The importance of home insurance cannot be overemphasized. The amount spent on buying and furnishing your home makes it probably your largest personal investment. Would you risk losing it all ? Having an insurance cover for the buildings and contents of your home is probably the best solution for you to have peace of mind that if something goes wrong you are protected financially.
Taking out a home insurance is simpler and cheaper than you think.
By having an idea of the cost required to rebuild a property to its complete state, it becomes obvious that getting an insurance cover is much more cost-effective and simple to implement.
A typical home insurance policy would normally cover you for loss or damage to your Buildings and Contents as a result of the following eventualities ;
- Theft or attempted theft
- Flood or storm
- Explosion or Lightning
- Falling trees or falling objects
- Impact Damage Aircraft collision or other flying objects
- Escape of oil or fuel oil from a heating installation
- Escape of water from domestic appliances such as washing machine and other installations such as pipes, water tanks, and heating systems.
- Strikes and riot
- Vandalism and other malicious acts
- Replacement of Locks and Keys in the event of loss or theft
- Payable rent for alternative accommodation following a loss for the period required to fix your home and make it fit for you.
- Falling television or telecommunication aerials or satellite dishes.
Your legal liability to pay for damage caused to third parties arising out of your ownership or through your occupancy of your home
More so, it is important to note that the building amount insured is expected to reflect the rebuilding cost of the property involved and not the market value. The rebuilding cost includes the fittings such as doors, staircases, fitted kitchens, apertures, air-conditioning systems and bathrooms, as well as other permanent fixtures.
Another important consideration is the contents sum insured. The contents sum insured should reflect the replacement value of all movable property in your home. The movable property covered may include personal belongings, furniture, household goods and other items you own.
In addition precious items such as jewelry and other valuable portable possessions can be covered also outside your home.
There are different Home Insurance products available in the market and that is why you need a broker to guide you on the best solution in line with your needs. Contact us for more details.