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Five Insurance Must Have’s –
Insurance is a profitable business, and so fending off unwanted insurance sales tactics has become part of everyday life. However, protecting the things that are important to you is important, and some things can be very expensive to replace. So what types of insurance are actually worthwhile investing in? Read on to find out.
Obviously, life is irreplaceable, but if you have dependents then life insurance will at least give you the reassurance that money will not be an issue. A life insurance policy will normally cover clearing any mortgage and debts, as well as providing a nest egg for the family to draw on. There are two main types of life insurance – whole of life, which pays out when you die, or policies that cover you only for a certain period, known as ‘term’ insurance. This is generally the cheapest and most popular option. You should always make sure you have a level of cover that’s enough for your family’s needs.
This insurance is non-negotiable. If you drive a car, you must be covered by law. To find the cheapest deals always do the following:
Shop around for the best deal using comparison website
Don’t modify your vehicle and always check the insurance bracket for any car you’re considering buying
Keep your car in a garage or on a driveway
Choose a third party only policy – this is often cheaper
Opt to increase your excess amount
If you’re young, take an extra driving qualification such as pass plus
Phones are increasingly expensive to replace as they have become more sophisticated and of higher value, so insuring your phone can save you massive amounts of money on replacement or repair. Always shop around, and try and avoid taking out mobile insurance with your network provider as this is often the most expensive option.
Buildings insurance is normally non-optional – under mortgage regulations, your bank will usually insist your home is insured. However if you do have a choice, failing to insure your home can be extremely costly. Buildings insurance normally covers you for the following:
Floods or other natural events
Internal Water Damage
You can opt for a bedroom rated policy calculated on the number of rooms you have, or a sum-insured policy based on how much cover you think you need. Always get quotes first.
This covers you for the possessions within your home, but not for the actual structure of your home. Fire, theft or flood is normally standard, but you can also choose to add extra levels of cover – for example, personal possessions insurance to cover your possessions outside of the home also (camera’s or phones). Accidental damage cover is also usually optional. To keep costs down, opt for an indemnity policy which does not replace goods at the value you paid for them, but at their current value. Alternatively, a new for old policy will replace goods with a brand new equivalent at the price you paid.
Wendy Lin is a successful female entrepreneur who specializes in guest blogging. She enjoys traveling with her ever-growing family and dogs. When she’s outside, she’s almost definitely painting watercolor.