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There are many types of insurance and the term general insurance covers insurance for vehicles, home & contents, fire & theft and assets.
General insurance is a very important form of protection and is sometimes overlooked from an amount of cover point of view so it is wise to regularly review your level of cover.
A simple exercise is to review the contents of your home and make a list of newly purchased goods which fall under the insurance policy and make these additions to your cover on a yearly basis.
In addition to this you should also review what it would cost to rebuild your home based on today's costs, your home may have cost $100,000 to build 15yrs ago but what would it cost to rebuild today.
There are a multitude of general insurance providers out there with all of them offering different levels of cover and varying features and benefits.
A newly introduced option that more and more general insurance companies are providing is that of reducing your premium if you elect a higher excess in the event of a claim.
What we have done to help you is highlight the different types of general insurance available and provided more detail on each of these options.
Home Insurance
This type of insurance policy covers you for the home itself and there are home insurance policies which can cover fire, damage, flood and natural disasters.
General insurance for the home is imperative if an unfortunate event occurs and it is quite important that you review your level of cover for the replacement value of the home as well.
A regular yearly review of the level of cover is suggested and if you're not sure about the cost of replacing the home then you can engage the services of a valuer who can give you an idea on what the replacement cost would be.
Home & Contents Insurance
This type of general insurance is a combined insurance policy where both your home and the contents are covered.
As with home insurance it is suggested that you regularly review the additions to your contents and that way you ensure your policy has adequate levels of cover.
Remember to read through the general insurance policy to make sure all your valuables are covered, what this means is to see if items like jewelry or artwork are covered within the policy.
If not then we suggest you take out another separate policy which covers these items in particular.
Another suggestion is to keep a log of your valuables either by hand or on your PC and that way it is easy to add items as they come along and adjust your level of cover accordingly.
Motor Vehicle Insurance
This is the most common form of general insurance as not all people own their own home.
There are varying types of motor vehicle insurance and depending on your requirements and financial position you can choose from a basic level of insurance cover through to comprehensive motor vehicle insurance.
The three main types of motor vehicle insurance are listed below for your reference.
CTP or Compulsory Third Party Insurance
CTP insurance is compulsory by law and is part of the vehicle registration process.
Third party means a person other than you and hence this insurance policy covers the legal liability for bodily injury to any third parties as a result of a motor vehicle accident.
Third Party Property Insurance
This insurance policy covers the insured for the amount you would be liable to pay if your motor vehicle caused damage to property.
These insurance policies are fairly inexpensive and can cover you for 10 million or more, these policies are very common as they provide cover as mentioned above although you would bear the cost of repair to your vehicle.
Comprehensive Motor Vehicle Insurance
Motor vehicle insurance which is comprehensive covers you loss or damage to your vehicle and also to third parties.
A comprehensive motor vehicle insurance policy covers you regardless if the other person has an insurance policy or not.
For further information on any of the above insurance types please speak with one of our consultants who can guide you through the options available.
To obtain more information about general insurance simply contact us and speak to one of our consultants who can obtain a general insurance quote and offer you a wide range of insurance options.
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