Becoming independent as a young
adult is an exciting time. Getting your own apartment and starting your new
career is thrilling, but with those adult joys come adult responsibilities. If
you’re just starting out on your own, you’ll need to take your insurance needs
into consideration.
Often young adults disregard
insurance as not cost effective in the short-run as they are young and healthy.
However, there is never a good time to be uninsured. Finding inexpensive
insurance is easy enough for a single individual making obtaining adequate
coverage is simple and affordable.
Health Insurance
– Perhaps the most important insurance coverage for young adults, health
coverage protects you from exorbitant medical bills should you be hospitalized,
need surgery or just require a few trips to the doctor. The cost of not being
medically insured is much higher than paying for medical insurance on a monthly
basis. If your job doesn’t offer medical insurance coverage, look into private
coverage. When it comes to health insurance, something is always better than
nothing, but you can get a very decent and comprehensive plan for a monthly
payment less than the cost of a few pitchers of beer.
Auto Insurance
– If you drive anything, including a motorcycle, you should absolutely be
insured. Not only is it required by law, but you’ll be looking at potential
lawsuits and huge expenses if you’re in an accident. Get solid automobile
coverage for far less than you might imagine by shopping around. Auto insurance
is one area where your age works against you. If you’re under twenty-five and
male, do extensive shopping to find the best rates offered. Young men are
considered the most risk-prone groups of drivers after teenagers.
Auto insurance might not be
necessary if you’re living in a urban situation where you don’t need a car and
you rely on public transportation. However, if you drive another car on a
regular basis, such as your significant other’s or your roommate’s, discuss
coverage with your insurance provider as requirements can vary by state in
regards to who is driving and what is insured.
Renters Insurance
– Unless you’re living at home with your parents, you need to cover yourself in
your rental situation. Your landlord should have insurance on the apartments or
home that you’re staying in. However, that insurance likely does not extend to
your personal belongings that are inside the rental unit. Be sure you have
enough rental insurance to cover the full cost of replacement for all your
items. Don’t forget to include the cost of replacing your movies, music and
games that might be damaged should your apartment flood or be hit with another
emergency.
Renters insurance is very
reasonably priced. While it’s something you hope you’ll never use, you should
have coverage to ensure you’re protected should the worst happen. No matter how
responsible you think he is, never count on your landlord to keep the
properties up to code and fully insured when you can cover your personal
property for less than the cost of a pizza each month.
