There are many different types of insurance that you might need depending on the type of situation you are in when you graduate. Four types of insurance you should be familiar with are:

• Homeowners Insurance (if you own your home) – protects an insured’s (that’s you) home along with your personal property (all your possessions) and other structures such as a detached garage or shed. Alternatively, if you don’t purchase your home you still have an option:
• Renters Insurance (if you rent your home) – protects all of your stuff from fire, theft, or some types of natural disasters like lightning or tornadoes.
• Auto Insurance – covers liability (the legal stuff), medical payments, and uninsured motorists (someone who doesn’t carry insurance at all).
• Personal Umbrella – an additional coverage that protects you from perils such as slander and wrongful eviction, along with additional liability coverage. (Additional liability coverage means if you cause an auto accident and you’re sued for more than your auto policy covers, an umbrella policy will help pay the difference).

There are many benefits to the insurance policies mentioned above: peace of mind, protection for your possessions, and income protection – just to name a few. The good news is insurance costs much less than you’d typically think. Even more good news is there’s someone to guide you through the process of figuring out what you need: an independent insurance agent. Reach out to an agent to discuss the details of these policies and ask questions about the types of coverage each one offers.

I hope I’ve helped you realize that there are many “real-life” expenses, and insurance should be one of them. Have a plan for when you graduate, and don’t forget to save a little money too.  You know, just in case you’re hit by a bus and can’t go to work and use that brand new degree you worked so hard for.