Tips & Topics - Insurance
Insurance Overview
Did You Know?
The insurance industry is one of the largest industries in the nation in terms of revenue, according to the Department of Commerce. The insurance industry accounts for more than $1.4 trillion in revenues and $121 billion in payroll.
Hurricane Katrina (2005) was the costliest event in the history of the insurance industry, with more than $40.6 billion in estimated insured losses and more than 1.7 million claims across six states. Hurricane Andrew (1992) was the second costliest hurricane, with more than $15 billion in estimated insured losses.
Insurance can be one of the best ways to protect your hard-earned money. Too often the costs of accidents and other mishaps significantly exceed your savings. By having insurance, you can balance the amount of money you put at risk when hardship strikes (the deductible) with the amount you pay each month (the premium) to limit the amount of money you would potentially lose in the event of an accident.
One of the biggest challenges when purchasing an insurance policy is finding the one that is right for you. Lower monthly payments generally translate into higher deductibles. While this may keep your monthly bills low, it could have a big impact on your savings if you have an accident. So it’s best to shop around for insurance, evaluate all of the options and find a policy that is best for your specific financial circumstances.
To help you, we’ve provided a summary of the main types of insurance New Yorkers purchase, as well as offer resources to help you determine what’s best for you.
Types of insurance:
- Automobile Insurance
- Credit Insurance
- Disability Insurance
- Flood Insurance
- Health Insurance
- Homeowners and Renters Insurance
- Life Insurance
- Long-Term Care Insurance
- Private Mortgage Insurance
- Unemployment Insurance