Home Insurance

What Really is Home Insurance and what is covered by it?

Home insurance. New homeowners and long-time homeowners alike should consider investing in homeowner’s insurance. This type of insurance has a few sub-categories and each should be researched before settling on a policy. Here we’ll be covering the basics of home insurance and what it can cover. Many people who travel regularly or spend long hours & weeks away from home invest in home insurance. Natural disaster damage caused by burglary and breaking in, floods, fire, or storms is covered by homeowners insurance. It is also strongly advised that commercial property owners insure their buildings.

Home Insurance

What does home insurance cover?

Home insurance, also known as homeowners insurance, is a type of insurance that covers and protects your home and its contents. Home insurance is classified into three types:

  • Homeowners building insurance
  • Home contents insurance
  • Personal belongings insurance

Building insurance for homeowners

Home insurance, first and foremost, refers to coverage for your home. This includes the structure of your home, as well as the walls, floors, and roof. In the event of a natural disaster or an accident, your home will be covered and repaired as soon as possible. If the damage is severe enough, some insurance policies will cover the costs of temporary housing while your home is repaired and made safe again.

Some insurance companies also provide coverage for extraneous property that isn’t attached to the house, such as pools, sheds, greenhouses, or detached garages. Insurance for your home’s contents
Home contents insurance, as the name suggests, covers the contents of your home. This does not, however, imply that your entire home is covered. Most home insurance policies cover common household items such as furniture, appliances, clothing, curtains, and loose carpets (rugs).

This insurance is available to protect and cover your belongings in the event of a burglary, natural disaster, or accident.

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Insurance for personal belongings/valuables

Personal valuables insurance is distinct from homeowner’s insurance and will have its own policy. Belongings that can be covered are typically the most expensive and valuable items owned by the homeowner, such as televisions, laptop computers, cell phones, jewelry, and handbags. These items are typically only covered for risks such as loss or damage if they were in the owner’s home or car.

Home insurance protects the structure of your home as well as its contents. As a new or long-term homeowner, you’ll likely be advised to look into home insurance. If you plan to take out a loan to cover the cost of purchasing a home, homeowners insurance will almost certainly be required. There are numerous options for home insurance available, so shop around! Don’t have time to look for multiple insurance quotes? Allow us to find the best insurance quotes for you!

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