Insurance - Do I really need it ?
Renter’s Insurance
This is a low cost insurance, suited to people who rent or are in share accommodation. Renter’s insurance generally covers you for the two most common events for which you may need contents insurance protection: fire and theft. This insurance is designed to make sure that you are not paying for features you may not need as a renter or in share accommodation. It’s no frills but covers the basics.
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Home Insurance
If you need to read this section, then well done on owning a property. So now you have one, and unless you’re seriously rich, it is highly likely to be your most valuable financial asset.
Home insurance is a type of property insurance that covers private homes. It is a policy which provides protection against things like:
- Storm and flooding
- Burst pipe, leaks and overflows
- Fire and lightning
- Theft and damaged caused by thieves
- Vandalism and malicious damage
- Earthquake and tsunami
- Animal damage
With home insurance, many people can find themselves under insured. This means that in the event of a fire, or burglary, you will not be fully compensated for your losses. If you are a young home owner, then it’s recommended that you have complete replacement cover, so you won’t have to worry about whether your insured sum is enough. Home insurance can cover the cost of repairing or rebuilding your home, often not at an estimated value but it depends on your level of cover or insurance company of choice.
However, unless you are a young home owner, it’s likely that you won’t have to worry about home insurance for at least another few years.
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Conclusion
Insurance is necessary when you have something of value to protect. That can be you, your laptop that carries all your lecture notes or your pride and joy first car. Accept it as a part of life and just like getting career advice to make an informed career choice, make sure you gather and chase down all the information to make an informed insurance choice.
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