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Disability insurance
Would you be able to make your monthly mortgage payments if you were unable to work due to an accident or illness? A disability insurance policy will pay you a monthly benefit to replace a portion of your income until you are able to work again. Many employers provide disability insurance for their employees. If your employer does not offer disability insurance or if you are self-employed, you can purchase an individual disability policy. Life insurance What if you were to die before your mortgage was paid off? Would your family be able to keep up with the remaining mortgage payments? Life insurance can provide your family with the funds to pay off their debts, as well as replace a portion of your income. While many employers offer some level of life insurance coverage to their employees, this amount of coverage may not be enough to provide financial security to your family. So, you may want to consult an insurance professional to help you assess your family's life insurance needs. Auto insurance If you think that there is no connection between buying a home and auto insurance, think again. If you're ever in an auto accident that is the result of your negligence, all of your assets (including your home) could be subject to liability claims if the claims exceed the liability limits of your auto insurance policy. So, you should re-evaluate the existing liability limits on your auto insurance policy to make sure that you have adequate coverage to protect your home. If you feel that you need even more coverage, you may want to look into purchasing a separate umbrella liability policy, which would pay for damages that exceed the coverage limits on your auto and/or homeowners insurance policy. Renter’s insurance Many people believe that their landlord or building management will cover the costs of replacing personal property inside their apartment if the apartment floods, a pipe bursts, or there’s a fire. If you’re one of these people, you could be wrong. The truth is, it’s not your landlord’s responsibility. It’s yours. Things like your clothes, stereo, furniture, television, bicycle, jewelry, personal computer, artwork and other items aren’t covered by your landlord’s property insurance. Could you afford to replace all your stuff if a disaster occurs? Take an inventory of everything in your apartment. Shop around |
