We all get to that stage in life when we start settling down and own up to our responsibilities. We become aware that ‘adulting’ is on the cards and we can no longer lead an utterly carefree life, setting off on a wing and a prayer.
Thinking back to the destination wedding disaster five years ago, there were plenty of lessons about how even the most careful planning offers no guarantee. That brings insurance to mind, and the less likely situations and circumstances you should consider covering.
Tenants & Renters
‘Your landlord’s coverage does not cover your belongings’, states BrokerLink Insurance. It’s wise to cover your belongings that are not typically covered under the insurance policy for the actual structure of your rental accommodation. Think of what your landlord’s insurance coverage includes, and what you need to cover.
Think of damage caused to your items inside the property, due to fire, lightning, or smoke, wind, and water damage. Damage could also include vandalism, theft, explosions, and could consist of liability like injuries on the property.
Top Tip: Check upfront what is covered and what is excluded. Natural disasters like hurricanes and earthquakes may be excluded.
Identity Theft
Don’t think it only happens to others! Identity theft still holds a top spot in the Federal Trade Commission (FTC) reports, responsible for tracking identity theft in the US.
Insurance for identity theft or fraud can help you with recovery and cover you for reclaiming your financial ID and credit records. It may include items like legal fees and guidance from specialists to help you through the process.
Top Tip: Identity Theft Insurance may often be included or combined with household or car insurance, at a nominal extra charge.
Secondary & Occasional Drivers
Sharing a car in your family or lending your wheels to a friend? Secondary or occasional drivers insurance covers you to those instances when the owner or primary driver, the person using the car most, is not the driver.
Don’t confuse occasional driving with incidental driving. You don’t have to add a driver for a once-off event, say when your friend borrows your car for just one day. It refers to drivers who regularly use the same vehicle.
Are you traveling in a group? When renting a car over a more extended period and when going a longer distance, the addition of a second driver is always a good idea. Remember to ask upfront what the costs and conditions would be to add a driver to the car rental contract.
Top Tip: The obvious rules like being a validly licensed driver and having a good driving record will apply to secondary and occasional drivers too. Be mindful of who you add to your policy.
Peace of Mind
Covering yourself for everyday life manages your risks, and having insurance in place to cover you for an accident or the unforeseen is always better than panic. Plan and consider the bigger picture, for peace of mind.
