When to think about insurance

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.