Protect your valued possessions
Insuring anything other than human life is referred to as general insurance and covers property such as your home, your business and belongings against fire and theft, or vehicles against accidental damage or theft. Personal liability as a result of any accident can also be insured and this type of insurance is compulsory in some cases.
Property or Building Insurance
If you have a mortgage you will almost always have to ensure the property as one of the conditions of the mortgage loan. Some of the things to consider with this type of insurance are:
- The rebuilding cost – it should be index linked to the cost of rebuilding every year
- Accidental damage – to cover unforeseen accidents in the home, such as putting a foot through the loft floor, a water leakage from the washing machine or damage caused by burglary.
- An ‘Act of God’, which includes things like lightening, or a flood, but these clauses need to be checked thoroughly as they are sometimes omitted.
Contents insurance covers the contents of your home and pays out in the event of loss of valuable possessions, which you may not be able to afford to replace without insurance. There are many pitfalls and exclusions to watch out for when securing this type of insurance. One of the most common issues to clarify is accidental damage to your possessions, a classic example of which is spilling paint onto the floor/carpet, or dropping the television when moving it.
Car insurance is normally required in any country in which you own and drive a car. Each country’s government will usually stipulate car insurance in order to register your vehicle. Be aware that some countries offer minimal types of car insurance such as for a ‘third party’ only, so reading the small print is essential. If you are not comfortable with the level of cover on offer then consider comprehensive car insurance for maximum protection.
Travel Insurance is a must when either going on holiday or a business trip. There are many permutations so it is important that you find the right type and one that meets your needs exactly. It is imperative that you make sure you are covered not only for where you are going, but also for what you are doing while away. Understanding the terms and conditions will ensure you have everything you need to covered and a qualified adviser can assist is this. We all need to be prepared for the unexpected - volcanic ash, civil commotion, political unrest…