subject: What Do Home Insurance Policies Usually Cover? [print this page] What Do Home Insurance Policies Usually Cover?
Even if you've taken out insurance to cover your property against damage and break-ins, you may not be aware of exactly how far this cover goes. Indeed, many home owners don't consider the details of their insurance policy until it's too late, and could find they are underinsured.
If you've bought your own property, this is likely to be one of the biggest investments you'll ever make - so making sure it's protected is essential to safeguard your financial future. Even if you're a tenant in a rented property, you will still need insurance to cover your valuables, as these will not likely be included in your landlord's insurance for the building.
There are two basic types of home insurance - buildings and contents. Buildings insurance covers the structure of the building, including most permanent fittings, whereas contents insurance covers your belongings and valuables. Both types are essential if you hope to enjoy true peace of mind in your home, knowing that your assets are protected.
However, the reality of home insurance goes much deeper than this, with specific details often varying greatly between respective policies. Some buildings insurance may include protection against accidental damage, or may extend to cover your garden and outbuildings, such as sheds and fences, while others may only provide basic protection. Contents insurance can be even more variable, especially as policyholders are required to accurately calculate the value of their belongings, while some items such as cash, jewellery and antiques may require a separate policy altogether.
There can be more to home insurance than protection for your property and contents though. If unexpected events do occur and require you to leave your home for a certain period of time, such as flood or fire damage, insurance policies can cover the cost of alternative accommodation for all members of your household. If some members of your family are currently living away from home, such as children studying at University, a standard policy may not cover their belongings in the event of theft or damage, making it even more vital to check details.
Home insurance policies therefore demand a degree of care and attention to ensure you're receiving all the cover you need. If you need help deciphering some of the legal jargon, you can contact solicitors or speak to your insurer directly, and they could direct you to policies more suitable for your budget and needs.
The author of this article is a part of a digital blogging team who work with brands like Confused.com. The content contained in this article is for information purposes only and should not be used to make any financial decisions.
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