Insurance in Your 30s: What do You Need?

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By: Rachel Quinn

Your thirties are an exciting time. You might have found a promising career, bought the perfect home or started a family. Your thirties are also an ideal time to shop for insurance. Navigating the ins and outs of the insurance world can get tricky, though, if you don’t have the right information. Here’s what you need to know:

Auto Insurance:
Broken tail light? Smashed bumper? That’s what auto insurance is for. Choosing a policy that fits your needs and the needs of your family is important, so get to know the basics now.

  • Don’t Be Deceived: Don’t be solely focused on a low premium (the amount to be paid for an insurance policy) – you’ll make up for it after an accident. Make sure your insurance is there for you when you need it.
  • Have the Right Deductible: Typically, a higher deductible (a specified amount of money a person must pay before an insurance company will pay a claim) means a lower premium. That also means paying more in an accident. More coverage now might save you later.
  • Bundle: Those insurance commercials are true, you really can bundle and save. Getting auto, life and homeowners policies from the same company can result in lower monthly rates.

Homeowners Insurance:
A home is a big investment. Bigger than big actually. That’s why it’s important to cover your investment with homeowner’s insurance. In the event that your house is damaged or destroyed, homeowner’s insurance can cover the repairs.

  • Know What You Need: Some people might go with the cheapest plan available, but it’s important to consider a plan that will cover everything you need, such as liability coverage, dwelling protection and personal property protection.
  • Consider Your Future Needs: Are you planning on getting a pool? A new security system? Make sure you’re covered not just now, but for all the improvements you might make in the future.
  • Don’t Settle: There are lots of default coverage limits and deals, but don’t be afraid to customize and make your own deal. This is a great way to make sure you’re not paying for things you don’t need.

Life Insurance:
Not everyone needs life insurance, but if you’re married or have kids, it protects your loved ones should anything happen to you. It can cover things like funeral costs, paying off a mortgage, and everything in between. Basic rates range from $20-$30 a month for a $250,000 policy (rates might be different for those with health issues like high cholesterol, high blood pressure, high blood sugar, etc.)

At the end of the day, insurance is there to protect your finances, not hurt them. The decision to insure or not insure is largely personal, so read up, get multiple quotes, ask questions and take the time you need to figure it out… you’re only in your 30s after all.

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