-Selecting the right insurance is crucial to protecting yourself and your family from financial fallout. There are four types of insurance that most financial experts recommend and Rick Torres, an insurance agent with Solvang’s RW Torres Insurance Agency, Inc., has summarized the leading types and the reasons why they are important.

The four basic types of insurance most often recommended are:

• Life insurance.
• Health insurance.
• Long-term disability insurance.
• Auto and other vehicle insurance.

In addition, homeowners, renters, and business owners and their families are going to benefit from:

• Homeowners insurance.
• Renters insurance.
• Farm and ranch insurance.
• Business insurance.

Insurance is an important financial tool for managing a financial future and it is also a safety net, reducing individuals’ and families’ exposure to risk. Insurance can provide for a families future in many ways such as income in the event of a parent’s death, money for college, paying for all or a large portion of liability costs in the event of an injury or death on your property or involving your vehicle. “Insurance has a wide, protective reach,” says Rick Torres, the Solvang insurance agent. “Insurance agents are here to help people get the coverage they need to protect their futures.”

The benefits that the right insurance policies provide for individuals and families include:

• Life insurance can provide financial support in the event a parent or an insured family member dies. The financial support can include burial expenses, living expenses, and other future expenses such as college education.
• Health insurance can protect you from catastrophic bills in case of a serious accident or illness, and it can be obtained through your employer, the federal health insurance marketplace, or a private insurance company such as State Farm. Getting some solid health insurance advice from an insurance agent helps choose the best healthcare coverage.
• Long-term disability insurance can help if an injury means loss of work and income, and it is important to consider a policy that guarantees income replacement.
• Auto insurance is mandatory in almost all states and has different coverage options, including liability coverage, comprehensive and collision coverage, and uninsured/underinsured motorist (UM) coverage. In addition to insuring the family car, RVs, boats, motorcycles, and other vehicles also need to be insured. Vehicle insurance protects against liability in the event of accidents, helps pay for a new vehicle in the event of a total loss, and more.
• Homeowners and renter’s insurance pay for replacing personal property under certain circumstances. Both kinds of insurance also protect against liability in the event a visitor is injured. Homeowners insurance also protects the physical home in pays out for loss or damage under most circumstances.
• Farm and ranch insurance is somewhat like homeowner’s insurance in that it protects the home in the event of loss or damage, but it also protects other property that a traditional homeowner’s policy doesn’t, such as farm equipment, farm buildings, livestock, and crops.
• Business insurance protects the business partners and the insured’s family in the event the insured is injured or dies. Business liability insurance also protects the business and business partners from liability.

When selecting insurance, it is important to consider personal specific circumstances, such as children, age, lifestyle, current income, future income, the value of real estate and other holdings, health, and more. The best way to get a complete evaluation of property values and liability risk is to sit down with an agent, like the Solvang insurance agent, for a full assessment.

Rick Torres has been meeting the insurance needs of Central Coast communities since 2007. The RW Torres Insurance Agency is a Green Business Santa Ynez Valley Association of Realtors Affiliate and a member of the Solvang and Buellton Chamber of Commerce. Personally, Torres is a lifelong Santa Barbara County resident and is an active volunteer for a number of community organizations.