It's alarming to know that statistics from the US Census Bureau showed almost 9 percent of Americans have no medical coverage. Healthcare is one of the many critical areas in our lives that require protection.

We also need insurance to safeguard our income, home, and car, among other things. If you're in business, there are risks you need to cover as well. You might face severe financial problems if something happens and you don't have any support.

So, why are so many people averse to owning coverage? 

It could be due to a lack of awareness of what insurance is and does. Maybe people think that mishaps can't happen in their lives. 

Also, premiums could be so expensive that many citizens can't afford them. To get better quotes, you should consult an expert. According to an insurance broker in scarborough, a professional who studies your needs can match you with an affordable policy.

If you fall into either of the first two groups, here are reasons why owning a policy will benefit you in case of an unexpected event.

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Prevent Financial Loss

We live in a time when everything's expensive. Unfortunately, no matter what we do to stay afloat, we can't avoid mishaps.

Something unexpected can happen to your property, causing damage. You'll end up spending your hard-earned money to restore your asset to its original state. In the worst case, you may have to resort to borrowing and you'll lose a lot of money paying interest charges. 

However, if you have insurance, your insurer will compensate you for the expenses you incur, up to the agreed sum in your policy. 

On your part, all you need to do is pay a yearly premium, which is a fraction of the coverage amount. You can break it up into monthly payments.

If you don't have coverage, you'll bear the total cost resulting from the unfortunate incident.

Get the Best Medical Care

With healthcare costs skyrocketing, it's getting more difficult, if not impossible, to get proper medical care if you don't have insurance.

An Associate Professor of Public Health at Columbia University said in an interview that people with no health insurance could lose everything because of illness.

However, if you have sufficient coverage, you can afford the best treatments for your condition. Today, advanced therapies and surgeries can treat serious illnesses, but they're costly.

Not many people realize this, but some policies will enable you to get regular check-ups. These examinations are vital because early detection can prevent future problems.

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Provide for Your Dependents

It's grim, but death can derail the plans you have for your family. If you're the breadwinner, your untimely demise can deprive your loved ones of the life you want for them.

If you have adequate insurance, your spouse and kids can maintain their current lifestyle for many years from your policy's proceeds.

Your cover can also protect your finances if you become disabled. 

Final Word

As you've seen, life is full of risks, and insurance is one way of minimizing the financial impact of such unwanted events.

When you compare the amount you have to pay with the total cost in the event of a problem, you'll realize that it's a small price to transfer the risk to your insurer and to give yourself peace of mind.