Auto insurance provides financial protection against accidents, theft, and liability. It is required by law in most states to cover damages and medical expenses.
Health insurance is essential because it protects you from unexpected and potentially high medical expenses. It ensures that you have access to medical care when you need it without worrying about the full cost of treatment. It also promotes preventive care and encourages regular health check-ups.
Health insurance covers medical expenses such as doctor visits, hospital stays, prescriptions, and preventive care. You pay a monthly premium, and the insurer covers a portion of your healthcare costs.
Life insurance provides financial support to beneficiaries in case of your death. It helps cover expenses like debts, funeral costs, and lost income.
Some policies, like workers’ compensation, are legally required depending on your state and industry. Others are highly recommended to protect assets and mitigate risks.
Mortgage insurance protects lenders if borrowers default on their home loans. It is required for conventional loans with less than 20% down payment.
Yes, private mortgage insurance (PMI) can typically be removed once you reach 20% home equity through payments or home value appreciation.