Various Types of Insurance and its Importance

Photo credit: popsugar.com

Photo credit: popsugar.com

Insurance is a crucial part of your protection. Without it, you may not know what would be your life in the future, just for your own and your family’s security. It is the equitable transfer of the risk of the loss, from one entity to another in exchange payment. It is form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. There are methods and types of insurance that people must be aware of.

For the methods of insurance, we need to consider co-insurance, dual insurance, self-insurance, and reinsurance. These methods are not common to the other people that are not aware of various insurances. On the other hand, people are much aware of the types of insurance like the following below:

  • Gap insurance- covers the excess amount on your auto loan in assistance where your insurance company does not cover the entire loan.
  • Health insurance- covers the cost of medical treatment and the hospital bill and most of the health insurance is a part of an employer’s benefits.
  • Accident, sickness and unemployment insurance- covers disability insurance, total permanent disability insurance, and worker’s compensation insurance.
  • Casualty insurance-insures against accidents that can be classified, such as auto insurance, workers compensation, and some liabilities insurance.
  • Auto insurance- covers the property for damage to or theft of the car, liability coverage and the medical coverage in case of accidents.
  • Life insurance-one of the most common for most of the people in the world. It provides a monetary benefit to a descendent family or other designated beneficiaries.
  • Burial insurance- one of the common insurance for seniors. It covers a very old type of life insurance which is paid out upon death.
  • Property insurance- includes aviation insurance, boiler insurance, builder’s risk insurance, crop insurance, earthquake insurance, fidelity bond, flood insurance, home insurance, landlord insurance, marine insurance, surety bond, terrorism insurance, and a lot more.

If you want to know some policy of insurance you want, Galveston Insurance of Houston Auto and Home Insurance can help you to achieve the kind of policy insurance you want for your security. To discuss the insurance you want, feel free to contact us at (281) 332-3599 or you can visit our website for more details about our insurance policy, such as auto insurance and home insurance that many people want them to have.

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