Which insurances does one really need?

03 April 2013 - James Larkin

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Which insurances does one really need?


Which insurance policies one should take out, depends entirely on one's individual needs. There is hardly any risk which cannot be insured - but before taking out any insurance it is worth considering if the particular risk
is actually worth insuring. For example, special insurance cover for, let us say a limb like a hand or finger is definitely worth it if you are a pianist whose livelihood depends on it if you are a teacher you will be able to work even with a damaged bone of your hand.


Taking out insurance means to keep balance between the likelihood of a possible risk and spending money on unnecessary policies. Nevertheless, there are some insurances which nobody should be without. Some risks might result in nothing more than inconvenience, but equally financial damage can easily put one's whole livelihood into question, and a good insurance can be the only protection.


One of the most important insurances is car insurance, which is legally obligatory for everybody who drives a car. If one would like to protect one's own car is one's own decision, but if you injure other people the damage can reach millions and the law makes sure that the costs can be met.


Also very important of course, is health insurance, and a private health insurance makes it possible to freely choose one's doctor and the preferred kind of treatment. A home insurance is also important fire, flooding or a burglary could mean the loss of most of one's property and without insurance, the level of one's lifestyle cannot be guaranteed for any longer.


People who like travelling can protect themselves against the financial loss in the event of damaged or stolen luggage and medical costs if they fall ill abroad. If one has to cancel a journey cancellation costs can be also covered for with a travel insurance.


Many more insurance products provide protection for one's business, gadgets and much more. The best way to find the right insurance is to look around and compare different insurance companies first before applying.

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