Why is insurance important and what can you protect?
Insurance is all about managing risk. Some insurance is compulsory, for example, automobile insurance for drivers. You might need other insurance as a condition of contract, like homeowners insurance if you have a mortgage on your home. Most other insurance types are a matter of choice, and involve you prioritizing what's most important, within the budget you have available.
Protecting the things you love:
Protecting the people you love:
It may also be worth prioritizing the risks that you'd find hardest to cover yourself. For example, most people would not be able to replace all their belongings after a serious fire.
For other, smaller risks, it might be worth considering putting regular savings aside in an emergency savings fund, rather than taking out insurance.
HSBC has partnered with Everfi to create a series of modules on a variety of topics, including Savings, Banking, Credit Cards & Interest Rates, Credit Scores, Financing Higher Education, Renting vs. Owning, Taxes and Insurance, Consumer Protection, and Investing, giving you the tools to better manage your financial future. We hope these interactive digital modules can support your choices.
Additionally, HSBC has created the YourMoneyCounts financial wellness program which is presented by HSBC staff to the community in a classroom setting. Participant workbooks covering Budgeting, Credit, and Identity Theft and a budgeting worksheet are found through the YourMoneyCount link above. This program was created in partnership with the national nonprofit Greenpath Financial Wellness, and they provide free individualized support focused on your personal situation and financial wellness.