Andrea D

Insurance by definition is a guarantee provided by an agency or institution, whether private or public, which provides compensation in the event of a loss.  This loss might be financial, material, or physical.  There are a wide variety of different insurances depending of the specific needs, these include but are not limited to:  life, health, house, car, renters, liability, disability, fire, flood, catastrophe, etc. to mention a few.    Planning financially for the future must include having the right insurance, this will guarantee a more secure financial future as well as providing peace of mind.

As a student, I want to be wise in my decisions and at this stage my life I believe that health, car, and life insurance are imperative for my immediate security.  In reality nobody plans to get sick or to be in a car accident but in an instant life can take a turn and I could find myself in a hospital, be diagnosed with a chronic disease, or be involved in a serious car accident.  Without the proper preparation and planning which involves the right insurance I could not only be financially ruined but my health and life can be in jeopardy.  I have unfortunately heard of cases in which not having health insurance has prevented patients from getting the right treatment and obtaining the proper medications.  This is so sad and worrying.  I understand that the right to have proper health care and to be treated with dignity is a basic human right, but it all comes with a cost.  Many institutions will not accept patients on the basis of lack of proper health insurance, otherwise the patient has to incur in astronomical financial burdens which will follow the patient for the rest of his life. This is one of the reasons that I am interested in the field of law.  As an attorney, I want to be involved in the rights of patients to obtain proper medical treatment, as well as proper medical coverage for their needs. Many of the health insurances available incur a sky-high premium, with soaring deductibles which are almost impossible to meet by the lower and middle class working population. There has to be a way in which the whole population has better access to affordable health care.

Further down the line when I become a home owner the proper home insurance is imperative for the maintenance and security of the house hold.  Recently my family went through an experience that luckily was not financially tragic due to my parent’s proper preparation.  We live in a two-story single family home in the state of Florida. Our house is located on a lake front property therefore is more susceptible to water damage in the event of excessive rain.  We are also in a very hot environment which occasionally causes structural problems.  One day my dad went into the guest room located in the bottom floor and he smelled a “weird” musty odor which after inspecting the room properly it turned out to be severe water damage on the far wall.  There was water everywhere, the carpet, the walls, furniture, in fact there was mold all over the wall.  This is a room that is not frequented much so we had no idea how long the water had been present.  My dad inspected the other side of the wall which is located on the garage side and sure enough there was water damage all over that side as well.  After calling an inspector, and all of the proper agencies, it turned out to be a burst water pipe on the second level which had been leaking for quite some time.  Thankfully with the proper home insurance the out of pocket expense to my parents was a $500.00 deductible instead of the $25,000 that cost for the whole repairs, rebuilding, and painting.  This would have been financially devastating for my parents, and for my college fund!

Natural disasters such as hurricanes, fire, tornadoes, etc.  are also causes of horrible damages that most people do not anticipate.  Living in the state of Florida these are facts that we live with.  Therefore, it is important to do the research to find out what additional types of insurances are necessary to be covered in the event of aby of these occurrences.  In my opinion it is better to be over prepared that underprepared. It is enough to go through the disaster but it is more tragic to not be able to recover losses due to the lack of proper insurance.

Insurance I my opinion ensures financial peace of mind for individuals, it protects businesses, it allows individuals to have access to better health care, and it protects us against unexpected life altering catastrophes.  Therefore it is wise and imperative to properly plan and do a careful examination of our possible needs to be prepared for any of these unexpected but possible situations.

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