3 Important Insurance Coverages Most People Miss

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1. Natural Disaster Supplements

Your homeowner’s insurance will pay out if for damage from basic accidents, some weather damage, theft or burglary, vandalism, and from judgments against you if sued when somebody is injured on your property. This leads many to believe their homes are covered from all accidents, but this just isn’t so. If a particular kind of natural catastrophe is common in your area – such as a hurricane in Florida or an earthquake in California – your policy will likely specifically exclude damage from that kind of disaster.

Since natural catastrophes can completely destroy your home and everything inside it, you should get coverage that will pay out under those circumstances. In some cases, you can get a rider on your existing policy, from your current insurer, or from a company that specializes in disaster coverage. In areas where those options aren’t available, the federal government usually offers some kind of protection at a reasonable cost.

2. Disability Coverage

Life insurance takes care of your family if you can’t earn a living because you’re dead, which is why most working people have some kind of life policy in place, but death isn’t the only way to lose your ability to earn. Injury or serious illness can also leave you unable to work. Disability insurance protects you by paying a portion of your wages while you recover.

Disability insurance comes in two forms. Long-term disability starts paying several weeks after you’ve become disabled, and continues paying for a long time – either for a set number of months, or through the duration of your disability. Short-term disability insurance pays a benefit from the time you run out of paid sick time and when the long-term coverage picks up. Both are valuable, but long-term coverage is the more important option if you have to choose just one.

3. Life Coverage For Non-Working Spouses

It’s easy to see why people feel they can skip this kind of coverage. A working spouse provides money for the household. If she dies, the family must pay their bills, keep up with the mortgage, eat, and find the money to retrain the surviving spouse to be able to earn a living. With the working spouse still surviving, the emotional hardship isn’t compounded by that crushing economic reality.

But a nonworking spouse saves his partner money with child care, meal preparation, running errands and hundreds of small other tasks. The family breadwinner will either have to pay an assistant to take care of those things – or earn less when taking time off to handle those responsibilities. Compassion is also a factor here, as bereavement leave rarely lasts long enough for a grieving spouse to recover enough to work effectively.

Author Bio: Before writing full-time, Jason owned and managed businesses in the martial arts, fitness, restaurant and insurance industries. He now blogs for businesses seeking promotion and readers seeking knowledge he learned the hard way. Read more about him at http://www.brickcommajason.com.

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