By Beth Kobliner, REDBOOK
Health insurance? No duh. But do you really need to spring for coverage on six weeks at "Camp Wigwam"?
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BUY:
1. Renters insurance. It's a steal at roughly $25 a month, compared with the average $40,000 it would cost to replace everything if your home burned down. Visit netquote.com for rates.
2. Pet insurance. Dog owners spend a whopping average of $655 a year on vet visits. If your pet is healthy, you can find quality plans for as low as $10 a month. Start your research at embracepetinsurance.com.
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3. Travel insurance, when you're spending big. If the whole fam is headed on a European tour, insure the cost of your flights, hotels, and any nonrefundable activities. It'll cost 4 to 8 percent of the trip's total price and will be a lifesaver if you have to cancel. Check out insuremytrip.com.
SKIP:
1. Camp or college tuition insurance. Companies such as GradGuard or youth-studentplans.com charge around 2 to 7 percent of attendance fees so you can get a refund on tuition if your child gets injured or sick (but homesick doesn't count) or a parent dies, all of which are highly unlikely.
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2. Smartphone insurance. For coverage including damage, loss, and theft, you'll pay up to $150 a year, plus a deductible. At that rate, you've almost replaced your phone!
REDBOOK's money expert, Beth Kobliner, is the author of Get a Financial Life and is on the President's Advisory Council on Financial Capability.
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Permissions: Reprinted with permission of Hearst Communications, Inc.
