There are several types of insurance that every Mississippi resident should have to protect themselves and their assets. While we don’t want disasters or personal challenges to occur, unfortunately, they do. The right insurance can help you and your family to recover quickly. The insurance most Mississippi residents should consider covers their homes, cars, health, liability, disability, and long-term care. While this may seem like a lot, each policy covers a portion of your life. Incidents such as a house fire or a car accident can be financially devasting without the right coverage in place.
Auto Insurance Coverage
This is perhaps the common kind of coverage because so many people have cars that they drive every day. In most states, it is illegal to drive without the minimum liability coverage. However, there are many different types of coverage to fit every budget.
- Minimum Liability Coverage – This is required by most states. While it will meet state requirements, it’s important to understand that the policy will only cover the damage to the other person’s vehicle if you are found at fault. It will not pay for repairs to your car.
- Uninsured/underinsured motorist coverage policies- This protects you and anyone in your vehicle during an accident caused by someone without insurance.
- Comprehensive and collision coverage policies- These policies will pay to repair or replace your vehicle regardless of who is at fault. They also cover damages such as theft, vandalism, fire, flooding, and falling objects.
There are other auto insurance options such as personal injury protection and medical payment coverage. If your vehicle is financed, the lender will specify the minimum types of coverage they require. The best option is to talk with your agent about your needs, lifestyle, and budget for the best range of options.
While the law does not require you to insure your home, if it is financed, the lender may require coverage. This protects what they have invested into the property should it be damaged or destroyed. There are many types of coverage to meet every homeowner’s needs. The best advice is to talk with your agent about the right plans for your situation.
Most home insurance policies protect the structure of the home, its contents, and personal property, as well as other structures on the site including storage sheds, fencing, pergolas, etc. They also provide liability coverage which is so important because if someone is injured on your property and you are at fault, you are responsible for their medical bills. If they decide to sue, you could also be responsible for court costs and other legal expenses. Some policies will also provide living expenses if the home is unhabitable due to damage. This will provide for hotel and food expenses until you can return to the home.
One of the most important things to note is that home insurance policies do not cover damage due to floods. There is a distinction here in that if a pipe bursts and floods the home, you’re covered, but if the flooding is caused by a natural disaster, it will not. The EPA states that 10% of homes have leaks that waste up to 90 gallons of water each day. If the home is in a flood zone, a separate policy from the National Flood Insurance Program is needed to provide protection.
Other Types of Insurance to Consider
- Renters- This will protect your personal possessions.
- Life- This protects anyone that you care for should you die. There are several types available.
- Health- This comes into play when there is a medical emergency. It can be paired with disability insurance and long-term care insurance depending on your situation. Uninsured adults between the ages of 18-64 declined from 14.5% to 11.8% during the 2020-2022 period according to the US Department of Health and Human Services.
- Umbrella insurance- This activates when all other insurance options are exhausted.
There are many options when it comes to protecting yourself and your family. Bankrate states that over 65% of homeowners choose to bundle insurance options to save money on premiums. Finding the right insurance options for you means doing some research and talking with your agent. In the end, if anything happens, you will be glad that you did.