Listicle: 19 Types Of Insurance You Should Consider Getting

When it comes to protecting yourself, your family, and your assets, insurance is a crucial tool to have in your financial toolkit. There are various types of insurance available to cover a wide range of needs, from protecting your health to safeguarding your property and investments. Here are 19 types of insurance you should consider getting to ensure comprehensive coverage for all aspects of your life.

Auto Insurance

Auto insurance is a type of insurance that provides financial protection in case of accidents, theft, or damage to your vehicle. It also offers liability coverage in the event that you cause injury or property damage to others while driving.

• Comprehensive coverage
• Collision coverage
• Liability coverage
• Uninsured/underinsured motorist coverage

Home Insurance

Home insurance, also known as homeowner’s insurance, protects your home and its contents against damage or loss from perils such as fire, theft, and natural disasters. It also provides liability coverage in case someone is injured on your property.

• Dwelling coverage
• Personal property coverage
• Liability coverage
• Additional living expenses coverage

Health Insurance

Health insurance helps cover the cost of medical expenses, including doctor visits, hospital stays, prescription medications, and preventive care. It provides financial protection against high medical bills and ensures access to quality healthcare services.

• Health maintenance organization (HMO)
• Preferred provider organization (PPO)
• Exclusive provider organization (EPO)
• Point of service (POS)

Life Insurance

Life insurance offers financial protection for your loved ones in the event of your death. It provides a tax-free lump sum payment to beneficiaries, helping them cover expenses and maintain their standard of living after you’re gone.

• Term life insurance
• Whole life insurance
• Universal life insurance
• Variable life insurance

Travel Insurance

Travel insurance provides coverage for unexpected events that may occur while traveling, such as trip cancellation, medical emergencies, lost luggage, and travel delays. It offers peace of mind and financial protection during domestic and international trips.

• Trip cancellation/interruption coverage
• Emergency medical coverage
• Baggage loss/delay coverage
• Travel assistance services

Liability Insurance

Liability insurance protects you from legal claims and lawsuits arising from bodily injury or property damage that you or your family members may cause to others. It provides coverage for legal defense costs and settlements or judgments.

• General liability insurance
• Professional liability insurance
• Product liability insurance
• Employment practices liability insurance

Business Insurance

Business insurance, also known as commercial insurance, provides coverage for businesses and their assets, including property, liability, and employees. It helps protect against financial losses due to unforeseen events and risks associated with business operations.

• Property insurance
• General liability insurance
• Workers’ compensation insurance
• Commercial auto insurance

Unemployment Insurance

Unemployment insurance offers temporary financial assistance to workers who have lost their jobs through no fault of their own. It helps replace a portion of lost wages and supports individuals during periods of unemployment.

• Job loss benefits
• Severance pay
• Job search assistance
• Training programs

Disability Insurance

Disability insurance provides income protection if you become unable to work due to an illness or injury. It offers financial support to cover living expenses and medical costs during periods of disability.

• Short-term disability insurance
• Long-term disability insurance
• Own-occupation disability insurance
• Any-occupation disability insurance

Medical Insurance

Medical insurance, also known as health insurance, covers the cost of medical and surgical expenses for individuals and families. It helps ensure access to healthcare services and protects against high medical costs.

• Individual health insurance
• Family health insurance
• Group health insurance
• Supplemental health insurance

Death Insurance

Death insurance, also referred to as burial insurance or final expense insurance, provides funds to cover funeral and burial expenses, as well as outstanding debts and financial obligations, after the death of the insured.

• Funeral and burial expenses
• Outstanding debts
• Estate settlement costs
• Legacy planning

Mortgage Insurance

Mortgage insurance, commonly required for homebuyers who make a down payment of less than 20%, protects lenders against the risk of borrower default. It allows borrowers to qualify for a mortgage with a lower down payment.

• Private mortgage insurance (PMI)
• Federal Housing Administration (FHA) mortgage insurance
• Department of Veterans Affairs (VA) mortgage insurance
• US Department of Agriculture (USDA) mortgage insurance

Pet Insurance

Pet insurance covers veterinary expenses for the treatment of illness or injury in pets. It helps pet owners manage the cost of veterinary care and ensures that their furry companions receive the medical attention they need.

• Accident-only coverage
• Accident and illness coverage
• Wellness coverage
• Hereditary and congenital condition coverage

Freelancer Insurance

Freelancer insurance, also known as self-employed insurance, provides coverage for independent contractors and freelancers. It includes various types of insurance to protect against risks associated with self-employment.

• Health insurance
• Disability insurance
• Professional liability insurance
• Business owner’s policy (BOP)

Professional Liability Insurance

Professional liability insurance, also known as errors and omissions (E&O) insurance, protects professionals from claims of negligence or inadequate work. It offers financial protection against lawsuits and damages resulting from professional mistakes.

• Legal defense costs
• Settlements or judgments
• Claims of negligence or errors
• Loss of income protection

Recreational Vehicle Insurance

Recreational vehicle insurance provides coverage for motorhomes, campers, trailers, and other recreational vehicles. It helps protect against physical damage, liability, and other risks associated with RV ownership and usage.

• Collision and comprehensive coverage
• Liability coverage
• Personal effects coverage
• Emergency expenses coverage

Motorcycle Insurance

Motorcycle insurance offers financial protection for motorcycle owners in case of accidents, theft, or damage to their bikes. It also provides liability coverage for bodily injury and property damage caused by motorcycle accidents.

• Property damage liability
• Bodily injury liability
• Uninsured/underinsured motorist coverage
• Medical payments coverage

Boat Insurance

Boat insurance provides coverage for boats and personal watercraft, protecting against physical damage, liability, and other risks associated with boating. It ensures financial protection for boat owners and passengers.

• Hull coverage
• Liability coverage
• Personal property coverage
• Emergency services coverage

Property Insurance

Property insurance offers financial protection for real and personal property against damage or loss from perils such as fire, theft, and natural disasters. It provides coverage for homeowners, renters, and commercial property owners.

• Building coverage
• Contents coverage
• Business interruption coverage
• Flood insurance

Special Event Insurance

Special event insurance covers events such as weddings, parties, and corporate gatherings, providing protection against unforeseen circumstances that may disrupt or cancel the event. It offers liability coverage and financial reimbursement for event-related expenses.

• Cancellation/postponement coverage
• Event liability coverage
• Alcohol liability coverage
• Vendor liability coverage

With the wide range of insurance options available, it’s important to assess your individual needs and priorities to determine which types of insurance are essential for your financial security and well-being. By obtaining the right insurance coverage, you can protect yourself and your loved ones from the unexpected and mitigate financial risks in various areas of your life.