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Is Insurance Really Necessary?

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Although I’m currently living it up in Bali, my hometown is a relatively small city of around 400,000 in New Zealand, called Christchurch. You may have seen Christchurch feature on the news in 2011… for a devastating earthquake. Almost 200 people died and I lost my aunty, who I miss very dearly, in this incident. It’s not something I talk about a lot, but it is something that has shaped my life and has changed a lot of things for me.

I saw my family get broken apart. I lost one of my favourite people. I also saw my entire hometown fall to pieces, literally.

3 years on and progress has been slow, many areas of the city are now empty and very creepy to drive through. Many people are still waiting for insurance claims to come through, for home repairs to happen and for things to move forward.

For those who didn’t have home insurance, life has been a lot tougher. Many homes are irreparable – can you imagine the cost of that if you didn’t have insurance?

A few days ago, a friend of mine posted a status on Facebook that her brother and sister in law’s home had burned down.

Everything inside was seared.

Thankfully they and their four children got out alive.

But they didn’t have contents insurance and now find themselves basically starting at zero.

Their home was rented, so I am sure the landlord’s insurance will cover that side of things, but this family has to start from scratch.

They need new clothes, new furniture, new pots and pans, drawers and beds. Everything.

It is a very sad story, but after the earthquake a few years ago I wonder how anyone, especially a family, could move forward without insurance?

I think the simply truth is you cannot afford to NOT have insurance, unless you literally have enough money in your bank account to replace everything you own or could possible lose.
When I left for this trip I knew I would get travel insurance. Life is far too unpredictable to leave things like our health and wellbeing to luck. Although our travel insurance premiums were relatively expensive, I take a look of comfort in knowing that I will be covered for almost anything overseas. If I was involved in an accident and had to go to hospital overseas, there’s no way that I would be able to foot the bill for my healthcare for an extended stay.

Likewise, when I was renting back in New Zealand I always ensured I had insurance in case I accidentally caused damaged to the apartment I was renting.

I know of some people who don’t get any form of insurance: no car insurance, no home insurance and no health insurance.

Then when things go wrong for them, they go really wrong and they have to deal with the financial worries too, not just the emotional ones.

What’s your policy on insurance? What types of insurance do you get? I am very curious!

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