6 Must-Have Insurance Policies for Everyone in the Modern World

insurance policies

‍The world we live in today is filled with uncertainties and risks. Therefore, it’s more important than ever to protect yourself from any potential danger. Having the right insurance policies can give you peace of mind and help mitigate the financial impact if something unfortunate were to happen to you or your loved ones. In this blog post, we will introduce you to 6 different kinds of insurance policies that everyone should have in the modern world. Each of these insurance policies provides an easy way for you to protect your assets against common dangers. Even though they might seem minor, investing in one or more of these insurance policies could save you from significant financial hardship in the future.


1. Car Insurance

One common type of insurance policy that people overlook is car insurance. If you own a car, you’ll want to make sure you have car insurance to protect yourself from the financial consequences of an accident. If your car gets in an accident, there’s a chance that the damage could be significant enough to leave the car unusable. If this happens, you’ll be responsible for paying to have the car repaired. However, if you have car insurance, you’ll be covered by these expenses.

Another potential danger of getting into a car accident is that you could be liable for any people you injure for the medical expenses. If someone sues you because of the accident, you could be responsible for covering the costs of hiring an attorney, paying any court fines, and paying compensation for pain and suffering.

At Shimin Insurance Agency, we offer insurance policies that protect your investment as well as fit your needs hence, have peace of mind.

Our car insurance policy provides comprehensive protection against loss or damages to the motor vehicle as well as liability to third parties. At Shimin, we offer excellence through our customized products by engaging, several benefits that can be tailor-made according to our customers’ needs. These benefits include those that cover death, and permanent disability of insured drivers, family members or employees.

Types of Car Insurance Policies

·       Comprehensive Insurance

Comprehensive insurance is coverage that helps to replace or repair your vehicle in an incident that’s not a collision. It typically covers damage by fire, theft, vandalism, or falling objects like trees. A comprehensive policy is usually a more expensive level of cover as compared to a third party and third party fire and theft, but, it does render the largest level of protection. A Comprehensive policy will protect your vehicles against any damage suffered during an accident or incident.

·       Third-Party Insurance

Third-party insurance allows coverage facing claims of damages and losses incurred by a driver who is not the insured, or the principal, and is hence not covered under the insurance policy. This type of insurance is also known as automobile insurance. It is subdivided into two types.

Bodily injury liability covers the damage following injuries from a person. These comprise expenses like hospital care, lost earnings, pain, and suffering due to the accident.

Property liability covers costs following the damages to or loss of property.

·       Third-party theft and fire

Third-party, fire, and theft insurance is similar to third–party cover which covers damage to another person or their property if you’re involved in an accident. It provides additional cover to your vehicles for damage caused by fire or if they are stolen.

When acquiring a third party, fire, and theft insurance, the repair costs of your vehicle should be a major factor to consider. If the expenses of repairing the car after an accident would possibly surpass the cost of replacing the car, but you still want protection from fire or theft, then this policy may be the best match for your needs.


2. Health Insurance

Health coverage is a must-have insurance policy for all, as studies show that a substantial number of reported personal bankruptcies are attributable to high healthcare expenses. This fact, coupled with continually soaring healthcare costs, makes investing in a good health insurance policy an intelligent financial decision. Even a minor illness or accident can create a huge financial dent, so the financial repercussions in case of major health issues or surgeries are unthinkable. Today, without a health insurance policy, good quality healthcare is unaffordable.

While buying insurance policies, consider factors like costs, affordability, specific needs, age, premiums, deductibles, copays, restrictions on keeping current doctors, etc.

It is strongly recommended to get a health insurance policy at an early age as people are healthier in their younger years and the premium rates are lower as well.


3. Homeowners Insurance

If you own a house, you may want to consider getting homeowners insurance. Homeowners insurance is designed to protect your house and the things inside it if they get damaged or destroyed. If you have a fire in your house, you might not be responsible for covering the damage caused by the fire. However, you’ll almost definitely be responsible for covering the cost of repairing the damage. If you have homeowners insurance, you can rest assured that your house will be repaired after any damage occurs.

You might be wondering: “Why do I need homeowners insurance if I’m responsible for the damage anyway?” The answer to this question is that homeowners insurance protects you from having to pay the full cost of repairing your house out of your pocket. If your house is damaged, your insurance company will step in and help pay for the repairs.


4. Life Insurance

Life insurance is designed to provide income for your loved ones if you die unexpectedly. This is a must-have policy for those with financial liabilities and dependents. For those who are primary breadwinners, life insurance comes to the family’s rescue by making good the income loss at an unfortunate time.

It is imperative to have a life insurance policy with an adequate sum insured so that it can replace the lost income and function as a financial buffer for the policyholder’s family in the event of his/her demise. Good life insurance provides good cover while also guaranteeing a secure financial future for the insured’s family.

While buying life insurance, it makes sense to calculate one’s annual income and factor in inflation, salary hikes, and the approximate number of years the person wishes to continue working.


5. Personal Accident Insurance/Disability Insurance

Although people tend to disregard the necessity of a personal accident insurance policy, the fact remains that accidents can happen anytime, anywhere, making accidents and disability a must-have insurance policy for all. A Personal Accident Policy provides financial assistance in the unfortunate event that a person becomes disabled due to an accident and thus cannot work either for an extended period or never. It considers permanent, temporary, partial and total disability.

 A unique feature of this policy is that it supplements lost income by providing income replacement (for a maximum of two years) when one becomes disabled. Similar to life insurance, a Personal Accident Policy also pay out death benefits to the insured’s family if something untoward happens to him/her.

6. Renters Insurance

Renters insurance is a type of insurance that helps to protect your personal belongings in the event of a fire or an earthquake. If your house has an unexpected disaster, like a fire, it’s possible that some or all of your personal belongings could be lost. This financial loss could be devastating if you don’t have renters insurance. You might have no way to replace the things that were lost, and you’d have to pay for them out of your pocket. If you’re renting, your insurance policy should cover the costs of repairing or replacing your damaged or destroyed belongings.

This type of insurance can be especially important if you’re renting in an area that’s prone to natural disasters, like an earthquake. If a natural disaster strikes, your landlord might not be responsible for covering the cost of repairing your destroyed belongings.

Various insurance policies are available today, each with unique features and benefits. If you are interested in any kind of insurance, research all the available options before making a purchase, compare features and prices, read online reviews, or you can contact us, Kenya’s number one insurance agency, Shimin Insurance Agency, and we can search for policies across our trusted insurance partners to find coverage that best suits your needs. We will provide you with several options so you can compare features, provisions, and rates. 

Be in control of your protection by being well-informed to make a decision.

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