10 things you didn’t know about insurance

If you think insurance only protects you against fires and burglaries, you might just be wrong as there are a number of unexpected and financially painful occurrence in which you find yourself and didn’t know insurance could take care of.

Here are 10 out of countless things insurance could offer that you are probably not aware of.

•When you have a health insurance policy you are entitled to a broad range of free preventive care and screenings. Most plans also come with perks that don’t directly involve medical care, including help with weight loss and tobacco cessation. By taking advantage of these benefits, you can live a healthier life while maximizing the value of your health insurance.

•Car insurance is a legal requirement. There’s no escaping the underlying fact that car insurance is a must if you are looking to driving a vehicle on the road. Insuring your car isn’t something you opt in or out of, it’s a legal obligation on the part of the vehicle owner or driver to ensure that they arrange the necessary cover and have it in place at all times.

•Most home owners insurance does not cover natural disasters. Earthquakes are commonly excluded, for example. Check the terms of your policy to find out whether you have coverage for the natural disasters that occur most commonly in your area.

•Home owner’s insurance policy could also serve other dependents and immediate family members too. If your child is at college, he or she may be protected under the terms of your policy. This means if his laptop is stolen in his dorm room, your homeowner’s insurance policy could potentially pick up the tab.

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•Fully comprehensive insurance isn’t always the most expensive policy these days. Despite the automatic assumption that fully comprehensive policies will typically set the policyholder back the most, financially-speaking, there are instances when this isn’t always the case. Irrespective of the basic cover afforded you by grabbing third party insurance packages, these products have witnessed significant increases over recent years, reflecting the popularity of them amongst younger and inexperienced drivers who by their very definition are statistically more likely to be involved in road accidents which in turn pushes up the overall premium prices.

•Possibly, your downstairs neighbour plugs too many appliances into an outlet, setting her apartment on fire, and you have to stay in a hotel while repairs and cleaning are done, your renter’s insurance covers for that.

•Your car is still covered if you lend it to someone. If you’re like millions of Nigerians, who occasionally lend their cars to friends, co-workers, or other people in their lives, there’s a good chance you’ve had at least the passing thought of, “what would happen if they get in an accident while driving my car? Would I have to pay out of pocket?” That concern is enough to make people worry about lending their cars to even those who are good, responsible driver. Fortunately, your car is covered even if you are not the one driving it. However, too many claims on your policy could result in higher premiums and if you only have basic coverage you will probably be left with any remaining expenses. That means that it’s a good idea to take your overall insurance situation into consideration before you pass off those keys.

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•You may be protected from deadbeat drivers. Hit-and-run drivers are almost universally scorned. There is simply no excuse for running away from your responsibility and driving away if you have been in an accident. Almost as bad is the driver who gets behind the wheel without insurance or without adequate insurance, thereby putting themselves and everyone else at risk.


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