We consider our homes to be safe-havens, and that is why we will do everything to ensure that they are adequately protected. When we think of protection, we might think of the safety measures we should have in place. However, insurance is also one of the essential security measures that you can take for your home.
When you are a homeowner, you must take out insurance to ensure that your investment is well protected in an emergency. Homeowners insurance guarantees that your property is covered for any losses or damage that might occur. There are mainly three types of insurance that homeowners should get to make certain that their home and belongings are well protected. Below are the three insurance types.
1. Homeowners Building Insurance
Homeowners building insurance is meant to protect your home from any structural damages that occur due to unforeseeable circumstances such as burst geysers and pipes, floods or even fires. The primary purpose of building insurance is to protect your home’s structure and its permanent fixtures and fittings. Having building insurance is recommended as there is a huge chance that some damage will occur to your property at some point.
This type of building insurance can also cover you from some less known items, such as having to make alterations to your home if you had to be confined to a wheelchair. It also covers any damage that might occur in the garden due to unforeseen circumstances, the appointment of security guards to protect your property or any wear and tear that happens to your geyser. Homeowners building insurance is crucial as it can spare you from any financial strain that might occur due to some unexpected circumstances. Homeowners building insurance also takes into account your specific circumstances and the value of your home.
There are some things, however, that some insurance companies might not cover, such as any damage that is caused by pets like tearing, scratching, soiling or denting. Some theft claims are not covered unless there is proof that there was a forcible or violent entry to the property that is visible. Another factor that might lead to the rejection of claims is if there was insufficient security in place when you tried to make a claim or if your home was left unoccupied for a long time.
2. Home Contents Insurance
The valuables in our homes are just as important as the structure of the house. Therefore it is crucial that they are also protected. Our valuables mean a lot to us, and if they were to be damaged or stolen, you should ensure that you will receive financial compensation so that you can repair or replace them. Home contents refer to any items found in your homes, such as furniture, appliances, and décor.
Home contents insurance ensures that your home contents are protected against theft and any intentional damage that might occur, such as a burst geyser or a power surge. Home contents insurance also makes certain that your valuables are protected against any damage that might occur due to lightning storms, hail, floods or fires. You can on top of that get an accidental damage cover that would cover you for any accidental damage you might cause to your valuables, such as spilling coffee on your sound system.
When insuring home contents, make sure that you have each item’s model or serial number as well as its value. Guarantee that you conduct regular evaluations to ensure that your items are valued correctly, as it is common for items to be underinsured. Make certain that you keep receipts of all the items you purchase for your home and take pictures of the items for each room so that you have your own records.
3. Personal Valuables Insurance
Though home buildings insurance covers the structure of the building and home contents insurance covers the valuables in your house, what happens to the valuables that you leave your house with every day? Personal valuables insurance can cover all those valuable items, which is why it is also known as portable valuables insurance. These personal valuables include watches, jewellery, laptops, handbags and mobile phones.
Even though personal valuables insurance covers items that you usually take along with you, it also covers some items that you might live with on a day-to-day basis, such as sporting or recreational equipment, photographic and optical equipment and wheelchairs or mobility scooters. There are some items that are not covered under personal valuables insurance, such as valuables used for business-related purposes, cash or vouchers.
Conclusion
Being a homeowner is a significant accomplishment, and you must keep your home and its valuables protected from any unexpected circumstances. It might seem like the amount of insurance you have to pay is a lot; however, it will be able to protect you from any heartaches in the long run.
See Home Insurance Guide – How to File a Claim After a Burglary.
