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Insurance is needed in order to help the insured recoup from losses. Suffice it to say, insurance has always been a part of life, it’s just that people did not recognize it. It is important to have insurance for one’s vehicle, house, contents of buildings, etc. so that in case of loss it can be replaced. People normally insure their stuff against theft, fire, burglary, water damage, natural disasters, and accidents. The insurance company will fully replace anything lost if it was comprehensively insured. Third party insurance only gives you back a small fraction of the cost. In either case, at least you would be getting something back.
