by Saiqa Anne Qureshi, Staff Writer, FWSF MarCom Committee
June 28th is national insurance awareness day, and there are many forms of insurance available, offering protection for everything from our health, vehicles, and homes, to even our pets and travel plans. Insurance provides peace of mind, which should something unexpected happen there is financial support needed to manage that risk.
Homeowners—pays for damage to a home or the complete destruction of it. It can cover the cost of the physical home, the damaged or lost items within it, and the money needed to rent a home while the one covered is being rebuilt or repaired.
Renters—similar to homeowners’ insurance but for people who rent a living space, and normally covers personal liability, and content insurance of the physical property in the rented space.
Health—in many cases available via an employer, health insurance marketplace or privately and covers healthcare needs including health, dental and vision.
Disability—supports those who become unable to work prior to the age of retirement, with income replacement. Short term normally covers three to six months and long term normally covers beyond that, in many cases for years, depending on the plan.
Long Term Care—designed to support the costs of short or long term nursing care.
Life Insurance—provides funding to your survivors should you pass away. Term life is a product that covers you for a set period of time, and whole life coverage provides a death benefit as well as a cash value component that you may be able to access and withdraw funds.
Automobile—most states require a driver to have car insurance and there are a range of types that cover costs required to replace or fix a vehicle, liability to pay for damage of injuries, and cover if hit by an uninsured vehicle. This might cover cars, RV’s, motorcycles, boats, and off-road vehicles.
Liability—in many cases purchased as an extension to homeowners’ insurance and covers accidents that might happen in the home.
Pet—covers pet costs in the event they become ill, including diagnostic tests, imaging, and hospitalization.
Travel—protects against financial losses and other risks when traveling. It can cover a range of issues, like lost luggage, trip delays or cancellation, or medical emergencies.
Identity Restoration- in the event of identity theft, supports restoring identity and covers cyber events, fraud, and loss.
This is a great day to consider your insurance coverage and needs. It is a great time to pause and review the coverage you have and if it is sufficient, compare rates and products and work through options to determine if you need different types of coverage. It is also important to consider whether you are either under or over insured and if that insurance is in the correct categories or for the correct type of coverage.
From Connections Newsletter (Food for Thought): June 2025
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Resources
https://www.investopedia.com/financial-edge/0212/4-types-of-insurance-everyone-needs.aspx
https://proassurance.com/knowledge-center/different-types-of-insurance
https://www.kbibenefits.com/what-are-the-7-types-of-insurance-everyone-needs
https://www.statefarm.com/insurance/identity-restoration
https://www.statefarm.com/insurance
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The suggestions of the contributor do not constitute professional advice and are intended for general informational and educational purposes only. Nothing contained herein is intended to be or should be used as a substitute for professional advice, and readers should not act or rely on this information without seeking specific guidance directly from a qualified professional.
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