09 Jul Is Short-Term Insurance Worth It If You Own Your Assets?
If you own your assets, you may be considering the best approach for short term insurance. Whether you own or are paying off your valued possessions doesn’t change the possibility of unforeseen events occurring. Short term insurance means that you have a safety net in place when the worst happens. If you’re wondering what short term insurance covers, a detailed breakdown can give you the insight you need.
When is Short Term Insurance Compulsory
Typically, it is up to you to decide whether to invest in insurance or not. There are some exceptions, however – building insurance in South Africa is mandatory if you have a home loan (bond). If you are financing your vehicle, the finance provider will also require you to have comprehensive car insurance. In these cases, insurance is required to protect the lender, as these assets are technically theirs until it is fully paid off.
Lastly, certain professional fields, such as medical practitioners, builders, financial advisors, and lawyers, are required to have professional or public liability insurance. This is for the protection of their clients and the public from potential harm or negligence.
What If I Own My Assets?
You don’t have to have insurance for assets that you own – it is entirely in your hands whether you do or do not. Consider this: If something goes wrong tomorrow, would you rather deal with it alone or have the support of a policy behind you? Could you afford to go without these valuables, or cover the cost of replacing or repairing them on your own? If you’re concerned about the premiums, we can help you save 20% or more on short term insurance today!
At Credit Boost, we recommend insuring any of your valuables, regardless of whether you own them or not. Whether you own your valued possessions outright or are still paying them off, the risk of unforeseen events — like theft, accidents, or natural disasters — remains the same. For those just getting started, we recommend the basics of short term insurance: a comprehensive guide.
Short Term Insurance is a Lifeline
In the aftermath of an accident, theft, or a health scare, the last thing you want to worry about is money. A range of short term insurance options exists to protect the things you value — from your car and home to personal belongings and more. Insurance is an important lifeline during difficult times.
At Credit Boost, we can guide you through financial planning: a 6-step process to provide peace of mind for your future. Contact us today for help with the perfect short term insurance premium for your needs.