This is a four-part series on different categories of insurance you will need when you move out on your own.  Read Part 1 (Car), Part 2 (Health), & Part 3 (Life).

HOUSING INSURANCE – If you buy a house, home owners insurance should be included in your monthly mortgage payment.  Don’t just assume though, double check with your insurance agent.

If you are renting an apartment, you will want to get renter’s insurance.  I know it’s another bill, but it’s cheap.  Usually around $20 or so per month, which is nothing if something were to happen to your stuff.

YOUR 2 CENTS – What other housing insurance questions do you have?

This is a four-part series on different categories of insurance you will need when you move out on your own.  Read Part 1 (Car) & Part 2 (Health).

LIFE INSURANCE – The only time you really need life insurance is if you have people who are dependent on your income (i.e. a spouse or kids).  The reason being is because if you die, they still need your income to make ends meet.  But if you’re single with no dependents and you die, who would need to get your life insurance money?

If you are going to get life insurance, get term insurance and avoid anything related to cash-value, whole life, or universal life.  If you’re unsure about how much insurance to have, get around 10 times your annual income.  So if you make $35,000 per year, you’ll want to have around $350,000 in term life insurance.

Tomorrow…Housing Insurance.

YOUR 2 CENTS – What other life insurance questions do you have?

This is a four-part series on different categories of insurance you will need when you move out on your own.  Read Part 1 here.

HEALTH INSURANCE – The #1 cause of bankruptcy is medical bills and that happens when you don’t have health insurance.  Your parents probably have health insurance that covers you, so it’s a good idea to check with them and figure out how long you can stay on their policy.  Stay under their for as long as possible.

Once you need to get your own insurance, check first with your employer.  They typically offer group plans that will give you a discount as opposed to if you just bought it by yourself.

The other option to look into is an HSA (Health Savings Account).  If you’re healthy and just need insurance for some type of major medical issue, this is a great way to go.  It is far less expensive than standard health insurance and also has some nice tax benefits.  Personally, I have an HSA and would recommend one.

Tomorrow…Life Insurance.

YOUR 2 CENTS – What other health insurance questions do you have?

There are a ton of different insurance commercials and advertisements out there, so trying to make sense of what you actually need can be a little challenging.

Over the next few days, we’ll break down the various insurance options you have and separate what you really need vs. what you can live without.

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