Insurance
Insurance is a hefty part of your annual fees. Car insurance, home insurance, health, phone, life, dental, just to name a few. Insurance varies in what to do. It is almost impossible to generalize since there are so many plans and different requirements for all of them. Insurance is pretty neccesary though since the fact that if you're in an accident? You'll need it or else you will be spending tons of money on some simple accident. It's like with children. You can't just generalize all kids but there are basic rules or just guidelines to follow.
Health Insurance
Bronze It is the lowest monthly rate, and costs the most when you have an accident or any sort of medical emergency. The deductable rate can be thousands of dollars and is good if you want low-cost protection. Bronze covers 60% of your medical costs
Silver: It's medium low monthly rate. The deductable is lower than bronze and reductions are good to get more savings. You can save thousands if you need medical care. It's better than bronze since it covers 70% of costs.
Gold: Gold covers 80% of medical costs. The deductables are pretty low and a great if you need a lot of coverage and get routine medical treatment or medicine.
Platinum: Highest monthly cost but covers 90% of all medical costs. It's great if you need a lot of care and can pay a rate every month with incredibly high coverage.
Car Insurance
Car insurance is pretty general. There are three main kinds liability, collision, and comprehensive. Like all plans, you get what you procure. The more it costs the more it covers. it's possible to induce a fairly good combination of quality and price if you are doing research on different plans.
Liability is the very minimum to be a legal insured driver. It's to protect the driver. Such as if you are responsible for an accident or held responsible. Liability covers damages, injuries, lost wages, and consequences of others injured.
Collision has coverage for repairs to your vehicle from a traffic accident. It doesn't matter how the accident occured. It also covers any damage to the vehicle because of a collision with something like a tree or building. This plan also covers if your car is totaled you might be able to get a replacement if it has the same market value.
Comprehensive covers the whole car. Like replacement if it's stolen or damaged by natural disasters.
Home Insurance
Homeowners insurance is divided into 8 main kinds.
Basic: which covers fire, smoke, explosions, lightning, hail, windstorms, theft, vandalism, damage from vehicles (ground or air), riots, volcanos
Broad form: It covers falling objects, weight of ice, snow, or sleet, frozen systems like AC or heating, sudden accidental tearing, cracking, burning, bulging of pipes, and other broken home systems, discharge or overflow of water/steam, accidental damage from electrical currents
Special form: Insures everything in broad form and normally insures your home and attached structures. Unless it is specifically excluded by your insurance company it is usually insured.
Tenant’s form: Is for renters, it covers belongings and personal liability, not the building itself. It covers most things in Broad form and is also known as renters insurance, will usually cover additional living expenses if you need to stay somewere while your apartment is getting fixed up.
Comprehensive form: It normally covers more than other policies. Just like special form, Comprehensive is an open-peril policy. It can covers most issues unless your policy specifically excludes them in writing. Like Earthquakes/mudslides, floods, water damage, pests, neglect, deterioration, wear and tear, settling, shrinking, bulging, on home's foundation, pets and animals, mold, fungus, and rot, intentional loss, war, government action, and nuclear hazard, law, smog, rust, and corrosion
Condo form: Is typically floor, wall, and ceiling and covers typical policies in the homeowners association.
Mobile home form: Essentially special form but designed for mobile homes
Older home form: Similar to special form but covers older homes specifically.