It seems you can get specialised insurance plans for pretty much everything you own these days. In a perfect world, you’d get yourself premium insurance on it all. It would be easy, it would cost pennies, and you’d have complete peace of mind about your belongings.
Unfortunately, as you’re aware, we don’t live in that perfect world. We often have to assess exactly what we need to insure.
The first thing you should do is imagine your situation if something were to happen to a particular item. What financial hardship would you or others around you suffer as a result? Try not to think about the likelihood of that actual thing happening. In that case, insuring the building you live in seems pretty important. Fires and weather hazards are unlikely, sure. But the cost of fixing these things without insurance would be enormous.
So what about the technology in your house? Consider the items on this list.
Television insurance can be expensive, but it might be a smart move for you. Ask yourself some questions. How much do you use the television? Could you live with using your computer to watch on-demand shows instead, if something were to happen? Or would you definitely get it fixed if it broke?
If you answered yes to the last question, you may want to consider insuring the television. But it shouldn’t be your top priority. It’s more likely to be a luxury item than anything else you own. Have a look at http://www.homeapplianceguard.co.uk to learn more about television insurance.
In a way, ovens are like televisions. If it breaks, we usually have something else in the house that can do the same job. We have microwaves and grills (unless the latter depends on the oven working). So, could you do without your oven?
We’re guessing your answer is no. With an oven, complete with grill and hob, your cooking potential is limitless. Microwaves aren’t exactly a healthy alternative. Eating microwaved food every day is going to cause you health problems in the long run. Ovens are also very expensive to replace. We would recommend insuring it.
Your mobile phone is more likely to be broken or stolen than anything else on this list. Unless they have a backup phone, the vast majority of people will fall into the “I’m lost without it” camp.
You might be able to put up with some minor screen cracking or some dents in the phone body. A lot of people I know seem to pretend the crack in their screen isn’t there. But if the phone actually stops functioning, or gets stolen, or is infected with a virus, you’re in trouble. Visit a website like www.mobile-insurance.net if you’re looking to get more information.
Dishwasher insurance seems easy enough to dismiss. Many claim they’re better for the environment than washing by hand, but this isn’t entirely true. Environmental benefit was only seen when a dishwasher was put up against someone who ran hot water from their tap for long periods of time. They usually don’t do the job all that well anyway!
But it really depends on what you use it for. Do you run a business that depends on it? Then it might be worth insuring it. But if you’re thinking about skipping insurance for an appliance, make it the dishwasher. Washing by hand is just fine!
In the end, it’s all about what you can afford. If you can afford to insure everything, then do it!