What are the different types of insurance?
You've probably heard of car insurance, homeowners insurance and life insurance. Learn about coverage options for these and other types of policies.
Insurance provides valuable protection for you and your family. Choosing the right type and amount of insurance depends on your needs. Here you’ll find some of the more common types of insurance along with a short description of each, a few examples of available coverages, and resources where you can find more detailed information on each.
Property insurance
Homeowners insurance
Homeowners insurance provides coverage for your home and other personal property in the case of a covered loss, such as a fire. Knowing about homeowners insurance and what it covers is important. It can also provide liability coverage in case you accidentally cause damage to someone else’s property or if someone gets injured at your home.
Renters insurance
Renters insurance provides coverage for your stuff such as computers, TVs, electronics, bicycles, furniture and clothing in the case of a covered loss, such as a fire, theft or vandalism. It can also provide liability coverage in case you accidentally cause damage to someone else’s property or if someone gets injured at your apartment. How much renters insurance to buy depends on the value of your assets and what you need covered.
Condo insurance
Condo insurance provides coverage for your condo and personal property in the case of a loss, such as a fire, theft or other covered losses. It can also provide liability coverage in case you accidentally cause damage to someone else’s property or if someone gets injured at your condo. Generally, condo associations only insure the building and common areas, leaving you responsible for your property.
Manufactured home insurance
Manufactured home insurance provides coverage for your home and other personal property in the case of a covered loss. Your policy may vary depending on if you have a manufactured or modular home so it’s important to verify your coverage suits your needs.
Farm and ranch insurance
Farm and ranch insurance provides coverage your dwelling and your household personal property like clothes, furniture, and appliances in your home. Your insurance can also cover farm buildings and farm personal property (such as farm machinery, grain, livestock and farm tools) that you use in your farming operations. You may want to explore the options of scheduled or blanket coverage for your farm personal property.
Flood insurance
Flood insurance provides coverage for your home and other personal property in the event it gets damaged due to a flood. If you’re a homeowner, you may want to prepare for a flood and consider getting flood insurance since many homeowners insurance policies don’t cover damages caused by flooding. Even if you live in a moderate-to-low risk area, it can still be beneficial as those areas account for about 40% of all flood claims.
Earthquake insurance
Earthquake insurance provides coverage for your home and personal property in the case of an earthquake. This type of coverage is usually excluded in a homeowners or renters policy but can be added through the purchase of an earthquake endorsement or a separate earthquake policy.
Vehicle insurance
Car insurance
Car insurance provides coverage for your car if it gets damaged due to an event covered by your policy. It may cover things like an accident that involves another car, person, or even a thing. Car insurance can help protect you if you cause an accident. It may also help cover medical bills for you and your passengers if injured in an accident or if you’re hit by another driver who is either uninsured or underinsured. Car insurance may also provide you coverage for damage to property, theft, fire, vandalism and more so it’s important to choose your coverages well and review what your specific state requires.
Motorcycle insurance
Motorcycle insurance provides coverage for your motorcycle, damage to property, injuries, theft, fire, vandalism and more. Learn more about coverage options and how your motorcycle premium is determined.
RV insurance
RV insurance provides coverage for motorhomes, fifth wheels, toy haulers, travel trailers and camper trailers. Your policy can cover damage to property, injuries, theft, fire, vandalism and more. There are a few things to know when purchasing an RV.
Off-road vehicle insurance
Off-road vehicle insurance provides coverage for off-road vehicles (including snowmobiles, golf carts and trail bikes, etc.), damage to property, injuries, theft, fire, vandalism and more. Along with proper coverage for your all-terrain vehicle (ATV), UTV or Side-by-Side, it’s important to follow ATV safety tips for a more safe and smooth ride. Depending on your state, your off road vehicle may need to be registered and titled. Check with your state’s Bureau of Motor Vehicle/Department of Motor Vehicle.
Boat insurance
Boat insurance provides coverage for your boat, motor, trailer and boat equipment for loss caused by sinking, theft, fire, storms, collision and more. There is also liability coverage if your boat causes injury to others or damage to other boats.
Personal insurance
Life insurance
Life insurance provides financial protection for your beneficiaries in the unfortunate event you pass. There are many options to choose from such as time frames (ranging from 10 years to end of life) and coverage amounts, just to name a few.
Health insurance
Health insurance provides financial protection to help pay for costs associated with medical expenses. Health insurance can be complex, so it’s important to know what it means and the coverage you have. With the rising costs of health care and prescriptions, health insurance can help protect you from incurring debilitating bills as a result of a serious accident or illness.
Disability insurance
Disability insurance helps provide many types of financial protection from an unexpected loss of income. The many benefits of disability insurance help you pay for things such as a mortgage, rent, a car loan and other regular living expense in case you become disabled and are unable to work.
Pet insurance
Trupanion® pet insurance provides coverage that can help lessen the financial burden when it comes to medical care for your pet. Pet insurance can cover your pet for the long-term, as it often includes tests, surgeries and the treatment of breed-specific conditions.
Identity restoration insurance
Identity restoration insurance provides coverage for things such as identity theft, computer attacks, cyber extortion and fraud, to name a few. Check out some tips on how to help prevent identity theft.
Personal liability umbrella insurance
Personal liability umbrella insurance provides coverage for situations that exceed the limits of liability covered by an underlying policy such as car insurance, homeowners insurance or boat insurance. Legal liability can be the largest financial burden most individuals have. Umbrella insurance is meant to provide larger amounts of coverage for things included in the underlying policies and broader ranges of coverage for things not included in the underlying policies such as defamation of character, libel and slander.
Personal articles insurance
Personal articles insurance provides coverage to repair or replace valuable items like a baseball card collection, camera equipment, fine art and jewelry, to name a few. Protection is usually broader than homeowners or renters insurance since those policies may have special dollar limits or only provide coverage for certain causes of loss.
Business insurance
Business insurance policies provide property and liability coverage for business owners. Different policies include Business Owners Policies (BOP), workers’ compensation, commercial auto insurance, inland marine insurance and commercial liability umbrella policies.
Want to know more?
For more information or to get a quote, give us a few details and a State Farm® agent will reach out to you.
Pet insurance products are underwritten in the United States by American Pet Insurance Company and ZPIC Insurance Company, 6100-4th Ave. S, Seattle, WA 98108. Administered by Trupanion Managers USA, Inc. (CA license No. 0G22803, NPN 9588590). Terms and conditions apply, see full policy on Trupanion's website for details.
Neither State Farm® nor its agents provide tax or legal advice.
The information in this article was obtained from various sources not associated with State Farm® (including State Farm Mutual Automobile Insurance Company and its subsidiaries and affiliates). While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. State Farm is not responsible for, and does not endorse or approve, either implicitly or explicitly, the content of any third party sites that might be hyperlinked from this page. The information is not intended to replace manuals, instructions or information provided by a manufacturer or the advice of a qualified professional, or to affect coverage under any applicable insurance policy. These suggestions are not a complete list of every loss control measure. State Farm makes no guarantees of results from use of this information.
