Home Insurance Coverage and Add Ons
Home Insurance is arguably one of the most important types of insurance policy for you and your family but many of us still don’t fully understand what it covers. Below we give you the information on what home insurance will cover and what are some additional options you can add to your coverage.
What does home insurance cover?
Home insurance is intended to pay for unexpected repairs to your property (buildings cover) and will replace personal items that are stolen or damaged (contents cover), though these days the standard policy does much more.
There are several different products available to purchase depending on the needs of the customer, however in its broadest form a home insurance policy will cover;
- Buildings – this covers the property itself and will pay for the repair, or in extreme cases rebuild, of your property in the event that it becomes damaged. Permanent fixtures are included in this coverage such as kitchens, bathrooms and outbuildings.
- Contents – any belongings in your home are covered under this section. Examples would be televisions, Ipads, silverware and moveable furniture, though carpets are also covered here. Insurers usually require items valued at over a certain amount to be disclosed separately (e.g. expensive jewellery or electronics).
- Public liability and legal expenses – this is something you might not expect to find in your home policy but it is often included and many of us don’t know. This will cover you for unexpected legal expenses (even in this is not related to the property) and can also help you pay for any legal awards against you if you are sued. An example would be if you accidentally walked in front of an oncoming car which swerves to miss you and results in the driver breaking his leg and then suing you for compensation.
- Flood protection – this is an add-on to buildings cover. Many won’t include flood cover as standard, especially in flood plain areas, and often an additional premium is charged for this.
- Accidental damage – likewise many policies do not include accidental coverage as standard and so an extra premium is chargeable should you wish to buy it. The extension in cover would allow for accidents such as spilling paint on the carpet.
- Possessions outside of the home – This will extend contents coverage for certain items taken outside of the home. It usually applies to things like watches and cameras and big ticket items must be disclosed separately. Be aware that if you are travelling your travel policy would pick up the cost of any lost or stolen items first.
- Home emergency – For a small extra premium an emergency extension can be purchased. This would cover the cost of sending a tradesman out to help you in an emergency, such as your roof collapsing. Without this you would be expected to find your own repairman and report the damage back to Insurers yourself.
If you own your home make sure that you check your home insurance coverage and that it is protecting you properly.