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Why should I take out personal insurance?

19 August 2014

Life throws up all sorts of pitfalls and problems you might find difficult to overcome, which is why it's so important to have personal insurance in place.The term personal insurance

Life throws up all sorts of pitfalls and problems you might find difficult to overcome, which is why it's so important to have personal insurance in place.

The term personal insurance can refer to a wide range of products, including home, motor and even boat - it all depends on the assets you hold.

Home insurance

Any good personal insurance policy should include protection for your property. This usually takes two forms - defined events and accidental damage.

Defined events will protect you when certain incidents occur, such as malicious damage, natural events, burglary or the breakage of glass.

Accidental damage, on the other hand, will provide protection for the accidental loss or damage of items within your home.

Motor vehicle insurance

Another type of personal cover that's well worth a look is motor cover, which will pay out for various incidents in relation to your vehicle.

These range from theft and damage to legal liability, therefore taking out some of the strain when you suffer an incident, especially if it's likely to be costly to put right again.

Remember that not all motor vehicle insurance policies are created equal, so it's essential to look at the finer details before deciding whether it's right for you.

Boat insurance

If you're lucky enough to own a boat, the chances are you'll need insurance to keep it protected at all times.

A decent boat insurance policy will pay out for any theft or damage that occurs to your vessel, as well as the safety equipment that is stored on board.

There should also be the added option to protect sailing racers and water skiers, which can prove just as expensive to replace if they are lost or damaged.

Remember to check the specifics to make doubly sure the policy ticks all the right boxes.

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