Insurance matters for everyone
OPINION: Insurance is cool. Bear with me.
Until recently I’d always thought insurance was a yawnfest. But after sorting out my insurances six or so months ago, I’m a big fan.
Now, I am absolutely no financial guru. I look at numbers and my brain instantly turns to mush. But the idea that my family will be fine if something happens to us, our house, our car, or our things is really reassuring – especially during a time when money is a bit tight.
‘‘But I can’t afford insurance at the moment.’’
Valid. Life is expensive, and if we’re all being honest to ourselves, we know it’s going to get more expensive. But what would happen if the worst-case scenario were to happen and your partner was diagnosed with a terminal illness or your car was written off or you were burgled or you lost your job and couldn’t pay your mortgage or your house was wiped out in a natural disaster?
The cost of replacement would be exponentially more than the cost of a monthly insurance premium to insure it.
Think of insurance as a Plan B. It’s there to help solve the problems you weren’t expecting.
When you’re looking for insurance solutions, shop around. Some insurance companies are better for health than others, while others specialise in vehicles.
Do your research and make sure they’re legit. Ask friends and family who they recommend to give you somewhere to start.
If the concept of insurance is just too daunting to comprehend, an insurance broker is a great resource.
Often if you refix your mortgage with a broker they’ll have a colleague who deals with insurance. Say ‘yes’ when they offer to connect you, to make sure you’re covered appropriately. They’re no-obligation conversations that help you figure out what you’d like your future to look like if the unexpected was to happen.
Even if you don’t commit to anything at the end of that conversation, at least you’re now aware of why insurance is a good idea and what policies are available.
If you can’t afford insurance policies for everything, at least consider contents insurance.
Contents insurance covers all the things you own, whether you own or rent the place you live in.
That’s right: even if you don’t own your own home, you can (and should) insure your belongings, just in case your rental is broken into or a natural disaster destroys your home.
When setting up your policy, consider how much it would cost to replace things like appliances, furniture, clothing, art, electronics, books, toys, literally everything.
No-one likes to imagine worstcase scenarios, but unfortunately the unthinkable happens to everyday New Zealanders just like us everyday.
To help protect you and your whānau, start the conversation about insurance today. Future you will thank you.
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