November 2023: It's Never Too Early to Think About Insurance- Tips for Recent Graduates

Written by Gloria Martinez of for Ruth Roylance Insurance

If you are a recent high school or college graduate entering the adult world for the first time, it’s never too early to begin thinking about insurance. There are many types of insurance, including health, auto, home, and business, and, depending on where you are in life, you can benefit from them all. Today, Ruth Roylance Insurance touches on some of the key things you need to know about some of the insurance policies you’ll want to consider.

Health Insurance

Health insurance is crucial for everyone, young adults included. You’re more likely to experience accidents in your 20s and 30s that might require hospitalization, and you don’t want to go into debt because you were injured. Further, the better you take care of yourself now, the healthier you’ll be throughout the other stages of your life, from parenthood to retirement. And as you become sexually active, you’ll want to make sure that you have health insurance so that you have access to important screenings. Some additional health insurance tips may be found on, including getting ACA Marketplace (Obamacare) health insurance.

Business Insurance

If you started your own business to coincide with graduation, you’ll be glad to have business insurance. This is a type of policy that typically covers equipment, such as electronics, computers, and supplies, not covered by your homeowners insurance. Your business insurance may also cover your home if it’s damaged and is your primary place of employment.

Home/Renters Insurance

Home insurance is a type of property insurance that protects your home and its contents from damage caused by theft, fire, vandalism, and other natural and man-made disasters. It may also provide liability coverage if someone is injured on your property. You’ll likely be required to have home or renters insurance if you have a mortgage or if you are leasing and insurance is listed as one of your tenant responsibilities. The Consumer Financial Protection Bureau explains that you may also be required to show proof of insurance to your lender when you purchase a home.

Auto Insurance

Auto insurance is liability insurance that protects you financially if you happen to be involved in a car accident. It can come into play whether you are at fault or not. Your car insurance may also cover medical expenses that your health insurance doesn’t cover if you are injured in a wreck.

Having car insurance can protect you from financial ruin. This is huge for young adults that may not have enough savings to pay for an attorney or to compensate for damages they cause. Keep in mind that settlements for vehicle accidents average $21,000 or more, according to California-based Vaziri Law Group.

Life Insurance

Most people don’t start thinking about life insurance until well after they become parents. But there are many reasons that you might want to consider life insurance even before you have dependents. If you have debt or if a spouse or parent depends on you for care, life insurance can protect your co-signers or partner/parents if something were to happen to you. If you don’t have lots of debt and no one depends on you, you might instead consider burial insurance to ensure that your untimely death won't be a burden on your loved ones. If you’re not sure what type of life insurance you need, start by taking this quiz.

Insurance is an important asset as you enter into your adult years. Health insurance, life insurance, business insurance, auto insurance, and home insurance may be the most crucial at this stage. For more information, contact your insurance provider today.

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