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Types of Insurance Beyond Basic Coverage

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The only certainty in life is that life is uncertain. Luckily we have insurance to protect against unpleasant surprises.

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The only certainty in life is that life is uncertain. Luckily we have insurance to protect against unpleasant surprises. There are an infinite number of policies available. Auto and home insurance are just the tip of the underwriting iceberg.

Renters Insurance
This coverage protects against personal property loss or damage while renting a residence. There are two types available:
• Actual value insurance reimburses the cost of possessions minus depreciation (loss in value due to age and use).
• Replacement cost insurance reimburses the amount needed to replace the items with new ones. The monthly premium is a little more expensive.

Renters insurance may also cover living expenses if you need to vacate a residence due to a covered event such as a fire or break-in, or provide liability protection if a person is injured at your residence. Premiums usually cost between $150 and $300 per year.

Consider if:
• You rent. The cost of a monthly premium pales in comparison to the combined cost of replacing your possessions: electronics, musical instruments and even shoes and clothes. Imagine replacing your entire wardrobe — that’s an expense you would want some help with.
• You are an avid cyclist. Fun fact: Bicycles are covered under most homeowners and renters insurance policies, so if your bike is stolen or damaged, you can file a claim for reimbursement.

Event Insurance
Coverage can be purchased for any special event, including weddings, anniversaries and graduations. The purpose of coverage is two-fold: protection from losses and liability reduction. Anyone who has planned a major event knows how many people are involved — the venue owner, photographer, caterer — each with their own deposit requirements. Expenses add up faster than you can say “kaching,” and suddenly you have a ton of money invested in the event. Insurance can reimburse losses on deposits due to bad weather, sickness, or injury Prices depend on coverage, but usually range from $125 to $400.

Consider if:
• You’re hosting a large event, especially if it is contingent on the weather or if a certain person (such as a guest speaker) is the main draw.
• The event is held at your residence. Find out what is already covered under your homeowners or renters insurance policy first. You may already be covered.

Travel Insurance
There are two major types of travel insurance: trip cancellation and baggage loss.
• Trip cancellation insurance will reimburse you if you need to cancel or cut a trip short. Premium costs are usually 5 to 7 percent of the total vacation price.
• Baggage insurance will reimburse you for personal items that are lost, stolen or damaged.

Medical and accidental death coverage are also available if your regular medical and life insurance policies are inadequate.

Consider if:
• You are traveling with expensive items. Check with homeowners or renters insurance policies and credit card policies as they may offer coverage.
• The trip is expensive. It might be worth it on a tough-to-reschedule transatlantic getaway, but not necessarily for a hop from Omaha to Kansas City to see the folks.

Despite the fact that it costs an average of $15 per month, only 44 percent of American renters have insurance. Having the right kinds of insurance can protect you and your assets from unexpected pitfalls.

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