What Insurance Covers Do We Really Need?

person holding a phone with stationery including calculator, clipboard and pens on a white table

You may remember last year when I wrote about my giddy excitement at winning a large sum of money via matched betting. I had managed to play through and subsequently withdraw a sum of money that I was able to purchase a car with. I cannot even begin to tell you how much easier it has made my life having a car again. For this, I will always be grateful and pleased I tried matched betting.

But this month came car insurance renewal time. With so many sites to look through and check out, so many boxes to tick, it can become a massive headache, can’t it? But that got me thinking about all the different things in my life that need insurance covers.

Are all covers necessary? Exactly what insurance covers do we really need?

Building and Contents Insurance.

Do you know the value of all the goods in your home should you ever need to replace everything? I’m not sure I would know or even know where to begin should I have to replace everything. This is where contents insurance comes in. This covers you for the loss of all or individual items should something happen to them or your home. Of course the question of how much is dependant on the level of cover you choose when you take out the insurance.

As a non-homeowner, I don’t currently need building cover as my landlord takes care of this. However, this can be a requirement for all homeowners to make sure they are protected. Again the level of cover can differ dependant on your needs and your home. Similarly, should you choose to rent out your home then taking out commercial building insurance is something you should be looking into to protect your property whilst you rent it out.

Life Insurance

Like content insurance above, life insurance isn’t mandatory. But it could definitely be an option to look into should you feel this is something that could benefit you and/or your family. Having life insurance is an extra peace of mind when it comes to thinking about what could happen to your family if the worst was ever to happen. Again, all premiums differ and can be tailored to your specific needs and circumstances.

Medical/Travel Insurance.

Photo by Natalya Zaritskaya on Unsplash

Again travel insurance isn’t mandatory but it is definitely something I never fly abroad without. Thanks to the NHS in the UK, we can pop along to our local GP or hospital without worrying about medical bills and the cost. But we aren’t afforded that luxury outside the UK. Whilst no one expects to have an accident when on holiday, having the peace of mind of travelling with travel insurance is something I prefer to have just in case.

We don’t need medical insurance as residents of Great Britain but that doesn’t mean you shouldn’t think about taking it out. Private medical insurance comes with benefits should wish to pay for this service. With the option to skip NHS waiting times and see a doctor quicker than is possible, medical insurance could be something to look into whether you are in good health or not.

Car Insurance.

This, unlike all the above-mentioned insurances, is a legal requirement. Having appropriate car insurance is a must. It can be a chore sifting through different quotes and searching for the best cover for you, but it is something that needs to be done. If you have a vehicle and are driving it on the road then you should appropriate cover. For my second year, I have chosen to stay with my previous insurers as I feel they have the best package for me should I need to make a claim against my policy.

*collaborative post*
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