March 29, 2023

4 Types of Insurance That You May Not Know You Need

By knowing more about what different insurance plans offer, you’ll be better positioned to protect yourself financially from disasters and other unexpected events.

While you likely know how important auto, health, and life insurance is for yourself and your family, you might not know much about less common forms of insurance available today. More targeted kinds of insurance, such as event insurance, pet health insurance, and travel insurance can be incredibly beneficial for many people.

1. Event Insurance

If your business or organization runs events, you may need event insurance. With this type of insurance, you can receive coverage for event cancellation, weather, prize indemnity, and special event liability. Essentially, event insurance gives you peace of mind, as it helps minimize risk and protects your investment.

Since event insurance protects you from circumstances outside of your control, such as adverse weather, hurricanes, and terrorism, it’s a must-have for conferences, tradeshows, and expos. Insurance coverage with special event liability is also critical for events like fundraisers, weddings, parties, and festivals, as it protects organizers from property damage and third-party bodily injury. 

2. Flood Insurance

Though you’ve probably heard of flood insurance, you might not realize how important it is if you live in a non-high-risk area. Did you know 25% of all flood claims come from locations outside of high-risk A and V flood zones? With the average flood claim for residential properties costing as much as $46,000, flood insurance is necessary for many homeowners. 

Flood insurance gives you the coverage you need to protect against the financial damage a flood could cause. For example, some flood insurance plans will cover pool repair, temporary living expenses, and basement contents. 

3. Pet Health Insurance

Almost everyone knows they need health insurance for themselves and their family, but did you know you can also take out a policy for your pet? This kind of medical insurance will often cover the costs of care for any unexpected injuries or illnesses a cat or dog experiences. 

Due to the rise of advanced medical care for animals and the costs an unexpected injury can cause, pet health insurance can be an excellent investment for pet owners. With this insurance, you can give your pets the best care without running up your credit card to pay for it.

4. Travel Insurance

While traveling outside the country is exciting, it can also put you at some financial risk. You may need to cancel a flight at the last minute, you could lose your luggage, or even require medical care while abroad. That’s why it’s important to consider having travel insurance. The right travel insurance plan can reduce your financial risk while you’re away, ensuring your medical bills are covered, and the costs associated with losing your luggage are reimbursed. 

When you look for travel insurance, you’ll find a few different options available to you. For example, if you’re planning on engaging in extreme sports or other dangerous activities while in another country, adventure insurance is ideal. Other popular forms of travel insurance include business travel, missionary travel, study abroad, and leisure travel insurance. 

Choose Partners Insurance Group for Your Insurance Needs

Whether you’re looking for auto insurance, event insurance, or life insurance BayCoast Insurance Group can help. At BayCoast, we’re proud to provide our clients with the coverage they need. Some of our most popular forms of insurance coverage include business insurance, life and health insurance, flood insurance, event insurance, pet health insurance, travel insurance, and auto insurance

Find out more about our various insurance services today. If you have any questions, please feel free to contact us.

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