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Meet Insurance Needs

 Securing the right level of insurance can protect you from loss and is an important and necessary component of your personal finances. Unexpected events such as a medical emergency, car accident, or theft or damage to your residence or personal property have the potential to cause severe and negative impacts on your finances.

Be sure to research insurers to make sure they are reputable. Once you have purchased insurance, it also is important that you know your rights about compensation or where to file a complaint if you feel the insurer is not meeting its obligation. The California Department of Insurance is an excellent place to start for most of your insurance needs.

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Learn about different types of insurance, including:

     Key Terms

    Claim: Notice to an insurer that under the terms of a policy, a loss may be covered.

    Deductible: The amount of expenses an insured person must pay before the insurance company will contribute toward the covered item. For example, the amount you pay for covered health care services before your insurance plan starts to pay is your deductible.

    Homeowner's insurance: Covers a home's structure and the personal belongings inside in the event of loss or theft; helps pay for repairs and replacement.

    Insurance: The practice or arrangement in which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium.

    Insured: The policyholder - the person(s) protected in case of a loss or claim.

    Insurer: The insurance company.

    Premium: The amount of money an insurance company charges for insurance coverage.