When it comes to insurance, we often think of the three big ones recommended for everyone: auto, home, and life. While these are a good place to start, there are other things you can insure as well that you may not have thought of.
Insuring something offers you a certain amount of peace of mind. That way, if something goes wrong, you know that you won’t lose all of your money. While many things are covered by the big three mentioned above, not everything is covered equally.
Here are some things you can insure that you may not have considered.
When you plan a vacation, especially way in advance, you never know what will happen in the meantime that could mean you have to change your plans or prevent you from going altogether. While you can’t entirely predict and prevent those circumstances, you can prevent or at least mitigate the financial loss that goes along with it.
This can be done through looking into travel insurance, especially for the wandering Australian. There are several sources, including your travel agent, travel sites where you may have booked your trip, and even the hotels, airlines, and rental car companies you are using.
Just be sure to compare rates, and make sure you are not purchasing double coverage. For instance, some credit cards offer travel insurance automatically if you use them to book your trip, so there would be no need to purchase secondary coverage as well.
Your Phone and Other Electronics
Often, your retailer will offer you an extended warranty and even insurance against accidents with your electronics at the time of purchase. Depending on the cost, this can be a great way to ensure that your items are protected. A couple of examples are Apple and their Apple Care program and Best Buy extended warranties. Your cell phone carrier will also offer insurance at a monthly cost.
While some of these items may also be covered by homeowner’s or renter’s insurance policies, remember that those policies tend to have a deductible, and the full cost of some items will not even meet that deductible. In these cases, secondary insurance can end up saving you thousands.
Insuring your electronics, especially if you use them for business (like if you run a digital marketing agency) or travel with them, can offer a number of benefits, including replacement if necessary.
That special collection you have of baseball cards, hot wheels cars, or fine watches may be extremely valuable, and while your homeowner’s insurance will sometimes cover these items, if their value is too high, you may have to insure them separately.
Fortunately, there are companies that sell insurance just for those purchases. The more valuable the items you are insuring, the better idea it is to have a separate policy. Vintage car collections, for example, may exceed the maximum payout of your homeowner’s insurance, and keeping your financial investment secure is worth the effort of getting a different policy.
Those trips to the vet can start to get expensive, especially as your pet ages. Just as your medical needs increase over time, so do theirs. This can turn into a nightmare for families who are unprepared for these emergencies.
However, there is a growing marketplace for pet insurance that works much like your health insurance plan. The insurance covers a certain amount of medical expenses sometimes with a co-pay or some kind of deductible depending on your plan.
Some even cover prescriptions and other pet needs. As your pets age, keeping them in good health is important, and were they to need emergency surgery or some other major procedure for some reason, having insurance could be the difference between financial tragedy or worse, losing your pet.
It is said that nothing is guaranteed, especially the future. However, you can insure at least part of your future by insuring some of your investments.
This of course not only includes your home, collections, and other investments, but things like your life insurance, mortgage and other debts. Supplemental income insurance can also play a role in this equation. This is the insurance that helps cover bills, rent, and other expenses if you were injured and unable to work.
Disability insurance is also important, especially if you are self-employed or engage in risky activities. This type of policy ensures that if you are injured and permanently or temporarily disabled, you will not only get paid but be able to modify your house, vehicles, and other things you will need to function normally.
Carrying these kinds of insurance is simply a good idea for most people, and you should talk to an agent if you have trouble understanding and purchasing the right policies on your own.
There are basic things we can insure: auto, home, and life, but there is also much more you can, and possibly should, insure. Look into these and other types of insurance to make your life easier and your financial situation more secure.
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