Individuals, companies, or entities buy insurance to protect themselves against financial losses. When an unexpected loss occurs, insurance protects the financial well-being of a person, company, or other entity. You have to pay a deductible every year before your insurance company will pay your medical bills. Various plans have different deductibles, and some do not have a deductible at all. Insurance deductibles are the amounts you must spend before your insurance policy will cover certain claims.
Types of Insurances
Health Insurance: The purpose of health insurance is to cover the cost of expensive medical treatment. Health insurance policies offer coverage for various ailments and diseases. In addition to generic health insurance policies, you can purchase policies that cover specific diseases.
Car Insurance: You are protected against untoward incidents such as accidents with this insurance. Additionally, some insurance policies cover car damage caused by natural disasters like floods and earthquakes.
Home Insurance: In the event of fire or other natural disasters or perils, home insurance can cover the damage or loss to your home.
Education Insurance: If your child reaches the age to be admitted to college and has reached the age of higher education, education insurance can provide a lump sum amount of money.
Health → Health insurance is expected to cost an average of $456 per month for an individual and $1,152 per month for a family (year 2020).
Car → The average cost of car insurance in the United States is $1,674 per year, or about $139.50 per month.
Home → US homeowners insurance costs about $1,312 per year, or about $109 per month, for a policy covering $250,000 of dwelling coverage.
Education → As reported by the American College Health Association, students have an average health insurance plan costing $1500-$2500 per year through their university.
Health insurance-According to ForbesAdvisor:
|Forbes Advisor Rating
|Number of providers in network
|About 1.2 million
|Blue Cross Blue Shield
|About 1.7 million
|About 1.5 million
|About 1.3 million
Some of the popular car insurance companies include Geico, State Farm, AllState, Liberty Mutual, and Amica Mutual Insurance.
Some of the popular home insurance companies include Amica, Chubb, Hippo, Kin, Nationwide, and NJM. Though there are many other home insurances you can look into.