We all love to save a bit of money when we can, by cutting unnecessary expenses out of our budgets. But while your cable subscription, streaming service, or daily coffees might worthy items for the chopping block, there are other expenses you might want to keep.

Insurance protects you from unexpected expenses. Some types of insurance might seem unnecessary (and can be), but others may be essential for almost anyone. These five types of insurance are staples that you should consider keeping in your budget.

Health insurance. The premiums can seem like a pain, especially since many plans have become more expensive in recent years. But it only takes one accident or illness, and you could rack up more debt than you could ever repay. Plus, access to a health insurance plan could encourage you to seek preventive care that can be life-saving.

If your premiums feel too burdensome for your budget, switching to a lower-premium, high deductible plan might be a smart move. Then you could open a health savings account, and reap valuable tax savings while setting aside money to cover that large deductible.

Homeowners insurance. For many of us, our home is our largest investment. You definitely shouldn’t consider leaving it unprotected! In fact, many mortgage companies require you to carry appropriate homeowners insurance. If you let the policy lapse, they often charge you for a policy that they select (and it’s often more expensive).

Flood insurance. Since homeowners insurance does not cover damages from floods, you might need a separate policy. Investigate whether your home is in a flood zone (although others can occasionally be subject to floods as well).

Auto insurance. Auto insurance isn’t only about covering your own vehicle. If you are found to be the cause of an accident, your liability policy pays a settlement to the injured party. Without auto liability insurance, you could find yourself tied up in court. If a large settlement is ordered, your livelihood, home, or savings could be at risk.

Life insurance. We will all require at least a basic burial someday. And if you have a family, you need more than a basic policy in order to adequately protect them from the unexpected.

And that’s not all… As you approach your retirement years, you might begin thinking about things like long term care insurance or supplemental medical plans. Factor those into your budget as you plan, or otherwise ensure that you have a way to cover those expenses should they arise.

Remember to consult with us if you’re considering any changes to your financial plan, and we will help you review expenses and decide what is necessary.

Advisory services are offered through Capital Appreciation, Inc. dba Asset Protection Group, a Registered Investment Advisor in the State of Florida. Insurance products and services are offered through Insurance Planning Services of Miami, Inc. dba Asset Protection Group, an affiliated company. Asset Protection Group is not affiliated with or endorsed by the Social Security Administration or any government agency.

Whenever you invest, you are at risk of loss of principal as the market does fluctuate. Past performance is not indicative of future results. Purchases are subject to suitability. This requires a review of an investor’s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital.

Asset Protection Group works on a “Best Efforts” basis and does not promise or guarantee any results. Past performance does not represent future results.