Whether you finally bought your first house or have renovated your old one, you must be super excited and proud of yourself.
Buying and maintaining a house is a daunting task. But once you are past the struggle, the results are definitely worth it too.
However, although you should always look on the bright side, the fact remains that accidents can occur at any time. Therefore, you must prepare accordingly.
And when it comes to protecting your house, the only way to go about it is to have insurance for your home.
But what exactly is home insurance? What does it cover? Where should you get it from? And how is it beneficial for you?
Read on to find out all that you need to know about home insurance and why you should have one.
What is home insurance?
Also called homeowner’s insurance, home insurance is a type of property insurance.
Like all insurances, it protects you during adverse times when the insured item suffers a certain loss. In other words, home insurance means you will be covered in case there are any damages to your home or to the assets in your home.
What does a home insurance provide?
Although there are different types of home insurance policies and each covers different aspects, a basic home insurance policy means that the insurer will cover the following costs.
Damage to your house
Any damages to your house during unforeseen events such as fire, lightning, hurricane or vandalism will be compensated so that you can repair or even rebuild your house.
However, natural disasters, for instance, floods and earthquakes are generally not covered by home insurance. Also, the insurer doesn’t provide coverage against damages resulting from poor maintenance.
Damage to other structures on the property
Freestanding garage, tool sheds or any other separate structures may or may not be included in a home insurance policy. Make sure to discuss it with your agent.
Damage to your belongings
In most of the disasters, your household items and other personal belongings are likely to get damaged as well. Therefore, items such as clothes, electrical appliances, and furniture are usually included in the home insurance policy.
However, for the personal belongings, the insurer usually provides coverage for about 50% of the amount you have on your brick and mortar house.
So, if you own a lot of expensive and valuable household items, then consider buying a floater policy in addition to the home insurance policy.
A great insurance policy will cover additional costs. For instance, if the damages sustained by your house render it unsuitable for living at the moment, then your insurance will cover the expenses incurred in the meanwhile, as you stay in a hotel or on rent.
How to get home insurance?
You can contact your bank for information on home insurance as they are likely to have one.
Furthermore, you can contact local insurers or search the web for most trusted home insurance providers.
Remember the old saying that it’s better to be safe than sorry?
So, get your home insured today so that you have help during such difficult times.