With an Insurance Policy, available for pretty much everything in life, how do you know the policies you absolutely should have and the ones that are nice to have rather than must have? Let’s look at the different areas of your life to find out a bit more:
House Insurance
If you own a property, then you absolutely should have buildings and contents insurance. In fact, you will struggle to get any type of mortgage without buildings insurance. These basic policies protect you against any major disasters happening within the home, such as a bad leak that brings the ceiling down or a burglary where your personal items are taken.
If you rent, then you should still invest in contents insurance, there are policies specifically available that are targeted at those renting.
If you have items that are particularly valuable such as a piece of jewellery, a watch, artwork or antique furniture then you may wish to consider separate insurance just for that piece as contents insurance will often have a maximum amount that you will be covered for, it also makes it easier to claim as you will have had to prove its value before insuring in the first place.
Car Insurance
Legally you must have at least the basic level of car insurance. This is to not only protect you and your car against damage, but also if you damage another vehicle, property or god forbid person. If you are caught driving a car without adequate insurance, then you could receive a fixed penalty from the police of £300. If it goes to court, then the fine is unlimited.
Accident and Critical Illness Cover
Whilst not compulsory, this is a common insurance. It basically protects you in the event that you are in an accident or have an illness that means you cannot work. It’s often taken out at the same time as a Mortgage is and can help give you peace of mind so that should the worst happen you can still adhere to your financial obligations.
Travel Insurance
Going on holiday? Then you need travel insurance to cover any medical expenses that you may incur whilst abroad. There are different types of cover available depending on what you are doing, if you are partaking in what might be deemed an extreme sport, then standard travel insurance will not usually be sufficient. The same is true should you be taking part in organised sport, in fact for some events they won’t let you participate without it, so check before you go.
Many opt for an annual policy which is ideal for frequent travellers and families and this takes the hassle out of having to find insurance every time you go abroad.
Health Insurance
Ever popular health insurance can provide care quickly and this is something that is of concern to many people who have had experience of struggling to get appointments and long waiting lists. Many even offer a free online GP service so that you can speak to a doctor from home at a time and day convenient to you.
Often forming part of an employee benefits package many health insurance companies give incentives to help their policy holders stay healthy. After all, the healthier you are, the less likely that you will need to use your insurance in the first place.
So apart from Building and Contents and Car Insurance which you absolutely should have, the rest are dependent on your personal circumstances and lifestyle. Whilst Goldcrest don’t every type of personal insurance, we can help with the clear majority of your insurance needs, so please do get in touch if you would like some independent advice.
