The Importance of having General Insurance (Insurance)

It doesn’t matter whether you have a low or high income, insurance is a way to avoid the risk of losing your assets or finding yourself in financial difficulty

Insurance is an important component of an individual’s risk management program.

Using insurance to cover your family contributes to removing the need to rely on others for assistance in the unfortunate event you are affected by an accident or disaster.

With the types of insurance available from the general insurance market, you can purchase insurance to cover travel, your car, jewellry, your home and its contents, and even your pets!

Purchasing the right insurance product - at the right level to cover your assets like your home, car, and furnishings will ensure that if you ever experience damage or loss to these key assets you will be able to replace these and get back on your feet quickly.

The general insurance industry is extremely competitive and as a result, there are a large number of different types of insurance products available for people to choose from that meet their personal insurance needs. Insurance is also competitively priced, so it pays to shop around from insurer to insurer.

Once you have insurance, it is important to keep your policy up to date to ensure that you are covered at the right level for the right amount of money. Checking the value of your assets against your insurance cover frequently, such as every twelve months, is highly recommended.

The Insurance Council estimates that a quarter of Australian households (over 1.8 million homes) do not have any form of home or contents insurance. Even for those with insurance, not everybody regularly checks that the level of insurance they have is the right amount for them. It is often only at times when disaster strikes that people realize they do not have the correct level of insurance and they are under-insured.

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