Insurance is a method risk management by lowering the risk involved. Insurance can easily be described as an invaluable means of protecting your best interest. Without insurance, the loss of something you value will never be recovered as you stand losing something that is very important to you. If insurance is somehow gotten for that matter you value, should the item, matter, structure, or concept you insured will somehow get lost or damaged, then your insurer will compensate you for the loss and provide you with claims. The total value of your claim will correspond accordingly with the insurance policy you have purchased.
One can never really dismiss the overall value and importance of insurance. Those who have never experienced getting compensated from loss or damage with claims will never really comprehend the true value and protection that insurance can provide. People who do not give insurance importance may end up on the losing side someday. After all, you cannot always or forever claim that you will be free from loss or damage, or be the one responsible for damage or injury.
If you do not have insurance, should any incident happen, you will need to shoulder all the expenses involving damages, loss, or injury. The bills that may arise from such can greatly vary with the possibility of financially-draining settlement, repair or medical bills payment, or compensation for the damages and inconveniences you have incurred. On the other hand, if you have invested on insurance, you may not need to shoulder any of the expenses that are covered by your insurance policy. This is just how beneficial insurance can be.
Now, if you were to ask how important insurance is? The answer to this simple yet complex question is, a very resounding, enthusiastic, and convicted, yes! The thing is that there is no other type of protection you can get for the things you value other than from insurance. Sure, you can keep your money in a bank so as to prevent any loss; but what about your home, your business, your profession, your health, and the other things you value. These cannot be kept on a bank so your only means of financially protecting yourself from risk of loss is by getting insurance. Since insurance is not something that is forced on many occasions, it is therefore up to you to protect and insure that things that you value.