To insure or not to insure? That is the question Ė whatís worth insuring in life and why?

With financial experts continuing to cast gloomy forecasts for global economic recovery it looks like prosperous times may be a long way off. Your wallet may be feeling the squeeze so one area of your life that may be overdue consideration is how well you are insured against future mishaps. Cutting corners to save cash today can mean costly bills in the future, while taking a mature approach to protect against an uncertain future can give you greater peace of mind.

In this day and age it’s possible to insure almost any aspect of your life. Some may be a legal requirement and some exist to bring you
peace of mind, enabling you to prepare for future problems. In celebrity circles it’s become quite fashionable for example to obtain special business insurance to protect various body parts that are essential to a star’s appeal! Far more mundane, but more essential, are those everyday things we need to know are taken care of.

If you’re a homeowner then you need both buildings and contents insurance for your property. This will enable you to repair and rebuild your home and replace your possessions in the case of any future mishaps.

If you own a motor vehicle, 3rd party only insurance is a legal requirement. This level of cover insures that compensation is available for damage to property or injury to people resulting from an accident caused by you.

When journeying away from home it’s very strongly recommended that you invest in travel insurance. Without this, medical bills incurred in a foreign country can become a major financial burden.

More surprisingly, animal owners may want to consider insuring their pets. Veterinary bills are ever on the rise with access to more advanced treatment for your ailing pet. Costly diagnostic tools such as MRI’s are now available and if you want access to the best care for your beloved animals insurance may be the only way to get it.

Dentistry is another area where rapid advances in diagnosis and treatment have led to escalating bills in recent years. If you need major work then the bills can be
astronomical and you may be very glad that you have dental insurance. It’s very important, however, to match your plan to your needs or it could turn out to be a costly waste of money.

When buying a property “To Let” make sure that you inform your current insurers as you may need a different policy. There is also a range of
landlord insurance  policies available offering a range of different services. You can insure your home against damage caused by your tenants, failure of heating and water systems and even against your tenants not paying rent

Insurance can be difficult to justify as it pays for things that haven’t happened yet. Hopefully it may never be needed, at least not for a very long time, but it’s an issue you can’t address after the incident. A competent
insurance broker can advise you on your options for any insurance you need as well as shopping around for the best deals and saving you money.

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