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<p>Insurance is like a life jacket. It’s a bit of a nuisance when you don’t need it, but when you do need it, you’re more than thankful to have it. Without it, you could be one car wreck, illness or house fire away from drowning—not in the ocean, but in debt.</p>
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<p>But for something so essential to our financial well-being, insurance is a complicated—even uncomfortable—topic. So we’ve boiled your options down to the eight types of insurance policies you can’t go without.</p>
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<p>While each one is a must-have, you should consult an independent insurance agent to help you find the right types of insurance customized to fit your needs.</p>
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<p><strong>Here are the eight types of insurance:</strong></p>
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<h2>1. Auto Insurance</h2>
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<p>Never drive around uninsured—not just because it’s against the law, but also because the Insurance Information Institute reports the average loss per claim on cars is around $4,900. Imagine having to pay that kind of money out of pocket! There are several options to choose from when it comes to auto insurance, so there’s no reason to go without it:</p>
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<ul><li>Liability coverage. If you’re responsible for an accident, your liability coverage will cover the costs of any injuries or property damage caused in the collision. Most states require you to carry a minimum amount of coverage, so check with your insurance agent to understand your basic requirement.</li><li>Collision coverage. This covers the cost to repair or replace your car if it’s damaged or destroyed in a wreck.</li><li>Comprehensive coverage. This level of insurance covers your losses that aren’t caused by a wreck such as theft, vandalism, flood, fire and hail.</li></ul>
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<p>Again, an insurance agent is a good resource to help you determine the level of protection you need based on the type of car you drive.</p>
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