What is Insurance and Why Do I Need It?

This week we’re starting a new series about insurance: how it works, the important types you should consider, and how much you need (or don’t need). We know, insurance isn’t the most exciting topic in the world but it can be really important (and expensive) so stick with us, we’ll keep it short.

Insurance is essentially an agreement from a company to compensate you financially in case of some specific event or loss. You can buy insurance for just about anything. But do we really need it for everything? Probably not. It’s a balance of weighing the potential financial loss if uninsured to the cost of the insurance premiums you have to pay. We’ve got a short explainer here on the basics of insurance and what you need to know. In the next few weeks we’ll cover the more common types of insurance in more detail.