Affordable Home Insurance – A Real Need
If one were to define home insurance, it would simply be a contract between a person (the owner of a property) and an insurance company. The contract is to state that as long as the insured keep paying the set premium and when due, the insurance company shall provide cover against damages against the building and its content, the acceptable cause of damage would be explained and exclusions stated in the contract. The insurance company would also provide cover against liability that could arise from lawsuits instituted against the insured from issues arising from the property.
Some have said that next to life insurance, home insurance is the most important. This could be subject to debate which debate we are not here to start. What we however know is that for most people, the biggest single investment is usually on their home which makes insuring this investment a priority. This huge investment needs to be adequately protected. This also includes the personal properties that we have been gathering over the years all with their monetary and emotional values.
When getting a home insurance cover, it is very necessary to know that your homeowner insurance policy may not automatically provide you with full cover. There are usually exclusions. These exclusions mean that any damage resulting from the factors listed in the exclusions would not be covered in the policy. What this means is this. If in your exclusions you see flood, that means that if there is flooding which in turn causes damage to your home, you can not make a claim as your policy does not provide cover against this. You therefore need to look through your policy and see what is excluded. It could be flood, earthquake etc When you have found this out, you can then get additional policy to cover these areas.
That you have now gotten a homeowner insurance policy which you think is adequate does not mean the job is done. There are still things you need to keep doing. Top on the list is to review your policy from time to time. This is necessary because the value of the insured items could go up or down depending on inflation. Your policy should as much as possible reflect these changes. Apart from this, there are ground on which you can make a successful claim. Your home needs to be maintained by you. If a damage occurs as a result of something you should do that you did not do, your insurance company would most likely not pay on any claims. It is therefore your duty to do all within your power to make sure that no damage occurs. In fact, doing this can earn you some reasonable savings as your insurer has discount opportunities for people who take certain actions aimed at reducing the risk of claims.
Having things like smoke detectors, sprinklers, fire suppressants etc would go a long way in helping your insurance policy.
One other reason why you should review your homeowner insurance policy is to ensure that you are not paying more than you should. After reviewing your policy, you can compare the result with other free home insurance quotes which you can get from quotes comparison sites. Get these free home insurance quotes and you could discover that you are actually spending too much on your policy and may find it very beneficial if you moved on to another insurance company.
Do not joke with your home insurance coverage. Take it seriously and get adequately covered.
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