If you are a homeowner, you should think seriously about the benefits of home insurance. A home insurance policy can offer you financial security in the case of theft or damage, and priceless peace of mind. But what does home insurance cover, what doesn’t it include, and how should you go about choosing a home insurance package? Read this blog to find out…
Home Insurance: What Does it Cover?
So what does basic home insurance cover? What’s covered by your home insurance policy will depend on the policy itself. There are three main types of home insurance policy. Home buildings insurance covers the cost of structural damage to your property, including elements such as the walls, roof, windows, fixtures and fittings. It provides for the rebuilding your house in the case of fire, floods, an earthquake, explosion or a storm.
Home contents insurance covers the replacement of things you own in your house, including clothes, electronic equipment and other valuables, in the case of theft or damage.
The third type of home insurance is home buildings and contents insurance, which combines the aforementioned forms of cover.
What Isn’t Covered?
Exactly which items are covered by a home contests insurance policy will depend on the individual package. You should always read terms carefully, and ensure you have the coverage you need. Some items, in particular high-value belongings, should be itemised when considering quotes. Watch out for value limits for single items such as jewellery. Among the things which might not be covered, or will be subject to certain conditions, are rare collections and series; pets; outdoor or garden items.
The terms of buildings insurance policies should also be studied carefully. Among the things which might not be covered are; damage which is the result of termites, rodents or other vermin; accidental damage; legal costs; or theft or loss of keys.
How To Choose The Best Home Insurance For You
Here are some quick-fire tips for choosing home insurance. Firstly, you should know exactly what is covered in a policy that you are seriously considering. When it comes to buildings insurance, ensure that you have accurate estimates for how much it would cost to rebuild your home in the event of various forms of damage. And always treat efforts to ‘upsell’ certain policies with caution!
SIMS FS offers home and contents insurance to protect the items in your home in the event of theft, damage and destruction. Asking yourself “what does my home insurance cover”? Read more about our home and contents insurance package here.
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The information contained within was correct at the time of publication but is subject to change.