Protect Yourself Before You Wreck Yourself

When you think about your finances, you need to think about more than making more money or even saving money. Indeed, you need to know how to protect your finances from a disaster. What type of disasters are we talking about? Well, let’s start by thinking about your home. It’s possible that you have purchased a property. Not only that you have filled it with belongings, you have collected over the years. We’re talking about your expensive 4K TV, your beautiful crystal ornaments and the list goes on. It’s important to make sure that you are protecting these items and the property. Of course, we’re referring to insurance. But before you immediately purchase the first insurance coverage plan you find, there are a few concerns you need to consider.

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What Impacts The Cost?

 

This is one of the first issues to think about when you’re looking for insurance. Depending on the insurance that you are buying a lot of different issues can impact the cost that you will be expected to pay. For instance, you might be buying car insurance. Did you know that your gender will impact how much you are charged? It’s true and in general young male drivers will be charged considerably more than a female driver of the same age. However, as they get older, it’s the males who get the cheapest deal. Sexist? Perhaps but for the insurance company, this makes sense according to stats on crashes and accidents.

 

You’ll also find that some companies take more into account than others. According to Gocompare.com, some insurance companies like AA will consider whether your car is locked in a garage overnight. Others are more interested in the address of where the car is being kept, and this is the only storage detail that they will consider when deciding what to charge.

 

What Will Invalidate Your Insurance?

 

Yes, there are cases where your insurance will be invalid, and the company will not pay up. For instance, it’s possible that you are buying home insurance. You might find that you won’t be covered for a break-in if the door was unlocked. If the door was unlocked there will be no sign of a robbery. As such, it will be very difficult to prove that there actually was a theft. This is why you should always double check that you have locked your doors and windows before you leave the house.

 

What Isn’t Covered?

 

Finally, depending on the company and the situation, you might find that you are not covered for insurance. For instance, some companies will not cover acts of god. This includes lightning and storm-related issues. As such, if your roof is damaged by a lightning strike, you’ll be out of luck when making a claim. CBSnews.com has more info on what exactly will be considered an act of god.

 

We hope this helps you handle some of the issues that you can have when choosing the right insurance for you and that it helps you to stay protected.

*This is a collaboration post

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