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Protecting your property with home insurance


Whether you own your own home or rent a property,  it’s important to have the correct home insurance and  to understand the benefits having it brings

Homeowners insurance is a form of property insurance designed to protect an individual’s home against damages to the house itself or to the possessions in the home. On the other hand, contents insurance for tenants provides cover for possessions whilst you are renting. Your house and possessions are more than likely your most valuable asset, so it is important to protect these.  In fact, some mortgage lenders may require you to have home owner’s insurance before lending you the money. This is due to the lender wanting to ensure that their financial investment is protected.

The standard homeowner’s insurance policy helps to provide protection for your house and typically extends to more than the physical structure of your home: including your personal belongings, the rear garden and even the shed, which more than likely doesn’t often get used!

Home insurance can also help to pay to replace personal belongings, which includes furniture, electronics and even personal possessions, which may have been stolen or damaged due to accidental damage such as spilled paint or a water leak. If in the event of a fire or another risk, the homeowner’s insurance may also help to pay for temporary living costs, such as hotel bills. This cover doesn’t prevent any damage to the property but it does help provide a financial safety net if something unexpected was to happen.

However, if you don’t have home insurance then you are not covered, meaning you will have to pay for any repair or replacement costs. Events such as house fires, storms and damage to the roof are all things in which can happen at any point: these things are unexpected which no-one can prepare for, which is why having home insurance will at least put your mind at rest, should anything like that happen to you.

And whenever you take out any insurance, it’s vital to ensure that you get the right cover for your needs. Never assume that all elements are covered such as accidental cover – always check the small print.

The best way to get the best deal is to use a price comparison site. You want to ensure you get the best cover for the best price. Undervaluing your contents will leave you uninsured, while overvaluation will spell unnecessary costs on your cover. Go from room to room and ensure you write down the valuation of each item, even those that you think are not important, such as the spare fridge freezer in the garage or the bedroom television that you only watch occasionally. This will allow your cover to be as accurate as possible.

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