5 Types of Insurance You Didn’t Know You Needed

5 Types of Insurance You Didn’t Know You Needed

People don’t often forget to buy insurance – they only buy the policies they think they need. If you’re not sure if you have all the policies in place to be adequately protected, review these 5 types of insurance to see if there are any that you might be missing. 

Life Insurance

Life Insurance is the most important coverage that many people don’t realize they need. But it’s the one policy that can truly protect the financial security of the people you love most after you die. The whole point of having life insurance is to provide your family with a tax-free payment to cover their needs once you’re gone. Not sure how much life insurance you need? The amount will depend on the type of coverage you choose and your personal circumstances. Even if you have a basic policy, it’s important to have it reviewed every few years to ensure its enough to meet your family’s needs. 

Tenants Insurance

More apartments are broken into than homes because they rarely have alarm systems. Don’t leave yourself exposed. If you rent a property, it’s important to have tenant’s insurance that will pay to replace any stolen items. It can also cover you for a range of accidents including fire damage that may destroy your belongings, water damage that could ruin your neighbours unit, and injuries that could happen on your property.

Collision Insurance

Did you opt-out of collision insurance? If you own your car, you have the option to remove it, but you really shouldn’t. Collision insurance will protect you if you come in contact with another vehicle or object like a street sign or parking post. Even if you’re at fault, collision insurance will take care of the cost to repair or replace your vehicle. Without it, you’ll be responsible to pay for those damages, which can quickly add up depending on how much damage there is.

Recreational Vehicle Insurance

Wondering if recreational vehicles are covered under your auto or home insurance policy? Your boat, ATV, RV, and snowmobile might not be covered under either. If you don’t know whether you have the right coverage for your recreational vehicles, don’t leave it to chance. Call your insurance broker today to make sure that you have all of your toys covered.

Home-Based Business Insurance

If you’re running a small business from home, your home insurance might not cover you the same way a commercial insurance plan will. Your equipment and inventory might be at risk if you suffer a break-in or fire. To make sure you’re adequately protected, contact your insurance broker today about the additional insurance options available to you to safeguard your business. 

Everyone has different insurance needs. Contact us today at MLS Insurance and one of our brokers will find out what those needs are and set you up with a policy that covers them all.

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