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Jill Russo Foster

Tips for Successful Personal Finances

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The Importance Of Insurance

We all know we need insurance and probably have all the standard ones in place – homeowners / renters, auto, and umbrella. But it’s those special ones that are in question for us.  I am referring to travel, car rental, pet, extended warranties, home warranties and more.  We think we don’t need them, but do we? 

We just booked a vacation and we have the option to add travel insurance for a reasonable fee. Do we do it? Is it a waste of money? Fortunately, we don’t have to make this choice for a few months. In the meantime, I wanted to share with you my initial research.

 
Reasons you might need the coverage
Reasons you might NOT need the coverage
Travel / Trip Insurance
Non-refundable vacations
You are taking an expensive vacation with lots of opportunities for losses
Your health insurance will not cover you where you are going (anything from a doctor’s visit to medical airlift)
Your credit card that you booked your vacation with gives you the insurance coverage you need
If your travel plans are refundable / changeable without or a minimal penalty
You can financially afford the cost / loss
Car Rental
If you don’t own a car and therefore don’t have auto insurance
If you are going to a location that your car insurance will not provide you the coverage
If you have this coverage on your current auto policy and it extends to your rental car
Pet
If you are the type of person that would do anything for your pet, regardless of the cost
 
If you can afford to pay for the services
Extended Warranties
If you want peace of mind knowing that your electronic device is covered
If you are a person that tends to lose, break or damage things
If your budget can handle the cost of replacement on short notice
Home / Car / Appliance Warranties
If you want peace of mind knowing that you are covered
 
If the cost of the insurance is more than the cost to replace / repair
If your budget can handle the cost of replacement with short notice
 
As you can see, I have suggested many things for us and you to think about before you make your own choices. Let me know any thoughts I have omitted and what helped you decide.
 

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