Unfortunately, life never goes according to our plans. It always goes through ups and downs. Sometimes, you’ll see the sunshine, while moments later, it can be gloomy. So you should better stay alert and prepared for the future.

    Buying insurance covers is a good way to secure your future while improving your financial prospects.

    Medical emergencies don’t give any warning. They can suddenly come as a shock, and by the time you understand anything, a lot of money would’ve gone towards hospitalization charges. 

    The same goes for natural calamities like floods, storms, and heavy rainfalls. For example, if you want to insure your property from floods, subscribing to a flood insurance plan can help.

    Knowing which types of insurance covers you should subscribe to is essential if you are just getting started with insurance.

    Here are the top five insurance covers you need to protect yourself and your loved ones from financial hardship in an emergency-like situation:

    Flood Insurance

    Many parts of Australia are flood-prone. It means your costly properties and furniture and fittings are unsafe until they are insured. Floods and natural calamities can strike you anytime.

    Floods in Australia include covering dry land with water from any lake, river, reservoir, canal, creek, or natural watercourse.

    Thus, you are likely to get compensated even if your property has been damaged due to excessive rainfall or storm.

    Insurance companies use NFID (National Flood Information Database) and other government data to determine whether a particular property can get ravaged due to flood or not. 

    They will charge more premiums for flood insurance from the property owners if the property is likely to get damaged due to flood.

    Car Insurance

    If you own a vehicle or drive a cab, you must have an active insurance plan covering accidents and road-related mishaps. In addition, you should have at least a CTP or Compulsory Third-Party Insurance, without which you can’t drive on Australian streets.

    You should also opt for comprehensive car insurance coverage, which covers damages to others’ property due to driving and other issues. It also gives you a cushion against floods, storms, and theft. Again, your insurer can help you choose the best car insurance plan.

    Health Insurance

    Medical issues often arise almost immediately. You may never know what happens next. So why should you take any chances? Take a private health insurance plan to receive high-quality healthcare services at various hospitals or nursing homes of your choice, free of cost, whenever required.

    It may also cover the ambulance costs and extras, including dental, physiotherapy, and others.

    In Australia, it’s not mandatory to subscribe to a health insurance policy. But it can come in handy in case you or your loved ones have to be hospitalized in the case of a medical emergency. In addition, people earning above a certain income limit don’t need to pay any Medicare levy fees or surcharges when they have an active health insurance policy. 

    Home Insurance

    It takes years to get a home built in a city of your choice. Building a house or home can involve a lot of money and investment. So it’s important to protect the same from damage.

    Depending on the status of your ownership of the property, you can opt for contents insurance or building insurance. If you live in a strata building, go for contents insurance. But house owners must choose building insurance.

    Life Insurance

    Many people consider life and health insurance as substitutes for each other. But that’s not the case. In reality, they are complementary to each other and serve different purposes.

    The primary purpose of life insurance is to save your dependent by offering them necessary financial assistance in the event of your death.

    In such a case, life insurance will help the family with the necessary financial assistance and resources to live a dignified life. You need to pay regular premiums as per the life insurance terms to avail yourself of these benefits.

    Similarly, private health insurance is also crucial for you and your family. It protects you from financial burdens from skyrocketing medical bills and hospitalization charges when you or your loved ones go through a traumatic phase of hospitalization, surgery, or medical emergency.

    Through active private health insurance coverage, you’ll get necessary medical care and additional treatment options in the form of specialized surgeries or extras at well-maintained healthcare facilities across the country.

    In Conclusion

    All these insurance policies are essential for anyone. However, depending on your savings and investment needs, you must prioritize which type of insurance you should buy first. 

    When in doubt, you should purchase a health insurance policy first. It is because health is everything, and it deserves top priority. So buy a health insurance plan today and keep paying its premiums regularly without fail to get top-notch healthcare services at various hospitals whenever required.


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