5 Types of Insurance You Should Have

1. Travel Insurance Some people save for years to afford that once-in-a-lifetime vacation to some exotic spot, only to see it ruined due to some reason outside of their control. Travel insurance typically provides reimbursement to a traveler if the trip is canceled, interrupted or delayed due to certain reasons. Policies also cover missed connections or any delay, loss or damage to baggage and other personal effects during a trip. Travel insurance policies are priced based on the cost and length of the trip, and also include medical and accident coverage for travelers. 

2. Mobile Phone Insurance Mobile phone insurance covers a phone from theft, fire, vandalism, power surges or accidental damage, including water spills and other clumsy acts by the owner. These policies also include protection if a phone is lost or misplaced.  One typical policy offers $1,000 of protection for a smartphone for a one time annual premium of $59, with a deductible that ranges from $35 to $75. This coverage can be obtained directly from the service carrier or from an outside insurance agency that specializes in offering this policy.

3. Pet Insurance Interest in pet health insurance has been growing rapidly since it was first introduced in the United States in the early 1980s. These policies provide medical coverage mostly for dogs and cats, subject to the specified limits, deductibles and exclusions. Some insurers even offer coverage on more exotic pets, including birds, rats, turtles and reptiles. 

Pet insurance is structured similar to human health insurance, with pricing based on the age and breed of the pet. The typical cost to insure a two-year old Labrador Retriever, which is the most popular breed in the United States, is approximately $29 per month ($500 deductible). 

While those who don't own pets may scoff at this insurance as a waste of money, the cost of medical treatment for pets can be staggering, with the average surgery and treatment cost from some conditions reaching as much as $11,500. 

4. Dorm Room Insurance Teenagers are irresponsible enough as individuals, but when you put thousands of teenagers together in one place and call it a college, the irresponsibility and risk escalates sharply. National Student Services (NSS) and a number of other insurers offer policies to cover personal property against theft, fire, vandalism and other risks. These policies cover laptops, mobile phones, text books, clothes and other personal items while a student lives either in a dorm or off-campus location.

NSS offers $3,000 of coverage for one year with a $50 deductible for only a $77 premium. 

5. Moving Insurance The latest report from the U.S. Census Bureau indicates that 37.1 million Americans moved residences in 2009. Many of these individuals moved long distances and required the assistance of professional moving services.   

Although the conventional wisdom is that household items are fully covered by insurance offered by the moving company or carrier, the truth is that moving companies typically include only a basic level of coverage that usually ranges upward from 60-cents per pound. This means that a 200-pound sofa that you paid $1000 for might only have $20 to $120 of coverage. Moving companies offer extra coverage for an additional charge, or coverage can be obtained from outside companies that specialize in this type of insurance.