It’s natural to want to take care of the people and belongings that mean the most to you. That’s why insurance has become popular over the last few decades. You want to look after your loved ones, pets, homes, cars and your business, so taking out insurance policies to safeguard these precious things makes sense.
It seems that this is a really common concept, as more people realise the benefits of insurance. In fact, recent statistics show that the insurance market in Malta is expected to reach a projected market size of just over US$2 billion by the end of 2025.
With the Maltese insurance sector predicted to grow by approximately 3% by 2029, it’s easy to see that insurance gives you the ability to safeguard the important aspects of your life so your day-to-day runs as smoothly as possible.
In this article, we examine some insurance basics, what different types of insurance are available and why you might need insurance to support a happy and secure life.
Contents
- What is insurance?
- Why is insurance important?
- What different types of insurance are there?
- Protect the things you love with GasanMamo insurance.
What is insurance?
Insurance is a policy, like a contract, between you and an insurance company to protect a specific set of people or something that belongs to you from financial loss if an unexpected event occurs.
An insurance policy should outline the exact nature of the cover it provides. For example, if you take out home insurance, there may be restrictions on the amount that will be paid to replace a TV or laptop if it’s stolen from your home.
The policy will also tell you about the ways in which money will be paid out in certain circumstances, who will receive the payment and the amount that will be paid. This is all vital information you should check if you need to contact your insurance provider to start a claim.
Why is insurance important?
No one expects a sudden, unfortunate incident to happen, but there’s no guarantee of what lies in the future. Insurance can financially protect you, your loved ones and your possessions if an accident, emergency or natural disaster takes place.
The cost of a car accident, a flood at your business premises or a home break-in can spiral beyond your initial assessment. This can leave you out of pocket and impact your finances for some time to come.
With an insurance policy, you’re reducing the risk of financial loss and covering expenses like healthcare or vet costs for your pets. Insurance is necessary to protect your loved ones and assets while giving you safety and stability.
What different types of insurance are there?
Today, you can invest in insurance for a variety of purposes, including cyber protection insurance if you run a business or organisation. Here are some of the most popular insurance policies people want on a regular basis:
Home insurance
If you own a property, you’ll probably want to make sure it’s protected against any theft, burglary or natural disaster. Home insurance safeguards your home and its contents against any damage due to fire or bad weather and makes sure your belongings are protected against theft, damage or loss.
Home insurance has two parts: building insurance and contents insurance. For homeowners, it’s likely you will take out a policy that combines the two so that all of your home and possessions are protected.
Motor insurance
If you drive your car, you need motor insurance. The basic level of insurance requirement is third-party only insurance. This insurance policy covers the cost of damage or injury to any third party or their vehicle that has resulted while you were driving your vehicle.
You can also take out third-party, fire and theft motor insurance that provides the same level of cover as third-party only, but also protects your car against any loss or damage caused by fire, explosion or theft.
For vehicle owners who want more extensive coverage, there is the comprehensive insurance policy option. A comprehensive insurance plan typically protects your car against many types of accidental damage. You can also take out additional elements, such as personal accident cover.
Business insurance
If you have your own business, you’ll want to safeguard it as much as possible. There are many business insurance plans on offer, such as business asset insurance that protects against loss or damage to any physical business assets.
Other business insurance plans include loss of income insurance, to cover any interruptions in normal business operations. You can also invest in cyber protection insurance to help restore any data and repair any damage after a cyber incident or data breach.
Health insurance
Looking after your health and that of your loved ones is essential in today’s world. Health insurance can help you get medical appointments or treatments quicker and gives you access to a wide range of healthcare opportunities.
Travel insurance
Travel insurance helps you feel relaxed on any trip abroad or holiday because if anything happens, you know you’ll be looked after. Travel insurance covers you against any unexpected events that can happen if you travel abroad.
Every policy is different, so it’s a good idea to check your specific travel insurance plan so you know what is covered.
Protect the things you love with GasanMamo insurance
Insurance is a very effective safety net when you want to keep the people and things that are valuable to you safe. You’ll also find that insurance policies for your home, health, vehicle and business save you money, as paying out after an unexpected event can be very expensive.
At GasanMamo, we understand what’s important to you and support you in finding the most reasonable insurance policies to reduce stress and protect your possessions. We also work within your budget, so your insurance plans are cost effective and make sense.
If you’re looking for the best possible insurance policy to suit your needs, why not get in contact with our friendly team of experts? We listen carefully to your needs and guide you to the most suitable insurance options to give you freedom and peace of mind.
Photo © by Mohamad Faizal Bin Ramli from Getty Images.
