The importance of good insurance cover

As Australia and the world watched one of our most loved cities in despair from the unprecedented flooding, we should take the time to have a look at our own back yard.

The heartache and devastation will now turn into anticipation as many people seek to see if and how their insurance coverage will assist them get back on their feet. At this time we encourage everyone to ensure that they are adequately insured and they have covered their homes, belongings and lives because good insurance planning is one of the foundations of a good mortgage plan.

When assessing your requirements you should consider the following types of insurance products;

* Home Buildings insurance – ensure that your policy covers floods and fire. Remember you get what you pay for and you should consider higher levels of cover especially in your home is in an area prone to these events.

* Home contents – the most common problem when insuring your belongings is inadequate cover. Many people underestimate how much coverage they should have. Compile a list of everything you own, including the clothes in your wardrobe.

* Landlords Insurance – many people with investment properties don’t consider the impact a disaster can have on their investment property and the income from that property. Landlords insurance can assist in the cover of the contents of the property such as window coverings and carpets, but also loss of rent. This cover the landlord for the period the property is vacant whilst repairs are being made.

* Business insurance – The impact on your home is one thing, the impact of you business can be just as devastating, putting your business and livelihood out of action for a long period of time. Ensure that your business has the appropriate cover. Times like these bring to light the importance of good document storage and back up. Electronic files backed up off site can ensure a business is back up and running more quickly.

* Life and disability -  Many people ignore the most important insurance cover of all, your life. The impact to your family can be devasting if they are unable to recover from the impact of loss of life and the financial burden that may be left behind
Take the time to ensure you are insured. If you are unsure what type of insurance you need contact Wilson National on 1300 288 828 for assistance, so we can help you get to where you want to be.