There are so many different types of insurance out there that there’s a good chance you’ve considered taking out a policy or two.
But is insurance worth it?
You’ll always get someone arguing that you could put the premium away in a savings account each month and have more than enough to cover whatever claims you eventually make down the line. But is this really the case?
Well, perhaps it could be if you are only covering low value goods. But you never know when disaster might strike and you could find yourself on the receiving end of a large bill to replace or repair whatever it may be that you’ve insured. When it comes down to it, taking out insurance is almost always a good idea. Let’s take a moment to take a further look into what insurance actually is and a few different policies you might want to consider!
What Is Insurance?
Insurance is a policy that can help to protect you against risks. You will take out an agreement with an insurance provider. You will agree to pay a set monthly premium and in return they guarantee that they will repair, replace, or offer some sort of monetary pay out for whatever it is that you may have insured with them should something bad happen to it. This means that if something does go wrong, you won’t have to pay the full price to put it right or make things better.
Choosing the Right Insurance
When you take out insurance, it’s important that you don’t simply take out a policy with the first provider you come across. Instead, you need to scour the market for the best deal. Generally speaking, you will achieve this most easily if you make use of a comparison site. This will compare numerous providers and let you know which policies are cheapest. If you are set on taking a policy out with a favoured or preferred provider, you can always ask them to price match a lower offer you’ve seen. They may do this to secure your custom.
Car Insurance
Certain types of insurance are a legal essential. If you want to drive a car, you legally have to have car insurance before taking to public roads. This is because when you drive a car, you are constantly in a situation where you could damage someone else’s property as well as your own. If you are in a car incident, you can damage someone else’s car or property at the same time as damaging your own. Having car insurance means that the other party can make a claim that your insurance provider will pay out for if you damage something of theirs.
Home Insurance
Home insurance isn’t always a legal necessity, but it is something that you should seriously consider. There are various different policies out there for different types of homes, so make sure you know what you’re looking for first. If you are renting a property and don’t own it, you don’t really need to have home insurance. Your landlord should take care of this. Instead, you should look at contents insurance, which covers the contents of your home – the things that belong to you. If you live in a condominium, you may need specialist condo master insurance. This will be taken out and shared by everyone in the condo complex. If you live in a protected or listed building, you may also need specialist insurance. When taking out a policy, try to protect your home against as many potential problems as possible. Some policies will cover specific things (such as flooding or natural disaster), while others won’t. If you want to cut the cost of your premium, make sure to be logical and reasonable. If you live in an area that’s prone to flooding, you might not want to cut parts of your policy that protect your home against water damage.
Pet Insurance
Pet insurance, again, isn’t a legal requirement. But it’s something that every pet owner should take out. Veterinary bills can skyrocket, even for the most seemingly small procedures or short-term medication. When you have a pet, they become a part of the family and you also take on full responsibility for their health, happiness, and overall well being. You need to provide them with the best that you can. You also don’t want to find yourself in a situation where you are having to take out loans or dig into debt in order to be able to provide your pet with the care
that they need following an unexpected illness or accident. If you don’t have insurance and are unable to get together the funds to cover treatment or medicine, you may find yourself in the difficult situation of deciding to give your pet up for adoption to someone who can afford the treatment, or even having to put your pet to sleep.
Travel Insurance
Travel insurance can cover so much more than your belongings while you are away. It’s really is a must if you’re heading away on a trip – mainly because it can cover medical costs if you were to injure yourself or become ill overseas.
Phone Insurance
Phones aren’t the most expensive thing you are likely to have. But repairs and replacements can still be an expensive purchase. The price of smartphones is constantly on the rise and they seem to be simultaneously getting more and more fragile. You can invest in a high-quality case, which will help to protect your phone if it is dropped. But you can never guarantee you won’t run into problems.
So, consider taking out phone insurance against loss, damage, and theft. This is particularly pertinent if you are still paying off the cost of your phone on a contract. You don’t want to lose or break your phone, only to have to keep paying for it for the rest of the duration of your contract!
As you can see, taking out insurance is generally a good idea and for the best in the long run. Try not to count on good luck. Back yourself up as best possible!
You must log in to post a comment.