Chambers Fleming Padstow
2 Faraday Road Padstow
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Do you know exactly what you are insured against? Whilst it’s not the world’s most interesting thing to blog about, I think it’s worthwhile to discuss in plain terms the benefits of having the right insurance. Of course, you should read all of the Product Disclosure Statements when you’re deciding which or if insurance is right for you.
• If You’re Renting – you probably didn’t think about insurance when you were moving out of home for the first time unless your parents gave you a lecture about it. Well, the reality is that contents insurance is a good idea for modern renters. If you think of the amount of money you spent on furnishing your home, then imagine how much you would have to spend replacing it all at once you might get an idea of the expense you can incur in the case of a fire or flood. Some insurers offer pet and accidental breakage at an additional cost. If you’re concerned about flooding, make sure you ask the insurer and read the PDS carefully.
• If You Own – Depending on the size of your mortgage you may have had to sign up for lenders insurance as part of your loan. Beware, though – this is designed to protect the bank, not you. If you’re concerned about your home and belongings, you’ll be after home and contents insurance. One key benefit is that at the time of a natural disaster, if you’re covered and assessor from the insurance company will look at the damage to you home and help to arrange repairs. If you don’t have any and something does happen, you’re on your own.
• If You Invest – Landlords or tenants insurance is an option if you’re looking to protect your investment in a rental property. It can cover you for things like lease breaks and damage to property, and comes in handy for the traditional coverage you would get with home insurance.
There’s a wide range of insurances available for property owners and renters, so make sure you do your research before you make any decisions.