We are all used to the term “insurance”. The term is intended to provide or cover an individual or group for a specific purpose. On the basis of the function, an insurance policy can be classified into several types. Let us study the types to get a detailed knowledge of the policies.
Home Insurance – Our home protects us all year long, but it also needs protection from the rude side of nature. Home insurance can protect your home from natural disasters and man-made accidents. They offer a compensatory price for property damage and home life.
Health Insurance – If you buy health insurance, it will protect you and your family. This can be based on the type of health insurance. This helps to fight sudden medical emergencies due to hospital bills, medical bills, specialist fees, etc.
Personal Accident Insurance – This type of coverage is recommended to the individual to deal with accidental death. Life insurance already covers this part. But when a person becomes disabled and loses their earning capacity partially or totally, personal accident insurance can be helpful.
Auto Insurance – It protects against vehicle damage and third party accidents. You would have a mutual contract with the insurance company which, in return for the payment of a certain amount in the form of a premium, will pay you a certain amount in the event of an accident. This type of insurance provides medical coverage, civil liability and property damage. Property damage covers the theft or damage of the car and liability coverage maintains the legal aspects in terms of property damage and personal injury.
Travel Insurance – As its name suggests, policies cover people traveling. Thus, when you are traveling, all your worries will be covered by the insurance, whether it is sudden medical expenses, loss of passport, baggage, flight delay, etc.
Commercial Insurance – In a business, insurance policies have several needs. Most companies have several policies specifically designed to protect assets, vehicles, machinery, businesses, employees and other invisible losses. These policies help them meet the immediate requirements.
These are some of the most common types of insurance that can be found on the market. If you are in need, choose the one that best suits your needs.
