The most common insurance required for individuals by law are
healthcare and automobile. However, depending on an individual’s
situation, there may be more coverages required. Businesses are
also required to have certain coverages for their employees.
Below are several categories and resources that will help you learn
more about required insurance.
Home and Businesses
Owning a home or business is rewarding and often a defining
moment in someone's life. Making sure that a home or business is
safe requires several insurances that are required by law. One area
of coverage that that often is overlooked is flood insurance.
According to FloodSmart.gov (the official site of the National Flood Insurance Program):
Homes and buildings in high-risk flood areas with mortgages from federally regulated or insured lenders are required to have flood insurance. In high-risk areas, there is at least a 1 in 4 chance of flooding during a 30-year mortgage.
While business insurance is not required by law, having employees does require a business to have specific coverages.
US Small Business Association (SBA) states:
Businesses with employees are required by law to pay for certain types of insurance: workers' compensation insurance, unemployment insurance, and, depending on where the business is located, disability insurance.
Americans currently are required by law under the Affordable Care Act to have health insurance. Penalties for not holding health insurance are increasing yearly. Visit HealthCare.gov for more information about proper coverage, exemptions and penalties for both individuals and small businesses.
Each state has minimum requirements for automobile insurance coverages broken down by bodily injury, liability and property damage. Although there are minimum state requirements, the minimum requirements typically do not meet an individual’s needs when an accident occurs. Read more HERE explaining coverages and situations where these minimums do not cover costs. Our agents can help make sure you have the right coverage and see if you qualify for discounts based on of your car and driving background.