If you own a car then you surely do have an insurance cover for it. The insurance covers your liabilities in case of an accident or a carjacking incident. You faithfully pay your premiums so that you are covered should you find yourself in a spot of bother.
It’s on the same line of thinking that you should get an insurance cover for you house. After all, that where you keep some of your most valuable possessions. It is often easy to overlook the importance of an insurance cover for your house until a fire incident or a burglary occurs. Without an insurance cover, the cost of replacing lost property and valuable squarely falls on you.
How to get started
Home insurance provides you with compensation should your house get razed down in a fire accident or loss of valuable through theft.
To get a home insurance cover, give a call to your general insurance company. Chances are they have a package to cover you home too. If they don’t, they can refer you to another company that deal with home insurance. This is also information that you can get on the web through a simple Google search. Look around for an affordable home insurance cover.
Like with car insurance, home insurance is based on the value of your property. If you are a homeowner looking to insure his or her property, the insurance company will send a valuer or appraiser to assess the true worth of your property. The premium on the cover is usually from 0.5% to 2% of the property value although other factors such as the location, security features you have installed and the prevailing crime rates come into play in determining the final cost.
You can have various packages in your home insurance policy document to cover for your various needs:
You can have a property insurance package that only covers the structure. In this package, you will get compensated should any damage occur to your property during burglary or fire incident. It will also cover any reconstruction work required if the building was completely razed down in a fire accident including any legal fees and local government levies. It will not however cover and compensate for any loss or damage to household goods.
Some financial institutions require a home insurance cover before approving your mortgage application.
Household good usually come with their covers to take care of defects from the manufacturer’s end or faults arising before the elapse of the warranty period. See Warranty Tips for more information on warranty covers.
A home insurance cover can however take care of your household goods if you included them in your policy document. In that case, the insurance provider will send someone over to your house to take an inventory of your household goods and appliances and assess their value. Some companies usually request for receipts as proof of ownership.
You then have a right to compensation should you lose your property though theft or have them damaged.
Author: Oliver Curtis
Hi there. I’m Oliver. I’m just a young boy from the outskirts of… Okay, that’s a lie, I’m not a young boy anymore, although I certainly feel that way at heart.