Insurance Lounge

At Insurance Lounge, we’re happy to help answer questions and work with you to find the best coverage to meet your needs. Please check out the following resources.

In most states, having some amount of liability insurance coverage is mandatory. New Hampshire and Virginia are the only two states that do not mandate auto insurance . Some states also require uninsured or underinsured motorist coverage or additional medical coverage.

Yes. Vehicles with a higher market value should carry a higher amount of coverage, which will typically cost more. Some types of vehicles with a history of being driven more dangerously can also cost more to insure. Some newer vehicles have extra safety features that may qualify for a discounted rate, depending on the carrier.

Some states specify a minimum amount of auto insurance for drivers. If not, it is wise to at least have liability car insurance. Uninsured and underinsured motorist coverage is usually fairly inexpensive to add to a policy, and it can pay for itself many times over in accidents involving uninsured drivers. While comprehensive or complete coverage may cost more, it’s often worth it.

There are three main types of home insurance deductibles:

Due to their high cost, home insurance for valuables is typically limited. You may consider purchasing additional coverage for personal valuables such as jewelry, fine arts, or electronics if they are worth more than the coverage limits of your policy.

Anytime something significant is added to your home or belongings, it’s a good idea to reassess how much coverage you need. For example, after you complete a home addition or purchase new valuables, you may want to re-evaluate the coverage under your current home insurance policy. Though many people don’t think about increasing their homeowner’s insurance during these times, doing so can end up saving you money in the event of a loss.

Life insurance is a contract between an insurer and an insurance policyholder. As part of the contract, the insurer agrees to pay a sum of money to the designated beneficiary upon the death of the insurance policyholder in exchange for a premium. The premium is paid by the insurance policyholder or other designated payer.

Generally, if you have any dependents, you should have life insurance. Dependents can be a spouse, young children, or older children who still live at home. Even an aging parent or sibling can qualify as a dependent. If you do not have any dependents, life insurance can still fulfill a need by reducing the risk associated with a loss of income that would otherwise be used to pay off existing debt, like a mortgage.

A policy is generally less expensive the younger you are. Although earlier in life is better, it is never too late to purchase a policy that will give your loved ones financial security. Keep in mind that more than half of the current life insurance policyholders in the U.S. are over 45. Talk to your life insurance provider about the policy types offered.

Health insurance covers a portion of or all the financial risk associated with your medical expenses. In exchange for a premium, the insurer agrees to pay some (or all) of the insured’s healthcare expenses.

Generally, you are required to sign up for an insurance policy during an open enrollment period. This period usually occurs at the end of the year. You can also enroll or make changes to your policy if you experience a qualifying life event, including getting married, gaining a dependent, getting divorced, or losing a covered family member. Talk to your health insurance provider if you aren’t sure which events qualify for insurance changes outside the open enrollment period.