Moving to a new house may be stressful and challenging. It is relatively easy to forget things amidst the chaotic arrangements of moving to a new neighborhood. In Australia, it is crucial to avail of insurance to have peace of mind when unforeseen events occur. However, numerous types of insurance are available, and picking the right one to fit your needs is essential. When picking out an insurance plan, your current circumstance dictates the plan you should avail. Factors such as age, number of children, lifestyle, and employment benefits serve a role in building up a personal insurance portfolio. Most financial experts recommend several types of insurance, especially when moving to a new residential location. This includes life, health, auto, and moving insurance.
Moving Insurance
It is easy to assume that moving insurance will cover all damages incurred during a professional move, either via DIY or a professional removalist. However, this is not the case since a moving insurance policy differs from individual providers. To be safe, always opt to have moving insurance that provides third-party property and motor vehicle insurance, public liability insurance, and a carrier’s legal liability insurance. This is especially important when acts of negligence have potentially brought about property damage.
Life Insurance
Life insurance can cover expenses incurred from one’s funeral and provide for your family if you leave this world. Breadwinners may favor this type of insurance since it considers themselves and their families in the process. However, in figuring out the amount of life insurance coverage, remember not to factor only the funeral expenses but also the daily living expenditures made by the family. This includes credit card debts, outstanding loans, child care, taxes, mortgage payments, and future college costs. If you’re decided to get one, start by getting life insurance quotes from different companies. If you do not have the time to get quotes from different companies, there are insurance agencies like G&G Independent Insurance who can do this for you without any additional cost.
Health Insurance
Due to the overwhelming costs of healthcare nowadays, it is easy to lose your finances to medical costs of hospitalizations for you and your loved ones. Availing of health insurance avoids the sudden costs of medical treatment. It mitigates hospital bills and possible income loss problems due to illness. One way to further reduce health care expenses is to participate in your current employer’s insurance program whenever available. Another option is to look up trade organizations or associations with group health coverage. Availing of private personal health insurance is the surest way to secure yourself and your family’s health in the future.
Income Protection Insurance
While moving to a new neighborhood is already a destabilizing move, there is no doubt that job security is not guaranteed with the change of location. To settle in a new place and have peace with one’s source of income, a protection insurance plan is a highly-recommended commitment. It is a policy that ensures a consistent influx of funds from work to help keep one afloat. It also acts as a safety net for when you might injure yourself, acquire an illness, or be involved in an accident. Lastly, income protection has a wide coverage and is valid until retirement.
Auto Insurance
Australian car insurance, or the Compulsory Third Party Insurance (CTP), is a government requirement for its citizens in all Australian states during vehicle registry. The CTP Green Slip is formulated to compensate individuals who underwent a vehicular accident with serious injuries or even death. It protects the individual who had the accident or caused it from being financially liable for future lawsuits and can also be used during compensation claims. However, damages incurred from accidents to a personal vehicle or any other property or involved vehicle are not covered under the CTP.