Five insurance must-haves

1: Travel insurance

This is as important as packing your suitcase, according to Graeme Trudgill at the British Insurance Brokers Association. But shop around and check the small print to make sure you have the right amount of medical cover.

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2: Home and contents insurance

Contents cover is not mandatory, but it's important as it covers all your worldly possessions; and you can't get a mortgage without buildings cover.

Make sure you have enough cover. Hiscox revealed recently that 60% of high-net-worth homeowners underestimate the true value of their possessions, leaving them underinsured. Don't do the same: add up the value of everything, including clothes.

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3: Income protection insurance

Income protection is worthwhile - especially if you're self-employed or work for a small firm - as it will pay out a regular monthly sum if you fall ill and can't work.

4: Life insurance

Life insurance will pay out a lump sum if you die - this is crucial for people with dependants.

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5: Car insurance

By law you must have car insurance if you drive. Policy premiums vary greatly, depending on the type of car you have, your driving record and your age, as well as your gender.

Make sure you review your policy on a regular basis.

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