Home Insurance
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Home insurance is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one`s home, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home.
The home insurance policy is usually a term contract—a contract that is in effect for a fixed period of time and this is normally 12 months. The payment the insured makes to the insurer is called the premium. The insured must pay the insurer the premium each term.
It is possible to insure your home and its contents i.e. your belongings in various ways - as a combined home insurance covering the buildings and all its contents or as separate buildings and contents policies. There are some specific situations where it is beneficial to have separate policies but generally speaking there are more benefits to having combined insurance.
When arranging your insurance you will have to elect a sum insured which is the amount for you are purchasing insurance. It is very important to get this right - in the case of a total loss claim most insurers will apply average if the property and/or contents are under insured.
When deciding on the sum insured for your building you are insuring it for the cost to rebuild it rather than the market value. The association of british insurers provide a very useful tool to calulate this - see their Guide to House Rebuilding Costs.
The home insurance policy is usually a term contract—a contract that is in effect for a fixed period of time and this is normally 12 months. The payment the insured makes to the insurer is called the premium. The insured must pay the insurer the premium each term.
It is possible to insure your home and its contents i.e. your belongings in various ways - as a combined home insurance covering the buildings and all its contents or as separate buildings and contents policies. There are some specific situations where it is beneficial to have separate policies but generally speaking there are more benefits to having combined insurance.
When arranging your insurance you will have to elect a sum insured which is the amount for you are purchasing insurance. It is very important to get this right - in the case of a total loss claim most insurers will apply average if the property and/or contents are under insured.
When deciding on the sum insured for your building you are insuring it for the cost to rebuild it rather than the market value. The association of british insurers provide a very useful tool to calulate this - see their Guide to House Rebuilding Costs.
SimplyAssist Financial Group 2007