types of insurance policy

What Type of Insurance Policy Should You Get


What can buy you peace of mind? The answer is – insurance. Life is a function of uncertainties where one bad incident or action can put your finances into jeopardy. Thankfully you can transfer most of your risk by buying insurance. When we mention the term insurance the two types of policies that immediately come to our mind are Life Insurance and Health Insurance.

These are without a doubt the minimum protection that any person requires. But there is more to life than your health and offering financial security to your loved ones should something unfortunate happen to you. There are several other types of insurance plans out there that protect your interests and your finances. Let us now take you through some of the Florida insurance policies that you should have to protect yourself against all kinds of risks and liabilities – 

Homeowners Insurance

There is more to your home than the walls and the roofs. It offers you security and a place where you can live your life by your own rules. For an average person, home is also the most valuable asset in life. Though most people buy homeowners insurance in many cases they aren’t adequately covered.

There are several factors that you should consider while buying homeowners insurance in Florida that include coverage for additional structures, personal property, liability (if someone is injured claims property damage) and even loss of use due to various factors. The idea behind buying this insurance policy should be to protect your interests against all foreseeable risks associated with homeownership.   

Flood Insurance

Basic homeowners’ insurance policy doesn’t cover you against damages in the event of a flood. Most homeowners tend to think otherwise and don’t ensure themselves against the onslaught of nature. If you live in a preferred flood zone you can, of course, choose to avoid this coverage though it is highly advisable as weather patterns are changing due to global warming and several areas that weren’t known for seeing floods in centuries are witnessing flash floods. A Flood Insurance Policy is a must for people living in high-risk zones and it must either be bought separately or as an add-on to your homeowners’ insurance.    

Personal Collections Policy

Collectibles are very dear to those who collect them. It takes years of effort to build a collection that would be envious to others. If you are into collecting expensive art, artifacts and other collectible items you need to opt for Personal Collections Policy. While your homeowners’ insurance policy would cover most of the belongings at your home they aren’t enough when we talk about expensive belongings at your home.

Depending on the type of collection you have and their valuations you will be able to find a plan that offers you adequate compensation in case of loss or damage to your prized possession. While the emotional loss can’t be compensated the financial loss would be covered by such policies.    

Automobile Insurance

If you drive a vehicle you’d surely have liability insurance coverage. While this may be the minimum requirement for you to drive a vehicle on the road, this surely isn’t enough. There are different types of automobile insurance plans out there catering to different needs and you must explore them. For instance, collision coverage would cover the repair costs of your vehicle apart from liability in case of a collision.

They would offer you the value of the car in case it is totaled. Is that enough? Surely not. In case your vehicle is damaged by a storm the same plan won’t protect you and this is where buying comprehensive automobile insurance coverage protects your vehicle in all eventualities. Along with comprehensive insurance policy, you can also buy yourself additional protection such as Personal Injury Protection and Uninsured /Underinsured Motorist Protection. In case you own a classic car or an antique automobile you should explore additional coverage that goes beyond the depreciating value of the automobile.    

High-Net-Worth Personal Insurance

If you are an HNI you need to look at insurance from a different perspective. In fact, the risk factor for high net worth families is often overlooked and it is complex without a doubt. Many HNIs end up buying more insurance for smaller risks while completely ignoring the bigger risks. From your expensive collection of wines to those antique pieces of furniture, everything needs to be insured with a tailored approach.

There are several kinds of additional coverage that you might need such as Domestic Workers’ Compensation, Employment Practices Liability, Luxury Homeowner Policies, and Excess Flood to name only a few. If you approach an insurance expert they would assess your current coverage and also the kind of policies you for actual risk management and cover this risk.    .

Personal Umbrella Insurance 

While this policy isn’t something most people buy it is one of the best Florida insurance plans that you can have. While most of your insurance policies are aimed at covering all the foreseeable risks in their own domain the fact is most of them have their limitation especially when it comes to liabilities. These policies are aimed at offering your more coverage over the other types of insurance you already have such as home, auto, etc. In fact, it is the most economical way of increasing your overall coverage. 

These are some of the most popular Florida insurance policies that one should get depending on the needs and assessed risks. When it comes to buying the insurance you should always consult an expert and explain to them your needs. They would review the kind of risks you are exposed to and help you choose the policies that offer you maximum protection and at the same time cost you the least.