Everything you need to know about insurance

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Protect yourself and your assets with insurance

Sometimes life can present unexpected challenges that can’t be ignored. In these cases, insurance can not only help to protect you, but also your assets, livelihood, and everything you’ve worked so hard to achieve. That’s why at Reventon we offer a suite of insurance products to giver you peace of mind in the face of hard times.

 

Risk insurance

Risk insurance is designed to cover your expenses if you are unable to do so. If an unexpected event happens such as injury or illness, risk insurance offers a safety net to cover expenses like debts, rent, and mortgage payments. It can also cover the ongoing costs of any medical treatment you require.

There are a few different risk insurance products to consider, including:

• Life insurance: pays a lump sum to a beneficiary of your choice on the event of your death.
• Total and permanent disability insurance: pays a cash sum if you are made unable to work due to total and permanent disability.
• Income protection insurance: pays an ongoing monthly benefit if you are unable to work due to sickness or injury.
• Trauma insurance: pays a lump sum to support living expenses or medical bills if you suffer a serious medical condition.

 

Property insurance

Broadly, property insurance will protect you from the often sizeable costs of repairing your home after damage. This could include damage from natural disasters such as bushfires or floods, or damage such as house fires or burst pipes. It can also cover your property and belongings in the case of theft. Property insurance generally comes in three categories, where you’ll be paid funds that cover the cost of replacing the lost or damage goods, the actual cost minus any depreciation, or extended replacement costs usually up to 25% over your coverage limit.

 

Landlord insurance

If you own an investment property, landlord insurance is a must. It not only protects your property from physical damage, it can also pay out if your tenants miss their rental payments. Many products will even cover your legal fees should the worst happen and you need to take your tenants to court. Choosing the level of cover is your choice – from basic damage to more comprehensive cover that pays for you to change the locks and remove tenants’ belongings from the property – but we certainly recommend all landlords take out this kind of insurance.

 

Choosing an insurance product

Shopping for an insurance product can be confusing and time-consuming. There are so many products on the market and plenty of considerations when it comes to choosing the right cover for you. Some key points to look out for include what is covered (and what’s not), your monthly premiums, how much you could claim, how you or your family could make a claim, and if the policy is future-proofed as your circumstances change.

 

Taking action

Getting risk or property insurance is not a subject that most people like to think about. If you’re working and healthy, you may have your mind focused on your financial goals. But it’s equally important to ensure what you are working for is protected. Whether you are building a nest egg for retirement, saving for your family’s future, or working towards a property investment, all of your hard work could be undermined without proper insurance to protect you – so it’s worth serious thought.

 

Get expert advice

Everyone has different circumstances and life goals – you may even have some insurance cover that you want to review or consolidate with other products. To minimise your premiums and maximise your cover, getting expert advice is worthwhile. Reventon has a team of experienced brokers who can discuss your requirements, get the latest market deals, and present you with the best choice for you and your family. What’s more, you can benefit from a free, no-obligation advice session to get you started.

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