Why Get Home Insurance?

Owning a home may be your biggest investment, so wouldn’t you want to protect it?

Having home insurance can protect you from having to pay a large lump sum to repair damages to your property and personal belongings if something happens to or in your home. And even though home insurance is not mandated by law like motor insurance is, your lender (should you have to get a mortgage for the purchase) does require that you purchase home insurance.

So, although home insurance isn’t always a requirement, you home is a place where cherished memories are made and the future is built. Protecting this asset is extremely important, and that’s where home insurance steps in.

Insurance Explained

Home insurance is a contract between an insurance company and an individual that protects that individual’s home and its belongings should they experience an unexpected loss or damage due to theft, natural calamity, fire accident, etc.

With a home insurance policy you can add coverage for your contents, this ensures that your belonging are also protected.

What does it cover?

A standard home insurance typically covers your home, other structures on your property, personal property, personal liability, medical payments to others, and loss of use costs, such as if you need to leave your home during repair and rent some other accommodation. Coverage for home insurance, like other policies, depend on the limits of the policy and if the peril (cause of the damage) is an insured peril.

Some of the named perils covered under a standard policy is as follows:

• Theft
• Fire and Lightning
• Flood
• Vandalism or malicious mischief