Take Care of One of Your Most Important Assets
Credit: Chris Potter
We live in homes around the world in all kinds of shapes and sizes, and we are only too aware of how lovely it is to have shelter against the wind, rain and the elements. It’s only through our homes that we can have a place to live and dream with our families and friends, and it’s important to take care of this most valuable asset with the right kind of cover for protecting it. When you think about all of the different types of insurances that there are out there available to protect our assets and lifestyle choices, it makes sense that we would also get something like building insurance to protect our castles: the humble home!
When you’re thinking about getting your house insured, there are various types of cover and various types of inclusions that we can get to cover for all sorts of things that could possibly go wrong: We can protect against fire, theft, damage from external sources and also against things like acts of god.
Here is a list of the different types of things that can go wrong to your home, and the types of cover that you can get for your home.
Fire and explosion cover – this covers you and your home against basic fire and explosions, but sometimes some policies have exclusions against certain types of fire related damage, like when the damage is caused by charring, melting or scorching which is caused without flames, or when damage is to certain types of objects that are heat resistant. Fire and explosion cover is usually standard for most building insurance policies, as it’s one of the most common things that people want to insure their homes against.
Flood cover – this kind of cover is obviously for floods that occur as a result of rising rivers or storm surges, and sometimes it has exclusions for things like damage to gates or fences where the damage is greater than the purchase costs, or sometimes there are exclusions depending on the types of damage and the types of materials in the house. It’s also usually standard as part of a home insurance policy.
Storm cover – Storm cover helps you in the event of a storm causing damage from winds, rain, hail and other kinds of storm related damage. It can have exclusions about water damage or other kinds of water seepage, unless it happened directly as a result of damage that was previously caused by the storm itself.
Accidental breakage – This is usually an optional kind of cover that can be used in the event of glass breakages. Good for parents with young children who are learning baseball!
Earthquake cover – This earthquake cover is great for people who live in areas like New Zealand where it’s likely that damage may happen. It sometimes has exclusions in place for things like tsunamis that arise directly as a result of the earthquake.
Lightning cover – the cover for lightning specifically is often inbuilt into policies, and though you might think it could cover things under storm damage, it’s good for instances where there has been damage to electrical goods as a result of a lightning strike. Can also be useful if the lightning strike has caused a fire.
Theft and burglary - This covers any kind of damage to your building if something is stolen from the property or if windows or bricks are stolen by people. The exclusions to this policy are if the loss or burglary is committed by you, your family or your tenants. You should always check with your policy provider to see if there are any exclusion.
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