Among many homeowners, the very first factor we consider before purchasing the right home insurance is the price. However, it takes more than that to land the right insurance for your property. There are several levels of cover that may interest you to begin with.
Building or Rebuilding
Before buying a home insurance you need an estimate on how much it will cost to rebuild your home.
Buildings insurance is necessary to a homeowner – as this will give you some financial protection in cases something happens to your property such as a falling tree or fire.
But just to be clear, the coverage of the insurance is just for the physical house. It does not include the land to where your house sits on.
Your Home Contents
Start by working out on how much home contents insurance you need. You can do an inventory room by room. There are many online contents calculator that you can use to help you work this out.
Never underestimate the value of your possessions as you may end up out of pocket in the event you need to make a claim.
Under normal circumstances, a basic policy may already have coverage for accidental damage. Common examples for the cover are, someone crashed a car into your home, or you accidentally damaged some drains or pipes in and around your property.
The same is true for damages made into glass or bathroom fittings. If it’s not enough, you can have the option to pay extra to have a wide coverage of accidental damage to your basic policy.
Your accidental damage coverage may include the contents of your home, home entertainment, computers, mirrors, and glass. This is the regular coverage of your basic policy.
However, be watchful over the exclusions such as damages done while cleaning or during maintenance and repair instances. You may need to add this extra to your policy.
If you have a list of valuable items, such as watches, musical instruments, jewelry, sports equipment, and the likes, see to it that your valuable items cover is good enough to cover everything.
It is important that you can make a list of these items including their value. Moreover, you may want to consider if, the cover is only within your home, or when you are away.
Outside your Home Cover
Understandably, this coverage is usually an add-on. But it protects your possessions like your hone, laptop, watches and some jewelry when you are outside your home premises.
Key Replacement Insurance
You can see if you are covered for key replacement in the event loss keys or key theft occurs. Some company may have a limit on how much you can claim for these incidents.
Legal Cover and Alternative Accommodation
If your property becomes uninhabitable after damage, you may want to check out the alternative accommodation. It is important that you do so to ensure the insurance company will cover you in cases you can stay back to your house for a while.