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Understanding Home Insurance And Why You Should Get Your Property Insured

Posted on the 17 January 2014 by Adeyemiadisa @adeyemiadisa
By Adeyemi Adisa - January, 17th 2014

Home insurance, sometimes called homeowner insurance or building insurance, is a way of protecting your home and the contents there in against any unforeseen calamity such as flood, fire, break-in etc. Home insurance is often split into two cover types which are buildings insurance and contents insurance.

As the name suggests, buildings insurance covers any damage to the structure of the building which include roof, walls and floors. It also generally covers fixtures and fittings, such as a bathroom suite, and fitted kitchens.

Unlike buildings insurance, contents insurance doesn’t cover the structural aspect of the house. The insurance only covers damage to, or loss of, any personal possessions in the property which may include home entertainment, furniture etc.

The two type of insurances can be bought separately, although most insurance providers also bundle both together. Buying a combined policy from the same insurer can often be cheaper than buying the two separately.

Why Having A Home Insurance?

To some people, home insurance is an unnecessary expense, and the fact that it is not required by law, they wouldn’t bother spending their hard-earned money on it.

But what people like this might have forgotten are the benefits of having a home insurance which I personally think is essential.

It is also important to know that even though having home insurance is not legally required, some of the mortgage lenders out there will require you to have home insurance.

Whether you decide to use your house as a home or as a source of income, it is essential you have the correct home insurance in place.

#1). Natural Disasters

If you have home insurance, not only will a good policy save you money in the event that something happens to your home or belongings, an insurance company can also help you with other issues that will be beneficial to your home; like making your home more resistant to natural disasters.

Having a home insurance with a good policy could be the only way to get yourself back to a normal life after natural disasters such as earthquake, flood, storms and others. Depending on your policy, most home insurance company offer protection against some of these natural disasters.

#2). Unexpected And Unpreventable Situations

Home insurance can help you in situations that may not be preventable, no matter the state of your property; whether your property is relatively new or not.

Because you are responsible for anyone within your property, if any of the guests trips on a loose tile and breaks his ankle, you are potentially liable for your guest’s injury. The right home insurance policy should protect you against legal action and pay for the injured guest’s medical bills.

#3). Unnatural Disasters

Home insurance often generally covers you for damage to your home caused by unnatural activities such as burglary or attempted burglary, man-made disasters like riots, explosions and vandalism.

But note that coverage and policy will differ between home insurance providers. Therefore, it is important to check your policy documents before signing up.

#4). Mortgage Requirement

Home insurance is often taken out with a mortgage to cover the cost of rebuilding your home should the worst happen.

Mortgage lenders can ask to see proof of buildings insurance as part of their mortgage offer so if you are a first time buyer about to buy a house or a buyer about to move properties, you should get a home insurance quote right away.


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