When you already have a list of bills, using your hard-earned money to pay for an insurance policy premium might feel like an unnecessary expense. Purchasing insurance is a smart financial decision that ensures your most valuable assets are protected. Here are a few reasons you need insurance.
You’re Legally Required to Purchase Insurance in Some Situations
While insurance is an optional purchase in some cases, in other instances you must pay for insurance to own certain assets.
When using a mortgage to finance the purchase of a home, your mortgage lender requires you to buy insurance so that they know your home is protected against theft, fire, and natural disasters. You’re unable to close on the purchase of your home until you’ve purchased a homeowner’s insurance policy.
If you drive a vehicle, your state requires you to have some level of insurance. Should you get into an auto accident, most people can’t afford to pay for repairs or property damage out of pocket; auto insurance covers any expenses that you’re liable for.
Insurance Prevents a Single Incident from Permanently Impacting Your Finances
Without insurance, one minute can indefinitely affect your finances. Neglecting to see a car when you drive can leave you with thousands of dollars in medical debt or a vehicle loan on a totaled vehicle.
Sometimes, you don’t have control over life-changing incidents. A storm or other person’s neglectfulness can impact you and your family; insurance mitigates the effects on your finances and long-term well-being.
You Can Continue to Provide for Your Family After Your Death
Life insurance is an effective way to provide for your family financially after your death. You’ll have the security of knowing that even if something unexpected happens, your family will have the money they need to pay housing, education, and other bills.
Get the Insurance You Need
Quality 1st Insurance offers several insurance products to protect your home, automobiles, and financial security. Visit us online to get a quote.