Q:

What are the basic types of insurance?

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Quick Answer

Basic types of insurance include health, auto, life, disability and homeowners/renters insurance, according to Mint. Insurance policies that the majority of individuals don't need include accidental death, flight, mortgage life, disease and life insurance for children. Beyond the basic five, there are several other types of insurance, such as malpractice and flood, that a person can determine his need for by examining his lifestyle and geographical location.

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Full Answer

Health insurance plans are structured according to budget, needs and main health care provider, notes Mint. Without an adequate health plan, an individual can endure overwhelming health costs that have the potential to result in bankruptcy.

A majority of states require that drivers have some type of car insurance. The car's age and overall value determine how much insurance is needed, according to Mint. Car insurance is broken down into collision, liability, comprehensive, personal injury protection, and under-insured and uninsured motorist.

While renters insurance only provides protection for a renter's personal belongings, homeowners insurance provides protection for personal belongings and the home itself, notes Mint. Depending on the home and where the home is located, the owner can look into additional protection for his property, such as flood, earthquake and fire protection, that may not be included in a standard homeowners insurance plan.

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