When you were in college or a young working adult you most likely rented your residence. While transitioning to new work in a new city, you may also initially rent a home while you look for a permanent location. Rarely do renters acquire insurance, but they should. The property owner’s insurance most likely covers the building but not your property inside of it.

Once you’ve had a few years to save, grow a family, or become secure in the city you live in, you will be looking to purchase your home. Finance companies require full insurance to protect the real estate while you pay it off. The damage sustained in one storm can make the cost of insurance seem minuscule. The accidents around the house will be covered for you and visitors.

Purchasing an investment home is a popular way to begin building residual income. A duplex would allow you to live and rent from the same property. Either way, you’ll want your renters to be insured and to purchase landlord insurance yourself. Accidents happen and home repairs are expensive. Tenant-related damages, rental contract disputes, and income loss can be covered by insurance and save your wallet.

Alleviate the concern of instant financial ruin from property damage from unforeseen emergencies with a proper insurance policy. Bundling your life, health, home, and auto insurance can reduce individual premiums, saving you plenty over your lifetime. 

Just as we don’t go to the emergency room for a sniffle; we shouldn’t be calling our insurer for a bumper tap in a parking lot, with no injuries. Misuse of insurance costs everyone more money on premiums. Auto insurance is mandatory and your Green Slip best be on hand for any accidents.

I live in Thailand. Recently I walked into the hospital and had a 100-point physical check-up and thorough blood test. Including all fluid testing, specialist visits, EKG, and one-on-one doctor file review, it cost me $80 and half a day. To do this in Australia could be 10x as much, and long. 

Your Health insurance policy should include regular medical and dental visits for prevention.

As we approach the end of this brief write-up, I will address our end-of-life insurance and its necessity. The sudden loss of a loved one leaves us in shock in many ways. We are least prepared to address major decisions when under the mental duress of loss. Be prepared with life insurance. It is not an easy conversation, but an important one to drop our worry for those we love. 

We invest a lot of love into our families, our health, where we live, and our property. These investments give the biggest return over long and fruitful lives. Are you prepared for life’s hard knocks? Is it time to schedule an appointment for a thorough insurance policy estimate?