Can I own a home without homeowners insurance?

Unlike driving a car, you can legally own a home without homeowners insurance. But, if you financed your home purchase with a mortgage, your lender will most likely require you to get homeowners insurance coverage. That's because lenders need to protect their investment in your home in case your house burns down or is badly damaged by a storm, tornado or other disaster.

Can I drive legally without car insurance?

Virtually every state requires you to have auto liability insurance. All states also have financial responsibility laws. This means that even in a state that does not require liability insurance, you need to have sufficient assets to pay claims if you cause an accident. If you don't have enough assets, you must purchase at least the state minimum amount of insurance.

What is disability insurance?

Disability insurance is a type of health insurance that pays a monthly income to a policyholder who is unable to work due to an accident or illness. For most workers, even those with some employer-paid coverage, an individual disability income policy is the best way to ensure adequate income in the event of disability.

What kinds of health insurance are there?

There are essentially two kinds of health insurance: fee-for-service and managed care. Although these plans differ, they both cover an array of medical, surgical and hospital expenses. Most cover prescription drugs and some offer dental coverage as well.

How do I pick a life insurance company?

More than 1,500 life insurance companies operate in the U.S., but only a few hundred are licensed in each state. As a general rule, you should buy from a company licensed in your state, because you can then rely on your state insurance department to help if there is a problem. Also, if the insurance company becomes insolvent and cannot pay claims, your state's life insurance guaranty fund will only help policyholders of companies it has licensed.