There are several types of insurance in Wichita KS that everyone over the age of 16 will need to consider. Insurance is something that some people don’t give enough thought to, but they should. Insurance can provide financial stability and offers levels of protection against many of life’s surprises and inevitabilities. Some types of insurance only apply to business owners, but there are at least three that each responsible individual should consider if they have a home, vehicle and a family to consider.
In Kansas, the minimum insurance requirements are $25,000/$50,000/$10,000. The $25K represents that amount of money paid for injuries per person involved in an accident. The $50K represents the total amount of bodily injury coverage permitted per accident and the $10K represents that coverage for property damage or liability per accident. Any amount of costs that exceeds minimum coverage will have to come out of pocket rather than the insurance company.
Each number can be increased independently or as a whole. Nearly every insurance broker will suggest increasing these limits as they won’t cover the costs of a serious accident, and most people don’t have the money to pay for damages out of pocket.
Life insurance in Wichita KS is important but not required. However, anyone that is a major financial contributor to their family’s income should carry life insurance. If money is an issue, then term life insurance offers an affordable option, although it’s not a great long-term investment. For someone with a little more freedom in their budget, whole life is a long-term investment and provides financial security should the policy holder die unexpectedly.
Home and Renters Insurance
For a homeowner, home insurance will be a requirement of the mortgage holder. For a renter, the landlord may require coverage, but not always. This type of insurance protects against fire, theft and most acts of nature. Apartment dwellers are at the mercy of their neighbors in terms of home safety, so insurance can be a great safeguard against a disaster. Most insurance policies include liability coverage in case someone is injured while at the home.
If you have a home, a car or a family, this information is relevant to you. There is some insurance you must have, but other types you should seriously consider. Get more information about the insurance you need from from the Andy Woodward Insurance Agency.