Types of Insurance
Insurance protects you from financial loss in the event of a disaster or other hardship. By purchasing insurance policies, you can receive reimbursement for losses due to car accidents, property theft, natural disasters, medical expenses, disability, or death.
- Health insurance—helps pay your doctor’s visits and other health care expenses
- Disability insurance—replaces some of your income if an injury or illness prevents you from working
- Life insurance—helps pay bills and your family’s future financial needs after you die
- Auto insurance—protects you against financial loss if you have a car accident
- Homeowner’s insurance—pays you if there is damage to your home, or for loss of personal property due to damage or theft
- Flood insurance—protects you against property loss from flooding
- Renter’s insurance—pays claims for damage or loss of your personal property as a renter
- Pet insurance—helps pay veterinary bills for your pet
- Crop and livestock insurance—protects your farm from loss due to natural disasters or declining prices
- Catastrophic health care insurance—covers certain types of expensive medical care, like hospitalizations
- College tuition insurance—refunds college tuition if you must withdraw because of a serious injury or illness
- Dental and vision insurance—helps pay your dental or vision care expenses
- Identity theft insurance—reimburses you for the cost of restoring your identity and repairing credit reports if you’re a victim of identity theft. This insurance may be part of your homeowner’s insurance policy or a stand-alone policy.
- International health care insurance—provides health coverage no matter where you are in the world. The policy term is flexible, so you can purchase it only for the time you will be out of the country.
- Liability insurance—pays if you are sued for negligence or injury to another person
- Host protection insurance—protects you if you rent your home out or use your car to drive others for a fee
- Travel insurance—protects against losses during travel. There are four kinds of travel insurance: travel cancelation insurance, baggage or personal effects coverage, emergency medical coverage, and accidental death.
- Umbrella insurance—supplements the insurance you already have for home, auto, and other personal property. Umbrella insurance can help cover costs that exceed the limits of other policies.