Skip to main content
We're here for you. Visit our COVID-19 help page for information on how we can help.
Close alert
Locate us 1300 236 344
Logon
Financial planningFuneral Bonds

When to think about insurance

11 June 2019 | 3 min read
Life can change in a heartbeat. But is your insurance adequate if the unthinkable happens?

It’s easy to convince yourself that it won’t happen to you. It’s also easy to tell yourself that tomorrow is the right time to insure your shiny new boat or increase your cover to protect your newly renovated house – but tomorrow may be too late.

Here are some of the life milestones that can affect your insurance. Take a moment to do a quick check.

Buying a car, boat or motorcycle

Let’s face it, these are big purchases. It’s easy to get so intoxicated by that new-car smell that you completely forget to call your insurer. So before you hit the road in your new vehicle, consider whether you’ll need comprehensive, third-party fire and theft, or third-party property insurance.

Taking a holiday

It’s easy for things to go pear-shaped overseas. And things can go wrong in Australia, too. Don’t assume you’ll receive reciprocal medical cover in a foreign country. Taking out travel insurance for your health and valuables is just as important as packing your suitcase.

Moving out of home

Independent living is a milestone worth celebrating. But don’t get so caught up in your new freedom that you forget to insure your possessions. If you’re moving, you’ll need to take out cover to protect everything from your mobile phone to the clothes on your back.

Buying property

Property is one of the biggest purchases you’ll ever make. Ensure your investment is covered so it can be rebuilt or repaired if it’s damaged. Remember that you’ll need separate insurance to cover your belongings (contents) and your property (home).

Becoming a landlord

Landlord insurance is different from standard home insurance as it provides a few extras to protect your income. You can be covered for problems such as loss of rent and malicious damage caused by tenants.

Note: This article contains general advice only. Readers should seek a trusted professional’s advice on financial matters.

Related Topics

Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

© Copyright 2020 Bendigo and Adelaide Bank