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Why Insure?

An insurance plan is a form of a contract meant to cover your vehicle, property, life, health, and assets over a period. The policyholder gets instructions to pay the insurance provider specific amounts called premiums later used to cover payments and, in some instances, pay you in case of any eventuality. 

As we dig deep into insurance covers, it is essential to know some insurance terms;

Insurance Premium Policy

An insurance premium is an amount paid to purchase an insurance cover that best fits your financial position. It is usually expressed in regular costs like annual, semi-annual, quarterly, and monthly payments, depending on your financial capabilities and the type of policy you choose. 

 Deductibles

Deductibles are amounts paid to cover out-of-pocket costs in case of an emergency. Deductibles serve two significant purposes; saving the insurance company money and helping keep your premiums (as explained above) lower, saving you money as well. In addition, the insurance company can protect itself and you from expenses, including costs of processing small claims and administrative expenses incurred in claiming damages.

Policy Limits

Indicates the maximum amount an insurance company is liable for and parties covered under the insurance policy. The higher the policy limit, the higher the payable premium is. Other policy limit determinants are policy terms, injury, or loss. 

Without further delay, let us quickly dive into the benefits of including insurance as part of your monthly expenses;

  1. Enjoying Financial Security

Unexpected circumstances or events can unravel very quickly. Without considering your current financial position, unplanned emergencies can take a toll on your finances. With an insurance cover, the insurance company will offer a payout for damages caused by an unforeseen event, maintaining your and your family’s financial prosperity.

  1. Cover against uncertainties

Getting your individual or company insurance cover protects you against losses. This is the most prominent benefit of taking an insurance cover for yourself, your family, or your company. Make appropriate assessments to choose the best insurance policy to protect yourself against losses incurred during emergencies or uncertainties. Amica Insurance Agency provides insurance covers like contractors all risk insurance, livestock insurance, crop insurance, fire insurance, motor vehicle, and motorcycle insurance, among others, that cover against uncertainties. Some of these circumstances include the death of your animals, fire, and road accidents, to mention a few. Talk to us for more information on insurance covers that best suit your business and needs.   

  1. Peace of mind

Your mental stability and well-being are critical. When you are mentally stable, you will easily play your professional and family roles. In addition, with financial security, you are at ease psychologically since you are sure of a payout in an emergency. You are also assured of your family’s financial security if something happens to you. 

  1. It helps focus on your savings & investment goals. 

Unpredicted misfortunes like accidents, illnesses, theft, and fire can leave you financially strained. However, with a good insurance policy, your savings and investment plans are hardly altered because the insurer shoulders the financial burden. 

Like your long-term plans of finding a partner, raising a family, starting businesses, and launching empires, create an excellent insurance plan for your family and your assets.

Need a friend to help you Plan Smarter so you can Live Better?

Talk to us;

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