Why does one need home insurance?

19 June 2013 - Mark Maffia

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Why does one need home insurance?


Home insurance protects basically everything you have!    Nobody can see into the future, and should anything happen which results in the loss of, or damage to your property, a house-and-home contents insurance will not protect you against the loss of sentimental value but it does protect you against financial damage if anything happens.    One only has to imagine what happens if a fire destroys one's house and all its contents who should pay for replacing everything you have ever owned?


Cover for many risks

A home insurance offers financial protection against a variety of risks.    In whatever circumstances and wherever you might live tailor-made insurance policies for house owners and tenants alike are offered by numerous insurance companies.


Who should have a home insurance policy?

Both owners and tenants could end up in financial misery if disaster strikes.  Nobody should ever be without home insurance


What is included in a home insurance?

Home insurance can protect any damage to the building itself.   This could be damage caused by fire, water and more.     Outhouses, gardens and swimming pools can be included in the policy.

Insurance for home contents include, apart the damages above, loss and damage caused by burglary.

Home insurance replaces lost and damaged objects and pays for repair and clearing up jobs - and if necessary can, according to the policy, pays for hotel bills if you temporarily cannot live in your house.    Works of art and highly precious objects like valuable jewellery might need an extra policy.


How to find the right home insurance policy

One should compare different insurance companies first, and their fees and conditions, but before taking out a home insurance it is important to estimate the value of one's house and contents carefully.    It has to be high enough to be covered fully if anything happens, but at the same time it should not exceed the actual value, so that you also avoid paying too much for it every month.


 

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