“While insurance isn’t a glamorous topic, insurance protects us financially from a whole slew of risks,” Stroh said. “The good news is that choosing the correct insurance can be fairly simple once you understand the categories of coverage and find the best way to maximize the premiums you pay for that coverage.”

Stroh provided the following suggestions for understanding five key types of insurance coverage:

1.     Auto insurance: In most states, the law requires auto insurance to protect drivers, vehicles and property or people who could be injured in an accident. For the best rates, it often helps to insure car and home through the same company. Agents can advise on how to become a safer driver and also qualify for discounts, such as drivers age 55 and older taking safety refresher courses or young drivers enrolling in specific safety courses.

2.     Home insurance: Mortgages require property coverage that would replace a structure damaged by fire, burglary or other eventualities. Insurance agents will ask about risk factors, which range from roofing types to owning a dog. Additional coverage, called a “rider,” insures possessions above standard coverage limits – such as heirloom jewelry, collections or artworks. Some policies or riders also cover business equipment in a home office. Renters’ insurance covers personal property in a rented home. Condo and townhome owners should insure personal property as well as anything the association policy does not cover.

3.     Life insurance: Life insurance usually comes to mind when a baby is born. Some people purchase enough insurance to eliminate all household debt and pay for children’s educations in the event of a parent’s death. Others plan to replace their annual income for a few years to support a widowed spouse’s adjustment. “It also can be wise to consider carrying life insurance policies in the amount of funeral costs for your children if you could not pay those expenses,” Stroh suggested.

4.     Umbrella coverage: Increasingly, private individuals are being sued. Court awards often exceed home or auto coverage limits (which usually total around $300,000). Thus, the “personal umbrella” policy has become popular as a means of covering greater liability. Those who run the risk of a lawsuit (even from driving a children’s carpool or owning a swimming pool that neighbors visit) should consider an umbrella policy, Stroh suggested. “Million-dollar coverage costs a few dollars a month,” he says.

5.     Disability coverage: Many full-time jobs offer disability coverage; employees should check into their individual situation. “If your savings couldn’t support your family for a few months or years in the event you became unable to work, consider buying additional disability insurance,” said Stroh.

For more details about all types of insurance, visit a resource such as http://www.bills.com/insurance/. “Do review your coverage in these areas every year,” Stroh said. “Then, you can be sure you are covered for the unexpected -- and that’s anything but a yawn.”

Based in San Mateo, Calif., Bills.com is a free one-stop online portal where consumers can educate themselves about complex personal finance issues and save money by choosing the best-value products and services. Since 2002, Bills.com’s partner company, Freedom Financial Network, has provided consumer debt resolution services, serving more than 10,000 customers nationwide and managing more than $250 million in consumer debt. The company’s co-founders and CEOs, Andrew Housser and Brad Stroh, were recently named Northern California finalists in Ernst & Young’s 2006 Entrepreneur of the Year Awards.