Even though home insurance has been around for decades, many are still apprehensive about what it covers and its security. In its true sense, home insurance works just like your car insurance. When you face unexpected damages in your home, your insurer will financially assist.
With more people seeking the peace of mind that comes with a home insurance policy, we’re set on busting those myths and putting the true facts in the spotlight.
Speak to your insurer to discuss the terms and conditions of your personal home policy.
FACT: HOME INSURANCE COVERS ACCIDENTAL FIRE AND WATER DAMAGE
No one anticipates the catastrophic implications that a small fire or burst pipes can have on the fittings and condition of the house.
Suffering damages from a burst pipe is not a rarity, and those that have suffered such incidents thank home insurance claims for being able to help them get back on their feet without ending up homeless.
Ensure you cover both your building as well as your contents to get peace of mind against such unfortunate circumstances.
MYTH: HOME INSURANCE COVERS ALL VALUABLES IN A HOME
A home insurance policy provides automatic limits that cover home valuables. However, certain objects such as professional sports equipment or collectible items, require particular coverage.
Furthermore, most home policies have certain monetary limits, so we recommend you get these from your insurer.
Make a list of all the assets, list their value and discuss the specifics with your insurance provider for expert advice. When insuring contents, make sure you insure everything otherwise you risk suffering the consequences of under insurance in the event of a claim
MYTH: ACTS OF GOD OR REPERCUSSIONS FOLLOWING NATURAL DISASTERS ARE NOT COVERED
Home insurances do not exclude loss or damage that occur from weather-related incidents, referred to as “Act of God”. A few of these could include windstorms, torrential rains and ice storms.
Always take the necessary precautions to avoid damages, such as moving outdoor furniture inside during torrential storms.
FACT: A ONE-TIME HOME INSURANCE POLICY DOES NOT COVER A LIFETIME
Should you wish to sell your property or decide not to have home insurance for your current one (although it is not recommended), you may wish to halt your home insurance policy. We suggest you speak to your insurer in case extra costs are incurred.
Properties that are switched to rental residential offerings have to switch to Landlord Insurance instead of home insurance to cover the commercial implications that might come with it. If this is not done, once the property is rented out, the home insurance policy automatically becomes null and void. Speak to our experts for more details.
FACT: HOME INSURANCE COVERS MORE THAN JUST THE BUILDINGS AND CONTENTS
Whilst the most common reasons behind insuring a home is to protect the elements of your home, a home insurance policy would cover the insured’s legal liability towards third-parties for accidents happening in and around their building.
This can happen if someone slips near your pool area or tumbles down the stairs and you are found to be legally responsible ; amongst other circumstances. Check with your insurer to see what applies within your policy.
MYTH: HOME INSURANCE IS EXPENSIVE
When one considers that a property could be one of the biggest investments one does in life, the return on investment that home insurance offers is unmatched. Home insurance policies fees start off with very minimal fees that cover buildings; whilst small increments are included depending on the value of the contents within.
Look at home insurance as the long-term safety net your property requires. If your average home buildings cost of re-building is €100,000 and contents cover €50,000 under a standard cover, the fee for a home insurance policy would be less than €1 per day.