It’s a freeing feeling being at the precipice of your career, starting a family, and living on your own. Forging your own way, and setting out as an independent adult can be both joyful and bring on a sense of anxiety. For many young adults, this exhilaration can help them jump-start their lives both personally and professionally. For others, there are questions about things that were never on the radar before now. Things like, what kind of insurance is needed now that you are just starting out, living on your own, or have a young family counting on your financial support?
You are probably pretty familiar with the idea of insurance, especially if you own a vehicle. Now that you are living on your own, beginning a family, and potentially starting a business, there are several types of insurance that you should investigate further: renters insurance if you are living in an apartment, life insurance, and several types of coverage for business owners.
Chances are, if you are just starting out than you have yet to purchase your first home or condo which would require homeowners insurance or individual unit insurance to cover your possessions as well as liability in case of an injury.
Therefore, if you are living in an apartment, you may wonder what would happen if there was a fire or some other catastrophe that damaged your furnishings, electrical devices, appliances, and keepsakes. Don’t make the common mistake of thinking a landlord’s insurance will cover your belongings if they get destroyed or stolen. Without renters insurance, you may be facing replacing these items on your own which can be costly, to say the least.
Renters insurance is relatively cost-effective and covers three main areas: replacement of your possessions, liability, and living expenses in case your apartment is uninhabitable. Before you buy renter’s insurance, ask your agent if you can save money by bundling it with your car insurance. The minimal cost is well worth the peace of mind you will have once your belongings are covered in the case of an accident or injury.
If you are in a relationship, married, or have a young family, life insurance is something you should seriously consider. The main purpose of life insurance is to replace your income should you die. If your family is counting on your salary to pay the mortgage, rent, and other bills, you will need life insurance to guarantee that your partner and/or family is financially covered in the case of your passing.
Even if you’re single, you’ll need at least a basic amount to cover your burial costs or any remaining debts so the burden doesn’t fall on your family.
If you are a young entrepreneur, you probably have started building your “empire” by now. Make sure that you have ample coverage including liability, business property insurance, workers’ comp, commercial auto insurance, and other levels of insurance depending upon the type of small business. Check out one of our recent blogs on small business insurance types and when you need them.
What type of insurance do you need as you start out? Talk to one of our agents today who will find out more about your needs and recommend the types of insurance that will cover you and your belongings properly. Our professional and warm agents will work to find you the best coverage for what you need.