Sadly insurance companies are widely known for playing dirty and using ‘iffy’ loopholes to get out of paying for claims.
It also is worth mentioning that most people don’t understand insurance or how to do it right (including many insurance brokers).
When you understand the different kinds of insurance there are and how to best use them, many of their loopholes snap shut and leave you properly covered.
=> What landlord insurance is really for and more importantly what it doesn’t cover. – You can get still get paid but it’s how you manage the money for this claim that makes the difference.
=> The special insurance and the phone call you need to make if you are renovating, plus the additional insurance you need when the ‘tradies’ come (and no, it’s not public liability insurance -but you need that too).
=> Which states you need house insurance as soon as you go unconditional on a contract and which ones don’t need insurance until you settle.
=> Income protection insurance – we all need it but there’s a clever way to keep your premiums right down.
=> The insurance you need if you ever hire a babysitter, a cleaner or a gardener… (and it’s still not public liability insurance)
=> The special clause you need to make sure you have in your public liability insurance – this is dodgy and immoral to my mind – but I’d much rather have it than not.
=> The one clause that you must have in your contents insurance – missing this one cost one student $2.5mil. Don’t ever leave this out!
=> And much, much more…
Insurance is one of those subjects that people often don’t want to look at, and prefer to ignore.
It costs money and you don’t get any fun or sense of achievement out of it…
…But you do get massive peace of mind when you do it right… and that’s priceless.
I really encourage you to work through any resistance you may have on this subject and listen carefully to this podcast.
If anything bad ever happens to you or your loved ones – you’ll be glad you did.