Written by Carlita Albertse

finances | Insurance

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10 Apr, 2021

Short-term insurance: Why is it important?

 

Short-term insurance is not a luxury. It is an absolute necessity and should form part of our day-to-day existence. It means having peace of mind, knowing that if something were to happen to your business or your valuable assets like your home, car, bicycle, or boat in the event of a fire – you are covered and will undergo minimum discomfort to replace them. Short-term insurance is specifically tailored to meet your needs and can be adjusted as your situation changes, depending on your insurer, or on an annual basis.

As opposed to short-term insurance, long-term insurance is aimed at insuring your life, and works with you selecting a cover amount that suits your lifestyle. This cover amount will be paid to you or your beneficiaries in the event of retrenchment, disability or death.

 

Three great reasons to have short-term insurance are:

  1. Natural Disasters: In life, we want to have control over many things. One we cannot control is Mother Nature. Natural disasters can cause extensive damage to your property. However, with adequate short-term insurance in place, you can rest assured knowing that you are covered in case of a natural disaster and losses occur. You could claim for roof leaks causing damage to your ceiling and tiles. If your cover is sufficient, your insurance will fix your roof, replace your ceiling and fix your tiles.
  2. Burglary: Because crime statistics in Namibia are increasing annually. Although we take precautionary measures to keep ourselves and our property safe, with an adequate short-term policy in place, you will be assured that your property can be replaced.
  3. Accidents/Damage: Accidents happen unexpectedly and at unforeseen times, irrespective of how careful you drive or how well you look after your possessions. An error in judgement either by you or someone else could cause damage to your property. If you are appropriately insured, you could pay for damages to yours or someone else’s property.

Again – insurance is of the utmost importance. Even if you are not there to enjoy the benefits of it, your loved ones might. Contact me for a thorough assessment of your needs, and I can help you get cover that not only suits your needs, but your pocket as well.

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