Typical Insurances People Pay for in America

Insurance premiums are skyrocketing each year, increasing at 20%-50% per year. I thought it would be good to have just a good summary list of typical insurance people pay for in America today. This does not include insurance people buy for investment purposes.

Health-Related Insurance

1. Health Insurance
   Covers medical expenses, including doctor visits, hospital stays, prescriptions, and preventive care. Often provided by employers (with employees still paying a portion of it) or purchased privately.

2. Dental Insurance
   Covers dental care, including cleanings, fillings, and sometimes orthodontics.

3. Vision Insurance
   Covers eye exams, glasses, and contact lenses.

4. Disability Insurance
   Replaces a portion of income if you cannot work due to illness or injury. Includes short-term and long-term disability policies.

5. Long-Term Care Insurance
   Covers expenses for long-term care services, such as nursing homes, assisted living, or in-home care.

6. Supplemental Insurance
   Optional insurance that provides additional coverage for specific needs, such as critical illness, cancer, hospital indemnity, or accident policies. Often complements health insurance by helping with out-of-pocket costs. (Remember AFLAC?)

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Vehicle-Related Insurance

7. Auto Insurance
   Required by law in most states, it covers liability for accidents, as well as damage to or theft of your vehicle (comprehensive).

8. Motorcycle Insurance
   Similar to auto insurance but specific to motorcycles.

9. RV/Boat Insurance
   Covers recreational vehicles or boats, including liability and physical damage.

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Property Insurance

10. Homeowners Insurance
    Covers damage to your home and belongings due to disasters like fire (like the LA fire right now) or theft and includes liability protection.

11. Renters Insurance
    Protects personal belongings and provides liability coverage for those renting their home or apartment.

12. Flood Insurance
    Covers flood damage, often not included in standard homeowners insurance. It’s typically required in high-risk flood areas.

13. Earthquake Insurance
    Covers damage from earthquakes, not included in standard homeowners policies.

14. Home Appliance Warranty Program
    A warranty plan that covers repairs or replacements for major home appliances, such as refrigerators, dishwashers, and HVAC systems. These programs typically cover mechanical breakdowns and provide peace of mind for homeowners.

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Life and Estate Insurance

15. Life Insurance
    Provides a death benefit to beneficiaries. Includes term life (specific duration) and whole life (lifelong coverage with investment components).

16. Employer-Provided Group Term Life Insurance
    Often included as a workplace benefit. While coverage may be free or subsidized, the IRS requires employees to pay taxes on the value of coverage exceeding $50,000.

17. Accidental Death and Dismemberment Insurance (AD&D)
    Pays benefits in cases of death or loss of limbs due to accidents.

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Other Types

20. Pet Insurance
    Covers veterinary bills for pets.

21. Travel Insurance
    Covers trip cancellations, medical emergencies, or lost luggage during travel.

22. Umbrella Insurance
    Provides extra liability coverage beyond home or auto insurance limits.

23. Legal Insurance
    Helps cover legal fees for personal matters.

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Video of The Day:

The DEVASTATING Pacific Palisades fire is still raging. Only 11% has been contained.

AccuWeather estimates the total economic damages of the LA fires at a STAGGERING $135-150 billion.

California's left-wing politicians better BRACE FOR A STORM.pic.twitter.com/byuwl20R9Q

— Steve Hanke (@steve_hanke) January 12, 2025

P.S. Remember, the easiest way to keep up with my journey is by visiting blog.lannyland.com