Different Types of Insurance

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There are many different kinds of insurances that you should consider that will help you protect your well planned life. It’s good to be well informed about these different options, so that you know exactly what will work for your situation.

Broadly speaking there are 3 kinds of insurances – These are personal, property and asset insurances. Coverage needs changes from person to person depending on the situation. Here is some basic information that you should know about different kinds of insurances out there.


Buildings insurance (fire)

This type of insurance covers damages caused to buildings and permanently installed objects. This is usually a type of insurance that is compulsory to have. Be careful to note that this does not cover any damage done to the furnishings or goods that are inside. For this it is wise to get a different type of insurance. Buildings insurance also covers damage caused by certain natural forces like flooding.

Property insurances

It is wise to get an insurance that will potentially help save you financially from damage and destruction caused by a fire, anything to do with water or even a theft. Insurance companies want to work with you and do everything they can to give you a deal that is specific to your needs. All you have to do is ask.

Transport insurance

Many times, things go wrong when you are transporting goods from one place to another. Vehicles can break down that could cause damage to the goods that are being transported. When you have a transport insurance, you are ensuring that in case something happens to the goods, you are insured for it and will not be paying out of your own pocket for these goods. There are many chances of damage or loss to the goods and it is always smart to be insured.

Vehicle Insurance

Vehicle insurance is a very important type of insurance. It is always a good idea to have this insurance and in most countries it is illegal to drive a vehicle that does not have insurance. This type of insurance can be used for cars, trucks, motorcycles and any other road vehicles. The main point of this type of insurance is to ensure that you are financially protected in case of any physical damage or body injury that might take place due to a collision. It also protects you from any liability toward another vehicle/ person. Some insurances also offer protection against car theft or any other damage that might be done to the vehicle. This does not only have to be through a collision. It could be due to any other reason. This is indeed one of the most important insurances to invest in.

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