House & Home Cover Don't forget to cover all essential home contents

While there are a number of safety measures that you can invest in to help protect your belongings, homeowners are still vulnerable to the risk of property damage, loss, and theft. Home insurance is one of the best ways to make certain that your property is protected in the event of an emergency.
Understanding the ins and outs of home insurance is crucial. Here's what you need to know to safeguard your home against any unexpected loss or damage.

For most of us, there is no place quite like home. Not only is it the place where you rest your head at night, but it is also the place that's likely to house everything you own.

Understanding the different types of home insurance

There are three types of insurance homeowners can consider. These are namely; homeowners building insurance, home contents insurance and personal valuables insurance.

Home Contents Don't be caught without Home Content Cover

Homeowners Building Insurance Home insurance is also known as building insurance. It is a policy which specifically covers the building structure of a home against accidental loss or damage caused by fire, theft or natural disasters like floods. Some policy suppliers also offer Personal Liability Cover in addition to the building insurance policy. The Personal Liability Cover offers financial protection for property owners should a third party lay a claim against a homeowner for accidental death, injury or illness which may occur on their property. Depending on the insurance company, the cover can also extend to include other structures like your garages, greenhouses and swimming pools, as well as permanent fixtures around your house like baths, toilets and fitted kitchens. Home Contents Insurance These household goods include the likes of furniture, curtains, home appliances and clothing. Fixed items within your home, however, such as a tap or an immovable carpet are not generally covered by home contents insurance.

Personal Valuables Insurance. The non-specified items policy covers a standard list of general items and will pay up to a certain amount should any loss or damage occur. The specified items policy allows you to individually insure your most expensive items, like cell phones and laptops against accidental loss or damage and will compensate up to the amount specified in your policy schedule. Personal Valuables insurance is an independent policy separate from homeowners insurance and home contents insurance. This policy covers any personal valuables that a homeowner would usually carry or wear outside of their home, like clothing, handbags, laptops, bicycles or even jewelry. While homeowners insurance protects against loss or damage to the physical structure of your home, it does not cover what's inside, which is why there is Home Contents.

Is home insurance compulsory? Why home insurance is important

While there is no specific law which makes home insurance compulsory, most banks make it an obligatory requirement for homeowners who are in need of a home loan. The bank will request that you take out a comprehensive insurance policy to the value of your home when you apply for a home loan. The purpose of this is to protect you (and the bank) from the risk of structural damage to your property. Should something unfortunate happen to your property, like having it burn down, the bank would want to know that home insurance is in place to cover such a catastrophe. Remember, you don't necessarily have to take the homeowners insurance that your bank offers, but it is still compulsory for you to prove that you do have this type of cover in place should your home be financed through a bank. While mortgage providers do make homeowners building insurance compulsory, other property-related insurance policies, like Home Contents Insurance or Personal Valuables Insurance are not mandatory. It's always a good idea to get insurance coverage, even if you are not financing your home through a bank. Insurance cover on your property is essential as you may not always have surplus funds to cover the costs of rebuilding your home, should something unfortunate occur.

Insurance Plain & Simple Why home insurance is important

Aside from offering financial protection, there are many other benefits of home insurance: Some policy suppliers also offer a no-claim rewards incentive where homeowners can reclaim cash back after a specified number of premiums are paid. Home insurance will provide emergency repair services to protect and prevent your home from further damage if you have an emergency covered loss. Should your house get damaged, you can get repairs done in a timeous manner and don't have to wait an extensive period to rake up the necessary funds. A number of policy suppliers also provide the option to include unique provisions above and beyond the normal coverage offered, to effectively accommodate homeowners. Your insurance policy will cover your temporary living expenses-- provided that your insurance claim is approved if you can't live in your home because of a mandatory evacuation. What is the cost of homeowners insurance? Consider liaising with an independent property valuation expert or by visiting an insurance comparison website online. Doing so will provide you with essential information to help find the most suitable policy for you. When insuring your home for its market value, it's also important to keep in mind that replacement costs will differ in accordance with a variety of factors, such as the location of a property, as well as the property's design and finishes. It's important to take charge of your finances. Shopping around for your insurance premium is essential to ensure that you get the best deal. Even if you do have an insurance policy in place, you can still shop around and move your policy to a company that offers you a better deal. It is difficult to provide a specific figure of what property owners can expect to pay for home insurance. Because the monthly premium paid for an insurance policy is tailored in accordance to each individual, this is. The cost is calculated by weighing up a number of factors such as the individual's personal circumstances, the value of the person's property as well as any additional specific requirements that may be included in that particular person's policy. How much insurance cover do you need? For homeowners building insurance, on the other hand, it's important to bear in mind that your policy should cover the cost to completely rebuild your home should anything unfortunate occur. Doing so will ensure you are adequately covered and will avoid financial distress. The responsibility of making sure your house and contents are properly covered ultimately lies with you, which is why it's important to review your insurance policy yearly. This will help to ensure that you are adequately covered and will offset the risk of being under or over insured.

If you are unsure if your policy offers sufficient cover it is crucial that you liaise with your policy provider and adjust your coverage accordingly. For home contents insurance, in particular, it is important to remove items from your list which have depreciated. Items such as cell phones and laptops tend to lose their value as the years progress, which is why it makes financial sense to remove them from your list and avoid spending extra money on depreciating gadgets with little value. Exclusions in household cover: It's important for policyholders to read and understand the terms and conditions of their cover. This will help you to identify what you are covered against. If you are uncertain about any of the clauses in the policy, consider speaking to a broker or an attorney with the necessary knowledge to better understand the policy's conditions and terms. While most home insurance policies do cover a wide range of accidents, there are instances in which a claim may also be rejected, like: * if there is an indication of poor property maintenance resulting in damage that could have been avoided. * if your home was left unoccupied for a significantly long period of time. It is difficult to provide a specific figure of what property owners can expect to pay for home insurance. When you apply for a home loan, the bank will request that you take out a comprehensive insurance policy to the value of your home. Should something unfortunate happen to your property, like having it burn down, the bank would want to know that home insurance is in place to cover such a catastrophe. Should you run a bed and breakfast from home; the appliances in the rooms are excluded from household cover.

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