What Does Home Insurance Cover Provide For?

images (2)

Most people who either own their own home or rent their own home are going to require or want some level of insurance cover, against both damage to the structure of the building, and against damage to their possessions or contents.

Home insurance, sometimes referred to as homeowners insurance, can provide differing levels of cover, with differing conditions attached to each specific level.

Home insurance can be provided for the building or dwelling or structure of the property itself.

This level of cover is normally against dangers such as fire, lightning, explosions, flooding etc. Insurance cover against issues such as earthquakes and flooding has become more limited in certain geographical areas recently.

Home insurance also provides insurance cover for personal possessions and contents of the person living in the dwelling. This level of insurance cover can be included in the buildings insurance if the individual owns a property, or can be insured separately if the individual rents the property or for any reason does not wish to have the building insured itself.

It is quite possible that an individual will own a flat that is a conversion property, and there may be other situations where the responsibility for insuring the building or the structure of the building rests with the owner of the property not the individual owner of the apartment or flat contained within the property.

In many instances, both these types of insurance go together, and an insurance company will offer a full policy that covers both buildings and contents insurance, as well as various other additions that can be included either at extra cost or as part of the policy itself.

The most common level of cover that is being added on to home insurance policies in recent times has been protection against identity theft. The risk of identity theft has increased significantly in recent years, and it is still an unknown quantity as to the level of threat it really poses to individuals.

Home insurance policies offer a range of protection to help an individual if their identity is stolen and is now faced with a pretty horrific situation of trying to deal with it. Identity theft is normally only discovered when it has actually happened, and the unfortunate individual concerned find themselves with huge debts or financial commitments that have been taken out by someone else in their name.

Home insurance policies that are designed to cover the building or dwelling or structure of the property also include insurance cover for any outbuildings or land that is also associated with property. This includes areas such as garages, outbuildings and items such as garden tractors and snow blowers. These can be important from an insurance point of view as quite often they are stored for long periods of time with gasoline or petrol in them, and can pose a fire risk.

Home insurance cover is not normally mandatory in terms of a legal requirement, but may be mandatory by way of a bank or mortgage company insisting on some degree of insurance cover against the dwelling itself.

Leave a Reply

Your email address will not be published. Required fields are marked *