Can you imagine the occurrence of an accident with your car or a fire in your home, and you have not insured these assets? Well, know that these situations can happen at any time, with anyone, no matter what activity you develop.

A habit that Canadians are learning is to think about these possibilities and protect themselves from the loss of their greatest assets through various types of insurance. In this context, it becomes pertinent to stay on top of the most important existing ones.

With that in mind, in this post, we bring you 5 of the main types of insurance you need to know. Check it out!

1. Home insurance

For almost everyone, the house you live in is the most important asset. So, nothing is more natural than protecting it and preventing losses that could be irreparable. That’s exactly what home insurance is for.

Occurrences such as lightning, fires, floods, among others, form the basis of this type of insurance for structural coverage of the property. However, coverage can be extended to existing assets inside the residence.

This is an important alternative, as these goods can be the object of theft or robbery. Thus, in addition to natural events, it is necessary to consider the possibility of criminal activity and keep the assets insured.

2. Auto insurance

Auto insurance is the best known for many Canadians. It guarantees protection for your car against theft, crashes, and all kinds of accidents.

For example, a great advantage of auto insurance offered by some insurers is 24-hour assistance for electrical or mechanical failure. In addition, the insured can count on several services that constitute the lifeline at the time of the occurrence: spare car, locksmith, and mechanic, among others.

3. Health insurance

Health insurance covers a person’s medical expenses either partially or completely.

The rising costs of medical care require individuals to have health insurance. The cost of a simple visit to the doctor can be astronomical. The cost of a hospital stay after a serious injury can be astronomical, exceeding the cost of one week in a luxurious resort. Major surgeries can cost upwards of $5,000. For many, having health insurance can be an expensive financial burden, but not having insurance can be even more costly.

4. Travel insurance

Travel insurance is the ideal protection for those who will travel. It is insurance with an excellent cost-benefit ratio.

With it, you are protected if you need medical assistance resulting from illness, accident, or pregnancy. In addition, the policy may also include delays, ticket cancellations, and lost luggage.

In fact, there are a plethora of coverages that you can choose depending on your profile or your needs. Coverages are defined for the period specified in the policy.

5. Life Insurance

You should consider life insurance as part of your financial planning. Life insurance can give your loved ones financial security after you pass away because it provides a financial safety net.

A life insurance policy can be a source of financial security for your family as it can cover your final expenses and provide replacement income or inheritance for someone you care about.

In conclusion

Life is full of losses, and the impact of these losses varies from person to person. Insurance lessens the impact by providing financial benefits for covered losses. Many types of insurance exist, but only a few are of utmost importance. The insurance mentioned above are five types of policies that everyone should have.

Looking for life insurance? PolicyAdvisor is a great option for those looking to purchase term life insurance. With PolicyAdvisor, you can compare and buy from Canada’s 20 best insurers. Thus, you can protect what needs protection.