4 Circumstantial Insurances You Didn’t Know You Needed

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Look: insurance isn’t exactly a “sexy” word, and in the midst of going to work, cleaning your apartment, seeing friends, making sure you have clean underwear and a million other things, it’s not at the top of your mind. Well, when shit hits the fan — and you know it will at least once in your young life — you’re going to wish you did think about it. Aside from the usual insurances you should know about (life insurance, renters insurance, etc.), you should consider the more circumstantial insurances, too.

Do you have a car, or jewelry worth a lot of money? Maybe you volunteer at a co-op. Maybe you freelance. If any of these circumstances apply to you, listen up. We spoke with Ariel Anderson Fortunato, a certified financial planner at Society of Grownups, about the more overlooked ways to protect yourself and your stuff. Here are some insurances you should look into ASAP:

1. Auto Insurance

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Buying a car can be exciting, but you may not have considered what auto insurance you need, or what options are available. Taking into account the cost of coverage when considering car payments is important.

“Sometimes it’s forgotten as an extra monthly expense,” Fortunato says. “If you’re getting your first car,  you might not budget for that extra $100 a month that insurance might cost you. Be aware that it’s not looped into your car payment.”

Thankfully, hope is not lost. You can still find affordable options. “You can price shop and optimize it, you can play with deductibles to lower your monthly payment,” Fortunato says.

2. Jeweler’s Insurance

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If you just got engaged, or you just have a prized family heirloom, you want to protect your valuables. “As soon as you require little pieces of value, don’t assume renters and homeowners insurance cover it,” Fortunato says. Most renters and homeowners insurances don’t cover your expensive jewelry in the case of fires, break-ins or other building damages. Sometimes, these insurances will just have a vague policy that states that the insurance won’t cover damages over a certain amount. Look into a separate jeweler’s insurance if you have anything of value that you want to protect.

3. Personal Liability Coverage

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Freelancers and business owners, beware. Though taking charge of your own career is liberating and full of pros, there are specific considerations you need to take into account to protect yourself. If your clients claim that you damaged something or harmed them or their businesses in any way, you are directly responsible. Don’t put yourself in the position where you’ll need to go to court over a botched article or a slip-up at your construction gig. Fortunato says personal liability coverage is perfect for these individuals, because it insures mistakes and client claims.

4. Directors And Officers Liability Insurance

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Often called “D&O”, this insurance is applicable to directors and officers of an organization. If something bad happens on premises or under the organization’s jurisdiction while you’re on site, you could be held liable. “You can be held liable for even volunteer board positions,” Fortunato says. “For example, if you’re volunteering at a co-op, you can potentially be held liable if there’ s lawsuit against that building.”

If you’re in a volunteer or paid position, and you’re a decision maker, you should to look into the directors and officers policy.

Some insurances are straightforward. Others aren’t. Make sure that you’re covered for everything in your life and that you protect what you care about. At the end of the day, it’s all personal. So if life gets tough, make sure you’re prepared.