Most Washington residents know about life, auto, and homeowners’ insurance. However, other lesser-known types of insurance provide an added layer of financial protection. It is also possible to purchase long-term disability insurance, natural disaster insurance, identity theft insurance and umbrella insurance.
There are two types of disability insurance that provide financial protection for people who can’t work because of injury or illness. Short-term disability insurance provides coverage if you cannot work for three to six months, while long-term disability insurance provides coverage for people who can’t work for six months or longer.
Natural disaster insurance
Unfortunately, there aren’t any insurances that cover every type of natural disaster, which means that you have to purchase different policies based on what kinds of disasters you want to insure yourself against. You can buy insurance policies that protect against earthquakes, floods and other types of natural disasters.
Identity theft insurance
The types of coverage provided by identity theft insurance continue to grow and evolve as insurance law strives to keep up with the ever-changing world of identity theft. Criminals who steal the identity of others use a variety of methods, which leads to approximately 9 million Americans having their identity stolen each year. This type of insurance covers financial loss, some of the costs associated with recovering your identity and other expenses.
Finally, umbrella insurance is a type of insurance that provides coverage for things not covered by other plans. For example, umbrella insurance covers the difference if your homeowner’s insurance fails to pay enough after a catastrophic event.
Insurance is one product that you hope you never have to use. However, knowing about all of your insurance options, including disability, natural disaster, identity theft and umbrella insurance, allows you to better protect yourself financially against multiple types of issues.