There are many different insurance policies out there and it can be tough to know what you need. Some insurances really aren’t required and are in fact probably already covered by policies you already have in place but I thought I’d share with you the policies we currently have and which every household should have too.
Home Insurance
Whether you own your home (building and contents), rent out a home you own (building) or rent a home (contents), you should have home insurance of some description.
Buildings insurance is generally a condition of any mortgage and covers structural damage to your home whereas contents covers the possessions contained within the property. You can even cover items that you do take out of your home on your home contents policy such as a mobile phone, laptop, golf clubs or even an engagement ring as they are items you use or store both in and out of the home.
When you buy a new device, you will often be offered insurance from the sales team. Whilst it can be tempting, you will usually find your device would be covered on your contents insurance so there is no need to waste money on an extra policy that you really don’t need.
Don’t forget to check these 5 things your household insurance probably won’t cover…
Car Insurance
If you are a driver, you need this. If there are no drivers or car owners, then you won’t need this but this is a requirement of any car owner to drive on the roads. There are different types you can have so make sure you get the type best suited to you – fully comprehensive is preferable however.
Life Insurance
It always baffles me when people don’t have this – don’t you want to ensure your family don’t have to struggle after you have gone? If you have any dependants or a partner, this is vital – especially if they rely on your income to pay the bills. The lump sum will help pay for these bills, a funeral. All those things you won’t need to worry about because you’re not here anymore but they will be worrying about!
Pet Insurance
Another thing that you won’t need if you don’t have any pets but this is a must if you have any. We have a Dalmatian puppy and two rats and we pay around £30 a month for them all. We also pay a monthly amount to our vet that goes towards Buddy’s vaccinations, worming tablets etc. Pets can become very expensive very quickly if they require vet treatment so its best to have something in place should the worst happen.
Travel Insurance
Obviously if you don’t travel very often, you don’t need this but we always have travel insurance when going away – especially out of the UK. We often get single use policies but have gone for annual policies in the past. There are so many reasons you might need to claim on your insurance when abroad – from hospital bills to medication to cancelled flights and more. Having a policy in place means you don’t end up out of pocket on something that is more than likely out of your hands.
What insurance policies do you have – do you have anything I haven’t mentioned on this list?
