With many people struggling to simply pay their bills and make ends meet, it’s easy to see why so many people are uninsured. Most people aren’t uninsured because they don’t believe they need it, but simply because they can’t afford to pay huge premiums each month.
And then there are the people who are simply uneducated or new to the world of insurance. There’s a common belief that “it’ll never happen to me”, but no one expects a disaster to happen, they simply come out of nowhere. If you don’t have insurance and your house goes up in flames, you’ll lose your home and financial security for your family. Here are a few of the most common types of insurance and why you need them:
House Insurance
When you buy a home, it’s likely that this insurance is mandatory if you want the bank to give you a mortgage. However, even if you don’t need it in order to purchase property, house insurance is a must so that you’re protected in case of fire, flood, earthquake, vandalism and more. Investment properties also need to be insured so that you’re covered in case you have the tenants from hell, the property is broken into, or falls victim to a disaster. You can potentially bring down your premiums if you make your property secure. For instance, adding alarm systems (you can read more about this over at verisure.co.uk) or security cameras, can deter intruders which can help keep your property safe and show insurance companies that you are taking the necessary steps to be careful and protective.
Life Insurance
If you have a family, the last thing you want is for them to be worried about how they’ll afford your funeral if you pass away. And while they’re mourning you, they’re likely to need some financial help to get them through. Life insurance can be used to pay off the mortgage, send your kids through school, or simply make life easier for your family if you die. Sure, it can seem morbid to think about, but knowing that your family will be financially secure if the worst happens to you will give you and your spouse peace of mind.
Car Insurance
You may be the safest driver in town, but unfortunately you can’t predict everyone else on the road, and could easily be hit by a learner driver, drunk driver, or even someone texting on their phone. And while we’d like to think that this person will be paying for your car to be fixed, hit and runs are unfortunately a fact of life.
Car insurance will cover you in the event of an accident, if your car is broken into, or if it’s vandalised while parked. Once you have car insurance you’ll also be covered in the event that you hit someone else and write-off their brand new Mercedes.
Now that we’ve established that insurance is a must, you’re probably wondering just where you can find a company that will cover you without costing you an arm and a leg. Head to Compare the Market which compares the top insurance companies in Australia, allowing you to input your data and see which best fits in with your needs and budget.
