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Insurance You Need

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Investopedia places car and home insurance in the top five insurances you should have, alongside health, life and disability insurance. For business owners, they recommend business insurance as well.

Homeowners Insurance

Replacing your home is an expensive proposition. Having the right homeowners insurance can make the process less difficult. When shopping for a policy, look for one that covers replacement of the structure and the contents in addition to the cost of living somewhere else while your home is repaired. (To keep reading on this subject, see Insurance Tips For Homeowners.)

Keep in mind that the cost of rebuilding doesn’t need to include the cost of the land, since you already own it. Depending on the age of your home, and the amenities that it contains, the cost to replace it could be more or less than the price you paid for it. To get an accurate estimate, find out how much local builders charge per square foot and multiply that number by the amount of space you will need to replace. Don’t forget to factor in the cost of upgrades and special features. Also, be sure the policy provides adequate coverage for the cost of any liability for injuries that might occur on your property.

Automobile Insurance

Some level of automobile insurance is required by law in most places. Even if you are not required to have it, and you are driving an old clunker that has been paid off for years, automobile insurance is something you shouldn’t skip. If you are involved in an accident, and someone is injured or their property is damaged, you could be subject to a lawsuit that could possibly cost you everything you own. Accidents happen quickly and the results are often tragic. Having no automobile insurance or purchasing only the minimum required coverage saves you only a tiny amount of money, and puts everything else that you own at risk. (To learn more, see Shopping For Car Insurance.)

Business Insurance

Bonus Tip For Business Owners: In addition to the policies listed above, business owners need business insurance. Liability coverage in a litigation-happy society could be the difference between a long, prosperous endeavor and a trip to bankruptcy court.

For enquiries about your insurance, call us on on 8925 5901.

Disclaimer:

Insurance is underwritten by QBE Insurance (Australia) Limited ABN 78 003 191 035 AFSL 239545. Automobile Association of Northern Territory Incorporated ABN 13 431 478 529 AR 433569 is an authorised representative of QBE. The information on this website has been prepared without taking into account your objectives, financial situation or needs. You must decide whether or not it is appropriate, in light of your own circumstances, to act on this advice. You should ensure you obtain and consider the Product Disclosure Statement for the policy before you make any decision to acquire it. *Multi-policy discount is available on your first policy after renewal and is only available for Home, Landlords and Motor Vehicle policies.

 

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