Home Insurance

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Home Insurance is the best way to keep your house protected by Safeguarding your property from threats like natural calamities, fire, burglary, and other unforeseen events.

Home Insurance

Home insurance is designed to protect your property from damage caused by insured events such as floods, fire, storm damage, and more. It helps to cover the cost of repairing or replacing damage to your home, garage, other outbuildings, and permanent fixtures such as built-in wardrobes or plumbing. It also helps to cover the cost of legal liability if someone should be injured while visiting your property.

Understanding Homeowners Insurance

When a mortgage is requested on a home, the homeowner is required to provide proof of insurance on the property before the lending bank can issue him or her a mortgage. The property insurance can be acquired separately or by the lending bank. Homeowners who prefer to get their own insurance policy can compare multiple offers and pick the plan that works best for their needs. If the homeowner does not have their property covered from loss or damages, the bank may obtain one for them at an extra cost.

Payments made toward a homeowner's insurance policy are usually included in the monthly payments of the homeowner’s mortgage. The lending bank that receives the payment allocates the portion for insurance coverage to an escrow account. Once the insurance bill comes due, the amount owed is settled from this escrow account.

What does home insurance cover?

A good quality home insurance policy should cover a wide range of things that are part of your home and a range of insured events or situations resulting from damage to your home. Depending on the level of cover you choose, your home insurance may include the following cover:

 Legal liability cover for damage to other people and their property caused by an incident at your home connected to you owning or living there. This cover should have a maximum benefit limit of up to millions of dollars.
 Damage or loss of your home building caused by…
• Fire
• Flood
• Storm
• Earthquake
• Lightning
• Theft or attempted theft
• Vandalism or malicious damage
• Riot
• Explosion
• Escaped liquid (e.g. flooded bathroom)
• Sudden impact
• Animals who don’t live at your property
 Gap cover for underinsurance on your building sum insured (see below).
 Emergency repairs to your building and measures to protect the building and prevent further damage or loss from an insured event (e.g. a tarp to stop rain getting in after a cyclone has removed the roof).
 Demolition of a damaged and irreparable building. Removal of debris from the damage or demolition.
 Temporary accommodation while your home is unliveable, up to a certain dollar amount or “reasonable costs” for up to 52 weeks (1 year).
 Mortgage discharge fees if your building is a total loss.
 Accidental glass breakage including windows and cooktops, and/or accidental damage of the building itself (maybe optional cover with extra cost, depending on the insurer).
 Damage caused by burnout of electrical motors (fusion damage) for motors up to a certain age (maybe optional cover with extra cost, depending on the insurer).