Home Insurance Policy
Home Insurance Coverage Types.
- Building/Structure Insurance.
Gives the physical description of your house, i.e., walls, roof, floors, etc.
Example: if your home burns down or you have an earthquake, the insurer will have your house repaired.
Contents Insurance
- Insures personal items within the house – furniture, electronics, jewelry, etc.
- Scenario: When somebody steals your TV or laptop, the insurance company covers the loss.
Liability Coverage
- Covers you in case one of them is hurt on your premises and proceeds to claim damages against you.
- Scenario: One of your visitors trips and falls at your house, this is covered under medical/legal cover.
Tenants and Landlords Policy.
- Tenants: Can insure only on their own contents.
- Landlords: Can take out insurance of the building and property they rent.
- Common Risks Covered
- Fire, explosion
- Theft or burglary
- Flood, cyclone, earthquake, storm.
- Riot, strike, or vandalism Bursting pipes, damage of electricity, etc.
Benefits of Home Insurance
- Guarantees security of money loss.
- Peace of mind for homeowners Insures structure and valuable objects.
- Assistance with quick recovery after a disaster or damage.
Coverages of Home Insurance
Building/Structure Coverage
Insures the construction of your house walls, roof, floors, and then built in fixtures. Covers against losses as a result of: Fire Lightning Explosion Storms or floods Earthquake (assuming it is add-on) Burglary or vandalism
Household Items Coverage/contents
Protects someone's personal items in the house such as: Furniture Electronics (TV, refrigerator, etc.) Kitchen appliances Clothes and jewelry (up to some extent) Covers against theft, fire and accidental damages.
Personal Accident Coverage
Compenses when there is injury or death of the homeowner or family members due to home accidents.
Liability Coverage
Covers you against legal liability in the event of a guest or a third party: Suffers an accident in your premises. Suffers damage to property as a result of your fault.
Additional Structures Insurance
Brings to bear those structures not properly annexed to the main house, such as: Garage Fence Shed Boundary walls
Optional Add-On Covers
ou may add-on your policy with the following: Burglary and Theft Earthquake or Flood Cover Terrorism Cover Accidental Damage Cover Protection of Valuable Items (jewelry, art, etc.)
Other Structures Coverage
Secures structures which have been detached such as: Garage Shed Fence Boundary walls