Buying an insurance cover for your life, automobile, valuables or other such articles means you are securing yourself against the possible losses. Insurance policies other than the ones for your homes facilitate compensation against the specific things or your life. However, the best home insurance focuses on losses to your home structure, any liability, your family and the valuable belongings. Those thinking to avail insurance cover for their homes must look for the following:
- Insurance cover for the building – The relevant home insurance cover protects the building structure of the house including the electrical apparatus, air-conditioning, heating, sewerage system, bathroom fittings, heating and plumbing etc. It may be noted that the concerned land of the house is not covered under this insurance. Just ask these questions to the agent or the company.
- Cover for additional structures – Any additional structure surrounding the home can also be covered under the home insurance. Detached garages, backyard sheds, fences, retaining walls, mailboxes, driveways and pools etc are also covered. Do ask for the same when you purchase such policies.
- Personal belongings / property coverage – Contents of your belongings against varied risks and the personal properties can also be covered under this insurance. Television sets, microwaves, personal computers, refrigerators and other such appliances can be got covered under the policies. Other valuables like beds, dining tables, couches, furnishings, rugs or curtains can also be got covered. You can ask the insurance agent or the concerned company to cover your valuable jewelry too.
- Cover for additional or alternate accommodation – Known as Loss of Use cover, this coverage is meant for reimbursement of the expenses that are paid by the policyholder if he or she has to pay the same in the event of the insured house getting damaged or destroyed. The policyholders are eligible for the additional rent, food, travel or any other living expenses that he or she pays for the alternate living arrangements. Be wise to retain the relevant receipts of the expenses since. The insurance companies or the agents would ask the same for making reimbursements.
- Liability cover – It could happen that you become liable for payment of expenses since incurred if the insured house is damaged or destroyed due to any reason. It could be the heavy expenses for restoring the house to its original form or the bodily harm to anybody else. Such a cover is useful in cases like damage to your neighbor’s premises because of falling of a tree from your own house. He or she would definitely ask for compensation that can be covered under this type of home insurance cover. Likewise expenses incurred on hospitalization of your known one since injured in your house because of slipping from the ladder or other such payments made by you can also be covered under this cover.
Always be wise to consider covering the above when you ask for a home insurance cover from any agent or the company.