Here are basically six different types of coverage. Some may be required by law. Others are optional. They are:
Auto insurance provides financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise therefrom.
Auto insurance may also offers financial protection against theft of the vehicle and damage to the vehicle, sustained from things other than traffic collisions.
Home insurance, also commonly called hazard insurance or homeowner's insurance and is a type of property insurance that covers a private residence.
It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.
The cost of renters insurance and the amount of personal property coverage you need depends on how much your property is worth.
To get a better understanding of your coverage needs, ask yourself the following questions:
And one more thing. If you have ever asked yourself "Do I need renters insurance?" the answer is probably yes.