Insurance offers a way to offset the risks in life against compensation in event of tragedy. While insurance will not replace the items or people lost in accidents, there is financial ability for the survivors to continue with their lives and get the things they need to rebuild a piece of what has been taken from them. Just like in life, death is not fair in who it takes and who it leaves behind. Good people do have bad things happen to them, just like bad people have good things happen to them.
More often, insurance is designed to cover certain pieces of property like homes, cars, boats and motorcycles. While some policies are going to be less expensive than others, there is a difference in what each type will cover. Liability covers the person who is going to be operating a vehicle from being sued if their vehicle causes an accident, but does not pay for repairs to their vehicle, only to the other vehicle involved in the accident.
Home owners insurance is only available to those people who own a home. If a person is renting a home, they will need to purchase renters insurance to cover any damages that occur to their possessions or loss through theft. When a fire strikes in an apartment complex, often the surrounding apartments are also damaged. Very seldom do renters have insurance, and when they do, it is not normally enough to cover the loss of all the items in their household.
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