Complete Guide to Insurance You Should Have When You Live on Your Own

The importance of having certain insurance policies in place when you live alone cannot be overemphasized. Life is a risk and things we don’t plan for happening all the time. It will only be smart to have solid financial plans against an emergency event.
When it comes to buying insurance, knowing the right insurance coverage to purchase is just as important knowing you should have any insurance at all. Having a long list of not-so-important insurance coverage isn’t financially advisable. Paying for several insurance policies you might never need can bring about financial instability.
We have created a list of insurance coverage policies you should have when you live alone:

1. Health Insurance

Financial security is everything when you’re living alone and the rapidly rising cost of healthcare is an imminent threat to this. This necessitates the need for good health insurance coverage to serve as a safety net when the need arises.
No one ever made plans on falling sick or having an emergency health crisis but you can definitely make plans on having solid health insurance in place to cater for this whenever it comes up. Depending on your life saving to settle health care bills when emergencies health issues occur could really affect your financial stability in the future.

Health insurance will stand in the gap for you, covering every hospital bill and expenses incurred when you fall sick or have an emergency health issue. There are different types of insurance coverage you can get depending on your financial capability, health, and family needs. These health insurance coverage include individual health insurance, family health insurance, and critical illness insurance. Most people also get dental insurance due to the high cost of dental surgeries and treatment in dental clinics.

You should consider the following factors when purchasing your health insurance;
Your health needs: How often do you fall sick? Do you have any critical health conditions? How old are you? These are the question you need to answer when looking to get health insurance coverage.
Doctors: will the health insurance policy provide you the liberty of retaining your current doctor? This is quite important when deliberating on which health insurance coverage you should get.
Cost of insurance: How much financial strain from your health insurance can your budget support? Going for health insurance plans with higher copays and deductibles will help you save a lot of money on your premium.

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2. Car Insurance

Apart from having several financial benefits, car insurance coverage is also required by the government of the most country. Depending on the worth of your car, you may be willing to go the extra mile in getting full insurance coverage that will protect you and your car in the event of an accident or natural disaster.
The major types of car insurance you can look to get when you’re leaving alone include;
Liability: this type of car insurance includes bodily injury and property damage liability. These insurance covers damages inflicted on vehicles and properties of the other parties involved in an accident caused by you.
Personal Injury Protection: This type of car insurance coverage covers the cost of medical bills of drivers and passengers involved in an accident caused by you.
Collision: this type of insurance covers for damages done to your car in the event of an accident whether you’re the cause or not.
Comprehensive: this is the type of car insurance you want to get when you need full coverage for your car in the event of both human facilitated accident and natural disaster.

3. Disability Insurance

Disability insurance is quite a must-have for individuals who are working and living alone. This type of insurance is somewhat similar to life insurance but in this case, the owner of the disability insurance is the one who benefits from the coverage.
Disability can result from an accident or critical illness which are most times unexpected so it is always advisable to make good financial plans such as disability insurance to cover for your financial needs during that period.
A disability could be partial, temporary or permanent. Whichever the case may be, the disability insurance owner will be reimbursed the amount of money agreed upon by him/her and the insurance company for the time period of disability. This type of insurance is very important for actively working people who are living alone or looking to live alone.

 

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A home is not a home because of its room dimensions or the color of the walls. It is about how you feel when you walk through the front door. And the way you can instantly envision your life unfolding there.

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At The Pillar Real Estate Group, we take a different approach to real estate, one that is built on personal touches, win-win deals and positive results.

We can help you find the right property, whether it is a Condo, Detached, Semi-Detached or Townhouse. We specialize in Toronto Real Estate with a focus on Houses and Condos For Sale North York.

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