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The Top 3 Insurance Policies Every Young Adult Needs

Top 3 Insurance Policies Every Young Adult Needs - Girl on Car

Insurance may not be the most exciting topic when you’re young, healthy, and carefree, but it saves you and your family loads of money as the years go by. Life is unpredictable, and it’s important to be prepared in the event your rental property becomes damaged or uninhabitable,  or you’re to blame for an automobile accident. And if you own a business, an insurance policy will cover costly claims and damages that would otherwise come out of your pocket. 

No matter your age, KilGO Insurance Agency can help you with many of your insurance needs. Read on to learn more about how young adults can benefit from purchasing renters, automobile, and business insurance policies. 

1. Renters Insurance

Unless you’re living in a college dorm or at home with your parents, you’ll want to purchase a renters insurance policy to protect your personal belongings should they be stolen by a burglar or damaged in a fire or storm. Your landlord’s insurance policy covers the building itself, but not your jewelry, electronics, collectibles, sports equipment, and any other valuables you have. You may be young, but you probably own a whole lot more than you realize and would be devastated if you lost these belongings. 

Moreover, purchasing rental insurance can benefit you (and your wallet) in other ways as well. Depending on the terms of the rental insurance policy, additional coverages may include:

  • Premises liability protection.
  • Liability coverage. 
  • Additional living expenses.
  • Guest medical payments.

Renters insurance is not always required, but there are many financial benefits of purchasing a policy if you’ll be renting a home rather than buying. When you make the decision to purchase a house, however, you can switch to a home insurance policy. 

2. Automobile Insurance

Unlike renters insurance, automobile insurance is required by law in most states. And while you can avoid purchasing car insurance in Virginia if you pay a $500 annual fee, the financial risks of driving an uninsured vehicle are quite high. If you’re at-fault in an accident, for instance, you’ll be responsible for covering the cost of any property damages and medical bills. This could easily add up to hundreds of thousands of dollars depending on the situation. 

Instead of driving uninsured, your best bet is to purchase an automobile insurance policy and look for discounts that could help to reduce your car insurance rates. Discounts are often available to safe drivers, good students, or those who complete a defensive driver course. 

3. Business Insurance

If you’re a business owner or in the process of launching a company, business insurance is another must-have policy. Several types of business insurance are available to meet your specific needs, from general liability insurance to home-based business insurance. 

The latter is a great option if you’re running a business from home, as this type of policy covers damages to your equipment (e.g., computers and other devices), as well as your employees and business data. Your homeowners or renters insurance policy may not cover these types of damages, and a business insurance policy can help to fill in any gaps. 

Insurance Is Beneficial at Any Age

Whether you’re looking to purchase business insurance to protect yourself, your office equipment, and your employees, or another type of policy that covers your rental unit or automobile, KilGO Insurance Agency is your one-stop shop for protecting yourself (and your loved ones) now and in the future. With the right insurance policies in place, you’ll be able to handle anything that comes your way — and you’ll have the financial freedom to buy a home, raise a family, start a business, and get the very most out of life. 

Do you need help selecting the best insurance policies for yourself, your family, or your business? Contact KilGO Insurance Agency to get a quote and learn about the different insurance solutions they offer. 804-403-7400