Types of Insurance You Might Need and You Haven’t Considered

You are not here to talk about homeowners insurance or auto insurance. You don’t need the lecture that you need that stuff because you know that.

In fact, they’re often mandatory. No, you’re here to find out about the various other things that can be insured that aren’t as widely talked about. Some of them might apply to you, some of them are less common, but they are worth knowing about if you want to avoid a deep debt hole in the future. Read on for all the details of insurance you hadn’t considered.

Medical indemnity insurance

Should the worst happen, and you find you need surgery, you are likely to be very scared. There is the surgery itself, and the money it takes to get the surgery. So much can go wrong in either department. As much as the top surgeons do everything to avoid problems, even a small mistake can have lasting effects on the patient, and therefore the surgeon.

Medical indemnity insurance aims to cover the surgeon should a mistake occur. It aims to compensate the patient should the need arise, responding to accusations of medical malpractice, substandard professional service and the cause of mental or physical harm, injury or death to a patient.

Medical indemnity insurance is necessary due to the fact that current government schemes to cover indemnity, like the Clinical Negligence Scheme for Trusts in England, and the Clinical Negligence and Other Risks Indemnity Scheme in Scotland, don’t cover personal regulatory and medico-legal support performed in the NHS. Find out more information from Incision on medical indemnity on their website.

Pet insurance

Pet insurance can save you a pretty penny if you and your furry friend suddenly find yourselves at the vet. Vet bills can add up, and even if you show up with your dog who sounds seriously ill due to all the whining, and it turns out he just wanted out, you could be looking at a bill.

Getting pet insurance will make sure that you are never caught off-guard should your dog get into some chocolate or your cat get into a street fight. For a low monthly cost, pet insurance will cover all your vet bills, from diagnosis to treatment and hospital stays, plus it will cover third party liability, should your little friend hurt someone else despite your attempts to control them.

And with the sad realisation that dogs are often stolen, and can often just run off, it’s useful to know that pet insurance will cover the purchase price of your pet and the cost of advertising to look for them if they disappear.

Renters insurance

Don’t think just because you don’t own your home that you don’t have the right to protect it with insurance. Renters insurance behaves in much the same way as homeowners insurance in that it covers the possessions within your home. It doesn’t cover damage to the home itself, like homeowners insurance, as that is the responsibility of the landlord, but the material possessions within the home will be protected. Plus, since it’s only doing half the job, it’s a lot cheaper than homeowners insurance.

You’d be surprised at how much stuff you actually have and how valuable it is, so if something were to happen in your home, like a burst pipe, it would cost you a lot to replace it all. Plus, you’d be surprised what’s covered. Furniture, electrics, and jewellery are a given, but some policies offer unlimited cover, so you could insure that plushie collection or the food in your freezer.