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  • Insurance simply put is the transfer of risk to a third party who is prepared to bear it in return for a fee. That is to say if you worry about the risk of a certain event, a fire for example and the damage the event can cause, in return for paying a premium to an insurance company, the insurance company agrees to pay the cost of damages (usually a defined amount) to the insured.
  • There are two types of insurance for consumers. The first, Life insurance, provides a benefit in the event of death to the insured persons dependants. Which in effect means that in return for paying an annual or semi annual premium to a life insurance company, upon death, the insurer agrees to pay a benefit to your loved ones. This may sound morbid, but in reality should the death be unexpected, it provides a source of finance for your dependents, and gives them a source of income should the primary income earner no longer be around.
  • The second type, general insurance covers all kinds of general risk everything from home and contents to car insurance. So for example should you have a burglary or fire at your house, the cost of reimbursing your house for damage or loss is undertaken by the insurer. Similarly with car insurance, should you have an accident, or your vehicle requires repairs, that cost will be borne by the insurer in return for a regular premium payment.

Latest Insurance News from the comparedinkum Blog

Majority Of Australians Underinsured When It Comes To Home And Contents

According to a recent study by a market research firm, an astonishing 83 per cent of Australians are underinsured when it comes to their home and contents insurance. This is a real cause for concern because a recent Climate Change report has warned that many parts of the country are experiencing a rise in extreme fire weather.  The main reason most Aussies are underinsured is because of failure to update policies and the increasing cost of full cover. The real issue however is the financial burden homeowners may face if they find that something goes wrong, particularly if there is a bush fire. Continue reading

Landlords Should Ensure They Have The Right Type Of Insurance To Cover Their Property

Insurers are warning landlords in Victoria to make sure that they thoroughly screen would be tenants after it emerged that at least one home in Victoria is vandalised every day. In the last financial year, there were a total of 2,575 landlord insurance claims which represents a 10 per cent increase compared to the previous financial year. Continue reading

Make Sure You Have Travel Insurance So Digital Devices Are Covered Whilst Travelling

With summer upon us and Christmas fast approaching Australian travellers are being warned to remain vigilant and be prepared. According to experts, mobile devices are right at the top of the list of personal valuables that are most likely to be stolen or lost on holiday. These types of items are commonly taken internationally when Australians travel. Continue reading

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