Why Have Insurance?


If you are like many others, there are some costs that simply seem like nuisances and for which you get little or nothing. The cost of insurance may be one of these nuisances. These recurring payments come up every quarter or so, and it sure seems like you get little for them. 

Your perceptions may change if you have an accident or a major mishap befalls you. Fortunately, you have many choices to obtain affordable and adequate insurance Maitland FL.

The Purpose of Insurance

The purpose of having insurance is to transfer financial risk in order to avoid or greatly reduce the cost of a major accident or a catastrophic loss. Consider insurance to be an investment in your future financial stability, should an unforeseen costly event arise.

In every aspect of life, such as being healthy, moving from place to place, or just plain living, extreme circumstances can occur, albeit rarely, that can cost more than any single individual can pay for. Examples of these occurrences are tornadoes, hailstorms, auto accidents, and long-term disabilities.

Types of Insurance

There are different types of insurance because there are a number of different ways in which major loss can occur. Common types of insurance include:

  • Health insurance
  • Life insurance
  • Vehicle insurance
  • Home insurance
  • Disability insurance

Some of these insurance types are elective; others, such as car insurance, are mandated by state law.

There are specialty insurance policies available for most anything of value. Here’s an example of an unusual one: Brewery Insurance. These days, craft breweries are opening up all over. Risks associated with craft breweries include the danger of losing large batches of brew because of faulty brewing processes, the danger of working with pressurized fermentation vessels, temperature control or other environmental issues, workers’ compensation claims, and liquor liability issues, to name a few. 

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