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Low-Cost Insurances Worth Every Penny

Given the unpredictability of, well, everything, it makes sense to prepare for life’s little surprises before they become disasters.

Most of us recognize the importance of obtaining things like health insurance because we know that we’ll have to visit the doctor at some point. And whether it’s a routine check-up or a trip to the ER, it can get pricey. When situations seem less likely — such as a building fire or financial issues while traveling — we tend not to take the basic steps to protect ourselves. However, the types of insurance that we’re less inclined toward are more beneficial and necessary than we realize.

Pet Insurance
Pet food and general upkeep alone adds up, but when you factor in shots at the veterinarian’s, teeth cleaning, grooming, and obedience training, pets are almost as expensive as kids. Because they do become part of the family, pet owners are willing to spend whatever it takes. And it often takes a lot to keep their pets safe and healthy.

The cost of insuring your pet for life can vary depending on your insurance provider. Though like other types of insurance, deductibles and what’s covered vary based on the chosen policy. Some plans cover only emergencies, while others offer some coverage for trips to the vet. Whether or not you need to insure your pet could be asked in a different way: how far would you go for your pet? If you consider your pet a member of your family and would pay any amount for its health, you should look into getting pet insurance.

Renters Insurance
A national survey conducted by the Insurance Information Institute shows that in 2015 only 40 percent of renters in the U.S. have rental insurance. Most people either don’t know enough about it to know that it’s necessary, or they feel that they don’t own enough high-value items to justify the extra expense. These myths prevent renters from insuring themselves and their assets.

Renters insurance covers the loss of possessions due to fire, theft, or explosion. Some people believe that such things are covered under the owner’s homeowners insurance, but that’s not always the case. Structural damage to a rental property should be covered by the landlord’s insurance, but there’s nothing to protect the renter’s belongings unless that person invests in renters insurance. While this type of coverage does offer reimbursement for the damage caused by some natural occurrences like hail and lightning, there is no protection for earthquakes or flooding.

The best argument for renters insurance is that it’s a relatively inexpensive form of protection for everything you own, including your bicycles and items that are in your vehicles. It can even help cover the medical expenses of people who are hurt in your home. The price depends on where you live and what type of coverage you choose, but most are under $200 for a year. A little over $16 a month. It's a small price to pay for the guaranteed protection of your valuables. The loss of just one major electronic device—TV, computer, etc.—would probably cost more than the insurance policy. 

Travel Insurance
Even the most organized individuals who plan their vacation itineraries months in advance come up against unforeseen complications while traveling. Many problems can arise on an excursion, and that number increases infinitely if that excursion takes place in a foreign country with unfamiliar customs, processes, and languages. Factor in unpredictable weather, airline mistakes (how many of us have dealt with cancelled/delayed flights or lost luggage?), and possible medical issues, and traveling starts to seem rife with potential disasters.

These aren’t reasons to avoid vacations, but the frequency of these issues alone justifies looking into travel insurance. The Travel Insurance Review prices most policies at about 4 to 8 percent of the trip’s total cost. That may seem like a lot of money on top of what you’re already paying, but if you think of your vacation as an expensive investment, it makes sense to protect it, especially when the chances of unexpected problems arising are fairly high.

Most policies offer at least some reimbursement for cancelled flights and interrupted trips (such as if you or a loved one becomes sick), lost baggage, and medical coverage. The cost of the policy buys you protection and less stress about the “what ifs,” leaving you free to enjoy your time traveling. 

It's hard to realize how important these types of insurance are until they absolutely need them and it’s too late. Given the unpredictability of, well, everything, it makes sense to prepare for life’s little surprises before they become disasters.

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