All The Insurance You Need
Faith & Finance with Rob West
Proverbs 27:12 reads, “The prudent sees danger and hides himself, but the simple go on and suffer for it.” The word “insurance” isn’t in the Bible, but it does say that it’s wise to protect your financial holdings—and insurance is one way to do that.
Show Notes
The word “insurance” isn’t in the Bible, but it does say that it’s wise to protect your financial holdings—and insurance is one way to do that.
Understanding Essential Insurance Policies
Insurance is a fundamental aspect of financial planning. For most of us, unless we have vast wealth diversified across numerous investments, insurance serves as a critical safety net. So, what insurance policies are necessary?
- Auto and Home Insurance
Auto insurance is generally required by law if you own a vehicle. Homeowners insurance is mandatory if you have a mortgage and advisable even if you don't. Bundling these two can save money, and adding an umbrella policy provides extra liability protection for a modest cost.
- Renters Insurance
Renters insurance is often overlooked but vital for protecting personal property and covering liability. It's affordable, typically under $200 annually.
- Health Insurance
Health insurance is a must. Without insurance, the costs of medical care can be astronomical, making health coverage a crucial safeguard.
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