Christian Peterson
reporter.riverbendnews@gmail.com
Much like a spare tire, insurance tends to be something we overlook, that is, until we need it. This is the reason National Insurance Awareness Day exists and is celebrated each year on June 28.
When someone thinks of insurance, certain types come to mind, such as life, auto and home, but there are numerous other types for various situations. Disability, travel, liability, health, renter, umbrella, business, long-term care, pet, boat, condo, flood, term life, universal life, professional liability, critical illness, dental, group, legal, mortgage life and even worker's compensation. Each one protects people from any unexpected event. While not all are important for everyone, insurance is generally essential for all.
The history of insurance dates back to approximately 3000 B.C. in China when merchants would mix their goods on ships. This allowed them to limit damages or losses resulting from shipwrecks. Fire insurance is another type that dates back far beyond what one would expect. In 1666, a massive fire in London caused tremendous damage to homes and businesses. Due to this, Nicholas Barbon created the very first fire insurance company. Likewise, founding father Benjamin Franklin created the Philadelphia Contributionship in 1751, the first company in the newly colonized America to provide fire insurance. Insurance quickly become a booming market. In the 1850s, the Franklin Health Assurance Company paved the way for paying for medical expenses, thereby creating the foundation for health insurance. Just a few years later, in 1897, Gilbert Loomis introduced the concept of car insurance to the public. He built his first car and also purchased the first car insurance policy.
According to National Today, there are three crucial things to pay attention to, especially on National Insurance Awareness Day. First, when shopping around for insurance its best to check out the competition. "Insurance shopping does not evoke the fun had by shoe or car shopping, but if you're always on the hunt for the best deal, comparing rates could save you big bucks – sometimes even 15 percent or more,” the article read. “Knowing your options gives you the most power and the best chance to save money." Second, remember that as life changes and grows, so should someone's policy. "If job changes lead to less driving or your teenager goes off to college without the car, your insurance company might re-evaluate your rates. As for home insurance, changes in marital status and remodeling your home can affect those rates." Finally, it's good to see how insurance changes over the years and what new features or services are provided. "Discounts come and go, but certain long-term promotions can help save you more money over time. If your policy isn't reviewed until it's time to renew, you could be missing out on added savings."
This National Insurance Awareness Day, take the time to review policies, shop around and see if there are better options available. On top of all that, remember it's best to shop local, even when looking for insurance.