Types Of Insurance In The US

Morning all!

Yesterday we published the U.S guide to types of insurance.
Covering health, car, life, home, travel, pet and renters insurance.
You can read the blog post here!

Or you can read the UK version here :point_down:

If you had to rank each of these types of insurance in order of priority, which order would you put them in? Most important first…

I compared the UK & US posts as I was curious. The US has mobile phone insurance and Income Protection Insurance as well (Aflac is big brand here).

Side note: mobile phone insurance is a scam. One should buy their phone outright and have enough in savings to self-insure such that they can replace their mobile phone on their own. If you can’t afford to replace your phone yourself, you need to buy a cheaper phone and live within one’s means.

Another side note for the US: There is no such thing as a “free phone”. Anything “free” is built into the monthly contract fees - and the proof is that one can get a contract for half the cost in most cases when they bring their own phone. US$20 when you bring your own phone vs. US$40 or more for “free” phones.

Haha I think this one depends on the individual person… I don’t personally take out phone insurance, but if you know you are particularly clumsy, or if you have a really bad track record with looking after your phone, then spending a small sum of money each month makes sense?

Get a really tough and/or waterproof case and a tether for your phone to a leash if need be? To each their own, as you say.

But here in the US it is still not a good deal. It typically has a $100 deductable and only covers 1 phone replacement per year. So that’s $100 plus $60/year to $120/year (cheaper phones are typically $5 per month to ensure and more expensive phones are $10 or even more per month to insure) to cover 1 phone/year replacement, and the replacement phone will be used, not new. I guess that could be a good deal for some, but I can get used replacement phones for that cost. For each year a phone survives, that’s another $160 to $220 saved (and as I only buy new phones every 2 years, that pays for my brand new $300 phone).