Being self-sufficient can come with its fair share of liberties, however with great independence also comes the great responsibility of ensuring that you are well-protected against life’s (many) uncertainties. That’s why it’s so important for single women who are living alone to make sure they have the right personal insurance cover in place.
Of course, insurance isn’t the most exciting topic, and doing your due diligence when selecting the right policies for you can require some strategic financial planning, namely when it comes to balancing the value of your premium with the value of your excess for every single policy.
The good news is that even if you don’t feel like you’re ‘good with money’, selecting the right insurance policies can actually be a great foundational learning experience for even the most beginner budget balancers. With a little strategic thinking, you can make quick work of ensuring you’re adequately insured in all the necessary categories.
From protecting your home and health to securing your travels and caring for your pets, we’ve got you covered with the insurance info you need to make the right decisions.
1. Home and contents insurance
When it comes to safeguarding your living space, home and contents insurance should be at the top of your list.
Imagine if an unexpected event such as a fire, home burglary or natural disaster were to occur. Not only would you lose your peace of mind at home, but you’d also face the daunting task of replacing all your belongings and spending a significant chunk of money on home repairs.
This is why house and contents insurance cover is an essential form of protection, as it protects not only the physical structure of your humble abode but also everything inside. Whether you own your home or rent (you can use renter’s contents insurance), this policy can protect you from some serious financial hardship in the face of accidents or disasters.
For homeowners, house and content insurance policies are typically designed to cover a wide range of incidents, from minor issues like a broken window to significant events that could leave your home uninhabitable. There are tonnes of house and contents insurance policies on the market, so take your time to shop around and choose one that best aligns with your needs.
One thing to note: a big mistake a lot of people make is undervaluing the cost of their assets, which results in being underinsured. This is something you definitely want to avoid. Make a list of your valuables, which may include electronics or furniture, clothes and other personal possessions. The key is to ensure you have the right level of coverage for all your items so that when the time comes to replace them, you won’t be left out of pocket.
By properly valuing your contents, you’ll be able to maximise the benefits of your insurance policy and maintain the security and comfort of your home, come rain or shine!
2. Health insurance
Medical bills can quickly add up, sending even the best of us into debt. This is exactly why health insurance should be a top priority for all single women. Remember — you may be in good health right now but that doesn’t mean you should leave yourself without cover for unexpected health issues that could arise in the future.
When selecting a health insurance plan, look into the coverage for GP visits, hospital stays, prescription medications, and specialist care (gynaecology, orthopaedic care, radiology etc). Some plans also offer additional benefits like mental health support, dental care and wellness programs, depending on your personal needs.
Preventative care is another important benefit of health insurance. Regular check-ups, screenings and vaccines help you maintain your health and catch problems early when they are easier to manage. It’s also less expensive in the long run.
At the end of the day, health insurance isn’t just about covering medical expenses; it’s about maintaining your overall wellbeing and having the peace of mind to live your best life, worry free.
3. Car insurance
Next up, let’s chat about car insurance. If you have a car or plan on buying one, car insurance is both a wise decision and often mandatory where you live (it’s required in Australia, among other places).
Car insurance protects you against financial loss in case of accidents, theft or harm to your vehicle. This will also provide protection to others and their property if you happen to be the at-fault party. Trust us when we say this is not the place to cut corners as it can save your (financial) behind loads of money.
There are many types of car insurance policies, with the most popular being comprehensive and third-party insurance. As the name suggests, a comprehensive plan provides the most comprehensive coverage, covering you against a myriad of risks. Say, for example, you accidentally rear-end someone. A comprehensive car insurance plan will cover the cost of damage to your car, the other person’s car, and even the cost of a hire car while your car is being repaired (as long as you add that as an extra perk when selecting or renewing your insurance plan).
Third-party car insurance, on the other hand, is usually the most basic type of insurance offered as it only covers damage you cause to someone else’s vehicle. In other words, if you rear-end someone, your policy will only cover the costs associated with repairing the other person’s car. This type of insurance is mandatory by law. Additionally, there is third-party fire and theft insurance which covers your car if it is damaged by fire or stolen, and includes the cover provided by third party property damage insurance.
When choosing your car insurance plan, you’ll want to take into account the value of your car, your age, driving habits and your budget. It’s also a good idea to look for policies that offer additional perks such as roadside assistance, no-claim bonuses, and coverage for any personal belongings inside the vehicle. Remember, cheap doesn’t always equal the best protection, so weigh up your options.
4. Pet insurance
Whether it’s providing cover for routine check-ups and vaccinations or emergency surgeries, pet insurance can truly make all the difference when your furry best friend is under the weather or during accidents and emergency situations.
Of course, policies can vary widely depending on the insurance provider, so it’s essential to read the fine print and understand what’s covered. Some plans focus on accident and illness coverage only, while others might include wellness care, dental treatments and even behavioural therapy for your pets.
Remember to factor in the age, breed, and health status of your pet when choosing a policy, as these factors can influence the level of coverage and premiums. For example, in most scenarios, pre-existing conditions will not be covered by your insurance policy. This is why it’s best to get your furry friend insured sooner rather than later.
When you have the right coverage for out-of-the-ordinary costs that may arise, all the energy you’d spend worrying about how to pay those crazy high vet bills can instead go into cherishing your little bestie.
5. Travel insurance
It’s a well-known fact that us single ladies love nothing more than to jet off on holiday (rightfully so), so travel insurance is an absolute must-have for your next trip away from home.
From loading up the car for a weekend escape, to heading overseas on a solo adventure, this type of insurance can save you loads of potential drama.
Whether it’s covering a missed flight, emergency medical needs (which often cost an arm and leg), or losing luggage, passports and other belongings while away from home, travel insurance will ensure complete enjoyment of any upcoming holiday. It means that, even if something were to go wrong, you can rest easy knowing that you won’t have to end up thousands out of pocket — something that can definitely turn any happy holiday into a nightmare.
So, how do you choose the right plan? It starts with considering the specifics of your trip, including the duration of your travel, the destinations, and the activities you are planning. For instance, if you’re planning daredevil adventures like skiing or scuba diving, make sure your policy covers these activities. With the right travel insurance, you can enjoy your trip to the fullest, without worrying about those pesky ‘what ifs’.
Navigating insurance doesn’t have to be overwhelming
And there you have it! Everything any single girlie needs to know about insurance — from home and contents to personal health, pet cover and everything in between.
At the end of the day, navigating the big wide world of insurance doesn’t have to be overwhelming. By understanding the key types of insurance and what they cover, you can make the best decisions to guarantee peace of mind in all aspects of life.
So, equip yourself with the right coverage and confidently face whatever life throws your way. You’ve got this!