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What Are the Types of Personal Insurance

There are literally hundreds of specialty insurance products to protect your home, autos, rental property, and other valuable personal assets. This category of insurance, called personal insurance, usually contains several subcategories like auto insurance, disability insurance, homeowners insurance, life insurance, long-term care insurance, and wedding insurance.

Auto insurance protects you against financial loss if you have an automobile accident.

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It is a contract between the owner of a vehicle and the insurance company ensuring it. If someone were to become injured and unable to perform his or her job, disability insurance protects him and his family’s economic well-being. Home insurance provides compensation for damage or destruction of a home from disasters. In some geographical areas, additional coverage is required for types of disasters, such as flood and earthquake. Health insurance is a policy that will pay specified sums for medical expenses or treatments. Health policies can offer many options and vary in their approaches to coverage. Life insurance provides a monetary benefit to a descendant’s family or other designated beneficiary, and may specifically provide for income to an insured person’s family as well as money to pay for the funeral and other final expenses.

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