However, homeowners insurance is only required by lending institutions where mortgages are being paid. Once a home is paid off, you are no longer bound to have that type of insurance. But to go without homeowners insurance coverage is risky because, in the event your home burns to the ground, it would not be covered. This also includes all of your personal belongings. Almost nearly as bad, is an accident that causes bodily injury to a visitor to your property. Without some type of liability insurance that covers personal injury, you could face a civil lawsuit that could create a financially crushing blow.
People that own animals and pets will take out insurance in case their animals are injured. This type of insurance will cover your pet in case it is lost or stolen. This is especially so when people who ship their valuable horses, dogs or even cats out for breeding purposes. Many animals have champion or grand championship bloodlines that make them extremely valuable. This is often the case with champion canines, racing dogs and thoroughbred horses. Having valuable animals insured is certainly a responsible thing to do, and doing so is protecting your assets.
Another type of insurance New York offers is renters insurance. Your belongings are important and the only method available to protect them is to have them insured. Renters insurance generally covers all of your belongings inside the rented residence. Without this form of insurance you run the risk of losing all of your possessions if a fire was to burn the dwelling to the ground. Those who have renters insurance are advised to make a list of all of their possessions, and if a loss occurs, they will have something to go by. But the best thing to do is to take photographs of prized possessions. Doing so will be a far greater benefit.
Many insurance New York policies are written for those who wish to cover the cost of a decent burial, in the event they should lose their lives. Though a person may be covered under another policy that covers accidental death, having funeral insurance will pay out additional monies above the coverage of an accidental death policy. Insurance is very beneficial to us all. Without it we could lose everything we own, and in a matter of just a few minutes.
