You’ve just purchased your home and now it is important that you buy house insurance for it. This is required so that you are eligible for a home loan. This article is to give you some information on house insurance. Before deciding on a policy understand how the basics work in order to make a claim. The house insurance policies fall in different groups and are based on the coverage they offer.
There are different types of policies, some only cover the house, some cover the house and certain contents and some cover both the house and the contents. Property and liability are two terms you should get familiar with, as they each signify different things. Property indicates the house you are living in any other structures that are attached to the house or part of the property you have purchased.
Please read each and every line of your insurance policy especially the part which mentions what comes under insurance and how will the claim be calculated and paid back. Some mention paying back at the current value of the property while others will only repay you the cost of the damage that occurs. Some policies cover loss of valuables like electronic goods, jewellery, high end luxury pieces, art and paintings.
Some also provide for your stay at another place while your house is being repaired. Certain exclusions will be part of the policy where damage caused by natural disasters may not be covered or to have it covered you will have to pay a high premium. Thefts, fire damage, explosion damage, damage by snowstorm or flooding due to pipes cracking can be covered too. There is a certain amount that gets deducted that a house owner has to pay for before claiming the policy. Liability is a term where in a person injured in your place of dwelling or on your property due to negligence on your part can claim from you.
As in you have to pay for his or her medical bills. For example, you are having a barbecue and you invite some people over. One of them gets injured at your house, then this person’s medical bills to treat the injury he sustained at the barbecue. Will be covered by your house insurance policy, as they can cover this type of claims and it would be wise to examine one of these and invest in it too. But if it turns out that the injury occurred because of negligence on your part then you will have to bear the bills.
Do check up on the premiums and how they are calculated. There are websites online that will give you a free quote or will answer your doubts to help you decide on a policy.
There are different types of policies, some only cover the house, some cover the house and certain contents and some cover both the house and the contents. Property and liability are two terms you should get familiar with, as they each signify different things. Property indicates the house you are living in any other structures that are attached to the house or part of the property you have purchased.
Please read each and every line of your insurance policy especially the part which mentions what comes under insurance and how will the claim be calculated and paid back. Some mention paying back at the current value of the property while others will only repay you the cost of the damage that occurs. Some policies cover loss of valuables like electronic goods, jewellery, high end luxury pieces, art and paintings.
Some also provide for your stay at another place while your house is being repaired. Certain exclusions will be part of the policy where damage caused by natural disasters may not be covered or to have it covered you will have to pay a high premium. Thefts, fire damage, explosion damage, damage by snowstorm or flooding due to pipes cracking can be covered too. There is a certain amount that gets deducted that a house owner has to pay for before claiming the policy. Liability is a term where in a person injured in your place of dwelling or on your property due to negligence on your part can claim from you.
As in you have to pay for his or her medical bills. For example, you are having a barbecue and you invite some people over. One of them gets injured at your house, then this person’s medical bills to treat the injury he sustained at the barbecue. Will be covered by your house insurance policy, as they can cover this type of claims and it would be wise to examine one of these and invest in it too. But if it turns out that the injury occurred because of negligence on your part then you will have to bear the bills.
Do check up on the premiums and how they are calculated. There are websites online that will give you a free quote or will answer your doubts to help you decide on a policy.
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