What We Can Cover With Home Insurance
Home insurance is a type of property insurance that covers damage to, or loss of, a home. It is an agreement between the policyholder and the insurer in which the insurer agrees to pay for specific losses incurred by the policyholder in return for premiums paid by the policyholder. Home insurance policies can be tailored to fit individual needs. With insurance quotes, it is important to establish just what you will have covered as there are many variations to policies that will change premiums.
The sections of a typical home insurance policy include:
Contents insurance covers the cost of repairing or replacing your personal belongings if they are lost, stolen or damaged. This includes items such as furniture, appliances, clothing, electronics, and jewellery. Contents insurance does not cover damage to the structure of your home, such as walls, floors, and ceilings. This will be covered by the building insurance aspect of your policy, either as a separate policy or as part of combined household insurance.
Buildings insurance covers the cost of repairing or rebuilding your home if it is damaged or destroyed. This includes damage caused by storms, fires, floods, and earthquakes. Buildings insurance will not cover the cost of repairing or replacing your personal belongings. This will be covered by the contents section of an insurance policy.
Depending on the value of your home and the level of cover you require, building insurance can be a mandatory requirement of your mortgage agreement. Even if it is not a requirement of your mortgage, it is still recommended as it provides peace of mind in knowing that your home is protected against unforeseen circumstances.
Tailored Household Policies
Home insurance policies can be tailored to fit individual needs and budgets. It is important to review your policy regularly to ensure that it still meets your needs as your circumstances may change over time. Home insurance is an important part of protecting your most valuable asset – your home. It gives you peace of mind knowing that your home and belongings are protected against unexpected events.
In addition to the basic cover provided on the values agreed, additional cover can be purchased in respect of both buildings or contents insurance, or both. We shall explore some of these extras that can be purchased for added peace of mind.
Accidental Damage Cover:
Most home insurance policies can be extended to provide some level of accidental damage cover for both contents and buildings. This means that if there is an accident in your home, such as a broken window, your policy will help to cover the costs of repairing or replacing the damage. It’s important to check your policy document to see exactly what is and isn’t covered, as there may be some exclusions.
Should any damage be caused to a structure of a house that was deemed the householder’s fault and not the elements, then this can be insured by the accidental cover on the building section of a household policy.
If a carpet was to end up with a scorch mark because it was accidentally burned by an iron, then this can be claimed for on the contents section of a policy. That is providing the accidental damage cover has been purchased in exchange for an extra premium.
The above demonstrates how useful it is to have accidental cover attached to all aspects of household insurance so that you do not have exclusions that you wanted to be covered. If you have children or pets, you may be more likely to go for accidental damage cover. It is, however, a lot more expensive than the standard cover, so you will need to think carefully about choosing the option.
Personal Possessions Cover:
This is an optional extra that can be added to contents insurance policies. It covers the cost of repairing or replacing your personal belongings if they are lost, stolen or damaged when you are away from home. This cover is usually capped at a certain amount, so it’s important to check your policy document to see exactly what is and isn’t covered.
Particularly valuable items, including antiques and high-value designer items, need to be specified separately on a household contents policy to be covered.
Home Emergency Cover:
This is an extra cover that can be added to contents or building insurance policies. It covers the cost of emergency repairs to your home, such as a burst pipe or broken boiler. Home emergency cover is usually offered as 24-hour cover, so you can get help when you need it, day or night.
It’s important to remember that home insurance is not a maintenance policy. Home insurance covers the cost of repairing or replacing your home and belongings if they are lost, stolen, or damaged. It does not cover the cost of routine maintenance or repairs.
When choosing a home insurance policy, it’s important to compare the cover levels and excesses to find a policy that’s right for you. It’s also important to read the policy document carefully to make sure you understand exactly what is and isn’t covered. Home insurance gives you peace of mind knowing that your home and belongings are protected against unexpected events.