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Home Owners Insurance

by:YoukingTech     2021-06-24

What it covers

Home Owners Insurance is also referred to as Building Insurance. This type of insurance covers the actual structure of your home, including permanent fixtures; such as built-in cupboards and wardrobes, sanitary fittings such as baths, basins and toilets as well as kitchen fittings. Home owners insurance also covers you when there is damage to interior decor such as paint and flooring - also usually covered by this are outbuildings such as tool sheds, car ports, garages, staff quarters, granny flats and Wendy houses.

What you should do after an incident

Your first priority after an incident such as fire, floods or hail, is to contact your home insurance provider, and then try protecting the structure from further damage by having broken and damaged parts repaired. This is to prevent situations in which you have to live in dangerous and uncomfortable conditions such as when a wall or your roof is damaged in such a way that it poses a serious risk to your health. With home owners insurance the cost for these types of repairs will be much less expensive, limiting not only your financial but also your emotional burden.

Home Contents Insurance

What it covers

Think of everything you would take with you if you would move house, including the contents of your garage, tool shed, Wendy house, staff quarters or granny flat and anything that is lying around in your garden. Those are the things that are generally covered by your home contents insurance policy. This includes furniture, home electronics, kitchen equipment, clothes, jewelry, computers, cell phones, carpets and so on. Should any of these items be stolen or damaged because of natural disasters or accidents while they are on your property, your home contents insurance policy will cover you.

What happens after an incident

There is nothing more disturbing and intrusive than having to deal with a break-in and having your personal possessions taken from your home. Taking out insurance against these unfortunate occurrences is therefore an absolute necessity. In the event of a burglary, your insurance provider will provide financial compensation for the replacement of your stolen items such as your laptop, cell phone, jewelry and electronic equipment. Although possessions of sentimental value such as photographs, antiques or family heirlooms can unfortunately never be replaced, your insurance provider does provide compensation in terms of replacement items or pay you for the replacement value of similar items.

How your monthly insurance premiums are determined

The more valuable your personal possessions are, the higher your monthly premiums will be. If you have the best possible security measures in place however, such as burglar proofing, an alarm system with armed response, security beams and electric fencing all around your property, your premiums are usually quite a bit lower as this way your risk as well as the insurer's risk is decreased significantly. The type of area you live in will also play a role in how much your insurance premium will be. If you live in a so-called 'high-risk area' your premiums will be higher than if you live in what is generally considered a lower risk area.

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