doesn’t have tens of thousands of dollars stashed away somewhere, protect yourself and those you hold dear with an auto policy.

Offers Extra Liability Protection

Umbrella insurance is something that not a lot of people invest in, but it can be worth it’s weight in gold. In the event that the cost of any liability surpasses your typical amount of insurance coverage, umbrella insurance picks up the rest. Some people tend to fall victim to the misconception that umbrella insurance is only for the rich. While the rich would benefit from umbrella insurance, those in lower-income brackets can benefit equally as much, if not more so. The cost-to-benefit ratio is tremendous, with the cost being low and the benefit high. It’s impossible to know just how much something is going to cost you until it happens, and the only way to guarantee that you’re covered is to include an umbrella. Umbrella insurance is not really a plan B, but more of a plan A + plan B. In short, it means you’re covered. And that can help you sleep a little easier at night.

Speak To The Personal Insurance Experts

At JMG, we are experts at determining the best insurance options for you and your loved ones. We get rid of all the hassle so you can go on living your best life, knowing you’re taken care of. So give us a call, request a quote online, or come into one of our 18 convenient locations today so we can get to work helping you feel more secure.