Insurance Guide For Grads

Graduating is exciting since it marks a new part of your life. You are experiencing many things for the first time, like hunting for an apartment, starting a new job, and purchasing your first vehicle. It is easy to get through these experiences and overlook a critical financial aspect; insurance.

To avoid losing money in a disaster or emergency, you need to consider getting insurance. Some of the types of insurance you should consider include:

Renter’s Insurance

Renter’s insurance protects tenants who live in a rental house, condo, or other type of dwelling. It covers the tenant against loss of their personal property in case of a fire, theft, or other forms of disaster. It’s a kind of property insurance and is not only limited to the renter only. The policies or this type of insurance depends on the coverage you want; typically, the higher the premium, the more range. To ensure all your possessions are covered, create a list of all your belongings and estimate their value; this should help you decide on the premium to pay.

Auto Insurance

If you have already landed your first job, it might be time to get a new car. A car is a big investment, so shop for the best policy that will work for you and help you feel safer on the road. Most personal auto insurance policies provide four types of coverage; medical coverage, physical damage to the vehicle, liability, and uninsured motorist coverage. Some factors that will affect the amount of premiums you pay include:

• The type of car you have

• The miles you drive and the terrain you drive in

• Previous claims

• Your driving record, including any traffic tickets

Employee Benefits

Employee benefits is an insurance plan offered by an employer to their employees. Usually, it provides health and life coverage in case of medical emergencies and other calamities that may befall the employee. This type of insurance is meant to help employees go through hard phases of their life while also enabling the employer to retain workers and attract new employees.

The premiums are paid through salary deductions; some might even cover the employee’s family members and dependents. If your employer offers you these benefits, don’t take them for granted.

Health Insurance

Medical treatment can be extremely expensive and inaccessible without the right medical plan. According to a KFF analysis, 9% of adults in the US owe medical debt, with around 3 million people owing more than $10,000. Most employers and companies will cover a part of your premium, depending on the employment agreement.

Additionally, ensure you inquire whether you are still covered under your parent’s health insurance and, if so, until what age. If you have already aged out of their insurance, consider getting your medical insurance.

Liability Coverage

Even with auto and renters insurance, you may consider getting liability coverage. It protects against claims from injuries and damage from other people and property. For example, suppose you cause a car accident, and someone whose car was damaged sues you for a certain amount to cover repairs or the cost of getting a new car. In that case, your liability coverage can cover all or part of it, easing your financial burden.

Contact Us Today

Insurance can feel daunting when you are fresh out of college and dealing with new and somewhat challenging transitions in your life. Contact our insurance agents at Northern Nebraska Insurance today to answer any questions and discuss your options.

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