There isn't a lot of talk about insurance in school. So when we become adults, we're left to consider the dizzying array of insurance policies on our own and wonder if we need all of them, just some, or none of them.
So if you're new to the world of insurance or you could use a brush-up tutorial, here is a somewhat subjective list of the types of insurance you absolutely need.
If you own a house, your bank will require you to have homeowners insurance. In fact, "if someone loses their homeowners insurance for some reason – cancellation, nonpayment, nonrenewal, then the bank is notified," says Dan Weedin, an insurance consultant in Seattle. "They will immediately place their own insurance in it and bill the homeowner. Then they will give the homeowner a chance to get their own. The bank will not allow it to go uninsured for any length of time.”
Unless you've paid off your mortgage, there's really no way out of homeowners insurance.
This is another must-have. In fact, it's against the law to drive without some sort of coverage. If you're caught driving without insurance, you probably won't go to jail, but your driver's license will likely be suspended and you’ll be fined.
If you are 25 or younger, you don't need to buy health insurance, assuming you're still covered on your parents' policy. But otherwise, add it to your list. According to Healthcare.gov, in 2017 and beyond, the fee will be adjusted for inflation.
Fortunately for you and your future, Sanford & Tatum Insurance Agency: A Division of Heritage RM, provides these three insurances are much more. Call (806) 792-5564 today for a personal quote and a policy detailed to suit your needs.