Which insurance is necessary depends on a number of personal factors
Since when do insurances exist?
In antiquity already the principles of insurance were known. Already 3000 years ago in Babylon people hate the idea that many reduce the risk of one. The first insurance policy goes back to the 14th century, which was to protect a transport on the sea. The involvement of the government goes back to the first century A.D. In Rome, when Emperor Hadrian started insurance for members of the military to especially protect poorer people.
The first commercial insurance companies were founded in England in the 18th century. Nowadays there is hardly any risk which one cannot insure.
What does insurance consist of?
The insurance company and the client complete an insurance contract in which everything, like for example the insurance sum, the terms and costs are are fixed. The client receives the insurance policy, which is the document containing all the details and which serves as proof of being insured. The insurance cover starts with the first payment of the so called insurance premium. The height of insurance claim in the event of any incident depends on what was agreed when signing the contract.
What does insurance cost?
The costs for insurance mainly depend on the size of insurance sum, but also on the likelihood that an incident will actually take place, like, for example, a young driver usually means a higher risk to the insurance company to be involved in an accident, or an older person is more likely to fall ill.
Which insurances are really necessary?
In the case of any loss, be it material value or the loss of health or work, one of the results will be financial damage. If the risk should be insured depends completely what the damage would mean individually.
Some risks might involve just inconvenience, but if a financial damage means impairment of one’s livelihood, a good insurance is the only protection.
One of the most important insurances is even required by law. It is a car insurance every driver has to take out before he is allowed to drive a vehicle. He is in fact free to choose the protection of his own car, but if he causes any damage and injury to other people, he has to be able to compensate for any costs involved which easily can reach millions.
The second most important insurance probably is a health insurance, as the National Health Service won’t cover certain treatments. The private health insurance makes it possible to freely choose one’s doctor, to avoid waiting times and take advantage of special treatments.
A burglary, a fire or flooding could mean the loss of most of one’s property – a home insurance cannot replace sentimental value but guarantees the old level of one’s lifestyle after such an incident. It is one of the insurances everybody should take out.
One of the very important insurances is a life insurance to protect not only one’s family, but also one’s own future.
Other insurances are available for pet owners. Pet insurances make sure that all medical- and liability costs for dogs and cats are covered for and are definitely advisable.
Everybody who plans a journey abroad is protected against the financial loss of damaged or stolen luggage, medical treatment in the case of an accident or illness on the way, and against cancellation costs if one unexpectedly has to stay at home.
The business insurance is a must for every owner of a small or big business, and the landlord insurance is absolutely vital to protect one’s property.
There are many more insurance products on the market to protect single gadgets and prepare for future events like weddings and funerals. If they are necessary depends entirely one’s individual circumstances.
How to find the best insurance
An independent finance website like www.whichwaytopay.com is the easiest way to look for the best and cheapest insurance, i.e. one which suits one“s needs best. On clear comparison tables, it is possible to compare each insurance firm and their offers, fees, conditions and also the small print. Once one has made one’s choice, it is very easy to apply in the few steps online.
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