Almost anything can be insured these days: breasts, legs, your goldfish, your mental health, physical health, your own life, your child’s life. You can insure against bad weather, good weather, political events….
This week in Scotland, triathlon competitors were insured for £1 million in case they were injured by Loch Ness monster according to BBC….life insurance perhaps? It would seem that recent rumours of Nessie seeking a more exotic meal of wild venison and exploring loch shores have finally reached corporate world. ( http://www.lochnesstooth.com/ )
But is Nessie real monster in this, what other terrible creatures lie hidden in complexity of insurance documents? The insurance small-print is usually last thing most people take to bed to induce a soporific state and who could blame those opting for Dick Francis, Gilly Cooper or Joan Collins?
In terms of personal insurance, there are eight general areas of insurance in which consumer should be interested: Buildings insurance Contents insurance Life insurance or life assurance Health insurance Family legal protection Pet insurance Travel insurance Car insurance
Buildings insurance covers your property against damage typically caused by fire, flood, subsidence damage, temporary accommodation and cost of replacing broken or lost keys. External buildings in vicinity of insured property may also be covered, such as sheds and garages. The website, yourable.com which provides insurance information for disabled people, makes statement that building insurance should be bare minimum people take out, not only to protect property, but to protect mortgage.
Alongside buildings insurance, contents insurance should also be considered. Contents insurance is frequently packaged with buildings insurance and covers your furniture, equipment and personal belongings against fire, lightning, flooding, theft or vandalism. Accidental damage can be included, but may be sold as an optional extra.
Yourable.com advises that three main priorities when taking out building (or content) insurance should be: To decide how much cover you want – more you want covered, higher cost. To decide what excess you’re prepared to pay – site advises that in most cases, increasing excess will reduce premium To identify any particularly expensive single items in your home, including costly adaptations to home To isolate any property which is regularly taken outdoors, as contents insurance may also protect bicycles, money and credit cards etc