Insurance is a necessity of modern life. Face it, there is, as yet, no way to guarantee that nothing bad will ever happen to you or that you will live forever. Oftentimes, though, people forget that simple fact and discover all too late that they did not adequately protect themselves.

The good news is that getting proper insurance coverage does not have to be expensive. Even the most pricey insurance is a pittance compared with the costs that could be incurred if you lack sufficient protection. Below are 10 types of policies that are worth the money:

Life insurance
This is especially important if people count on your salary to pay the bills, whether it's your spouse or your kids. "Many people put off getting life insurance," said Jeanne Heisler, a New Jersey agent. "It's very inexpensive, especially if you are young." Single people may not need the coverage if they have enough money to cover their funeral expenses and pay off their debts.

Homeowner's insurance
Banks require that people get this coverage before they agree to underwrite a mortgage, since it protects homeowners from damages caused on their property to other people. The key for homeowner's insurance is to make sure that there is enough to cover the replacement value of the home, according to the Insurance Information Institute. Personal items such as furniture, sports equipment or clothes are also protected under these policies from "insured disasters" such as a fire or hurricane.

The sight of thousands of homes under water in the aftermath of Katrina was sadly familiar to many Americans. Flooding is a disaster to which few are immune, although many of us delude ourselves otherwise. How safe are you?

The flood season, if there is one, is approaching. Some of our nation's worst floods have come in the late winter, where heavy rains strike ground still saturated and frozen. Ohio, for example, was devastated by such a flood in 1913.

Luckily, there are some tools that make it very easy for you to check your vulnerability. FEMA offers an online map search that will show you the 100-year and 500-year flood plains in your area. Floodsmart.gov, the web site of the National Flood Insurance Program, offers an evaluation of your exposure, as well as a great deal of background about flood expectations and how to insure yourself against this eventuality.

I can guarantee that most of the people you see on the news being plucked by helicopter from the roofs of immersed houses thought it couldn't happen to them. Take a moment to see if you have anything to worry about.