How safe is your insurance umbrella?

How safe is your insurance umbrella?

With many people now returning to bush fire ravaged areas discovering that their insurance cover was either non existent but not adequate to cover the damage inflicted, now seems like a very good time to remind you of the need to have a comprehensive insurance plan that will cover all eventualities should the unthinkable occur.

Everybody’s individual circumstances are bound to be different, but there are at least four types of cover that you need to consider if you want to provide adequate protection for you and your family. These types of insurance are -:

  • Home and contents insurance. Home owners simply must ensure that they have adequate cover to not only replace the home if it is damaged beyond repair, but also to cover the cost of clearing the site from debris.
    Renters and homeowners should get cover to cover the replacement cost of all contents and valuables within the home.
  • Car Insurance – the amount of premiums and options available can be quite confusing.  The level of insurance will likely depend upon the age  and value of your car. You have the option of using comprehensive cover or third party damage cover. In all circumstances it is important to understand exactly what you are and are not covered for. Be careful to check exclusions and excess clauses.
  • Life Insurance  – this is one that nobody likes thinking about, but it makes good sense to provide for your family in case a tragedy does occur. Ideally, the level of cover should be  able to keep your family living comfortably.  At a bare minimum, life insurance can be used to cover the costs associated with burial.
  • Disability insurance, much like life insurance, disability insurance is a great way to guard against sudden injury or illness that causes you to lose your earning capacity.
  • Health insurance – many Australians would debate the need for this, but health insurance will give you some flexibility and security if illness becomes a serious issue for your family

Business owners may also see the need to undertake additional insurance measures including stock insurance, keyman insurance, building insurance and professional liability insurance.

There is no better time than now to conduct a thorough review of your insurance needs to ensure that you have sufficient cover. If you need any assistance calculating your insurance needs feel free to contact us at Australian Finance Hub and we’ll be glad to assist you.