Written By: Melissa Nyman
There are gaps in insurance that will not cover you. And this includes car, home and life insurance
Home Insurance gaps
For the homeowners out there, covering expensive, unique valuables is part of your coverage.
This includes items such as:
The Problem With Gaps
- Record Collections
- Coin Collections
- Musical Equipment
- And Expensive clothing and furs.
There are limits to what is covered for your jewellery collections or other valuables. The limit is a monetary value. For instance, perhaps your insurance only covers R3000 for any jewellery stolen. This disregards all your other jewellery that’s worth R20 000.
How To Solve This Issue?
Make use of extra insurance that’s designed to cover you for all the necessary valuables with limits.
Life Insurance Gaps
The Problem with Life Insurance Gaps
In your life insurance cover, gaps exist in incidents such as you having insurance with your employer. This is a common issue employees face because once you change jobs this insurance cover then falls away or the type of cover you have will change.
How to Solve The Issue?
Once circumstances change, there are a few things to consider, namely:
- Annual Expenses
The next step is to then compare the insurance
you have and evaluate whether more coverage is needed. A financial professional is a perfect person to assist in these matters because life insurance is important.
Car Insurance Gaps
Two Car Insurance Gaps
Just like the other two insurance types, the two car insurance has gaps to leave you vulnerable in times of needed protection.
Without Transportation Expenses
Whether it’s during the time you need to rent a car or while it is getting fixed in the shop, does your car insurance
cover these types of occasions?
Personal Catastrophe Coverage
In the case of an accident, you could either receive a personal injury or charged with a liability lawsuit. These scenarios involve pain compensation payments, lawyer’s fees, hospitals bills and other fees. Investing in umbrella cover could save you loads down the line.