You’ve searched everywhere for the perfect home and you’ve finally found it and made it your own. But what if something were to happen to your home? This is where home insurance comes in. Home insurance will soften the financial blow if you experience an unexpected loss or damage to your home.
You can choose between three types of home insurance, namely, homeowners building insurance, home contents insurance and personal valuables insurance. So, what do these three types of home insurance entail?
- Homeowners Building Insurance
Homeowners building insurance is a policy that specifically covers the building structure of your home against accidental loss or damage caused by either fire, theft or natural disasters.
- Home Contents Insurance
Always remember, while homeowners building insurance covers the physical structure of your home against any loss or damage, it does not cover what is found inside your home, i.e. your possessions. If you want to protect your household goods against loss or damage caused by theft, fire, natural disasters etc., you will need to take out home contents insurance. If you take out home contents insurance, your household goods such as furniture, curtains and clothing will be covered.
- Personal Valuables Insurance
Personal valuables insurance will cover your personal valuables that you usually take with you when you leave your home, such as laptops and jewellery. It’s important to note that personal valuables insurance is an independent policy and is separated from the abovementioned insurance types.
Whether you have bought your first home or bought another home, it is a huge financial investment and a dream that most people have in their lives. The biggest reason why home insurance is so important is because it will cushion the financial blow if you experience any accidental loss or damage to your home or the contents in it. Let’s suppose your home gets damaged, you will have to wait to gather the funds needed to repair your home, but when you have insurance, the repairs can be done in a timeous manner.
Make sure to shop around for your insurance premium, do not just go with the first one, take your time to ensure that you get the best possible deal. Remember, even if you already have an insurance policy in place, you can still shop around and move your policy to a different company if they are offering a better deal.
Another way to ensure that you make a well-informed decision when it comes to home insurance is to contact an independent property valuation expert or by visiting an insurance comparison website online. By doing this, you will be able to gather all the necessary information and make the best insurance decision for your own unique needs.
This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)