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You work hard for your home, car, business, and loved ones. Protecting them from the unexpected is a major factor when considering insurance coverage. There are a number of policies designed to pay for property damage and other risks. Here are four of the most common types of coverage.

4 Insurance Policies You Should Have

1. Auto Insurance

If you own a vehicle, most states require drivers to have some form of auto insurance. At the minimum is liability coverage, which pays for damages caused by your vehicle against another driver's car. Bodily injury liability works the same way. A collision policy covers damage to physical structures such as poles, other vehicles, or buildings. Comprehensive coverage extends to damage stemming from natural disasters, theft, and vandalism.

2. Home Insurance

From plumbing disasters to damage caused by hurricanes, most standard home insurance policies cover a range of scenarios. Coverage also includes damage against personal items inside a house, theft, and fire. If someone injures themselves on the policyholder's property, the insurance plan will typically pay for their medical expenses. For homeowners who are financing their mortgage, the lender often requires them to have coverage until the loan is paid in full.

3. Life Insurance

This option is essential if you are married or have children. Most policies will pay a certain amount of money to beneficiaries after the policyholder dies. The funds can be used for a number of financial scenarios such as paying for funeral expenses, a child's college education, credit cards, and other debt, as well as supplementing lost income.

4. Business Insurance

insuranceThis is similar to a home insurance policy. In this case, coverage extends to property damage, employee injuries, and business vehicles. Most policies include additional protections such as damages resulting from online breaches and libel and slander claims.
 
 
When the proper insurance policies are in place to protect your family, home, vehicle, and business, you’ll have financial peace of mind. For more than 70 years, Reid Insurance Group in Lovington, NM, has provided extensive and affordable coverage designed to meet the needs of all kinds of clients. To learn more about how their agents will help you, call (575) 396-3645. Visit the website for details on the full suite of policy options.
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