For many of us, a property to call “home” is most probably one of the biggest investments we will ever make. Its value goes far beyond what you paid for it.
It represents shelter, financial investment and a place to call yours. It embodies the kitchen we use every day, the air-conditioning systems that keep us comfortable during summer, houses the devices we depend on daily, the items stored in your spare room or garage and all the belongings we keep close to our hearts.
Yet, home insurance is still considered something that protects the property’s structure only. At times, it can feel like another expense to the long list of household bills, particularly when one has never needed to rely on it.
The reality is that unexpected events do not give us any notice. Your level of coverage will be your safety net when accidental damages occur out of the blue.
Depending on the cover you select, home protection through your policy can extend further than the four walls surrounding you.
IT’S NOT JUST ABOUT BRICKS
Buildings protection is a considerable part of your insurance policy, but it’s much broader than you might realise.
Your home buildings cover protects against major insured events like fire accidents, explosions, lightning, earthquakes, theft or attempted theft, water leaks, storm or flood damage, falling trees and more.
Think back on the damage caused earlier this year following Storm Harry, or an accidental spark from Christmas decorations. These unexpected situations carry financial consequences to homeowners, and having the appropriate insurance can make an enormous difference.
The term “buildings” includes fixtures and fittings such as bathrooms, garages including storage items, swimming pools and their machinery, terraces and gates. Permanent fixtures like solar water heaters, PV systems, air-conditioners and security equipment form part of a home building’s protection policy.
A WATER LEAK ISN’T THE ONLY DAMAGE IT CAUSES
Visible damage may be only part of the problem. Even a relatively minor leak can require opening walls or removing tiles to locate and access its source. This additional damage caused while tracing and accessing the leak can also result in significant repair costs.
Reasonable costs involved in locating the source of the leak can be covered up to €1,500, subject to the policy terms. The cost of solving this problem is not limited to replacing the section only.
COVER FOR ALTERNATIVE ACCOMMODATION
Some accidents cause further inconveniences, such as needing to relocate temporarily until the home is made habitable again.
Home insurance provides cover for reasonable alternative accommodation to ensure you live safely and comfortably as repairs are being handled in your own property. Under the Buildings and Contents cover, the limit can be up to 20% of the respective sum insured.
Life still needs to continue while repairs are being carried out. Having somewhere suitable to stay removes a major worry during a stressful time.
LOST KEYS ARE MUCH MORE THAN AN INCONVENIENCE
A missing set of keys can sometimes turn up; sometimes they don’t. When keys are lost or stolen, the issue is not about simply cutting another copy.
The question of security comes into play when the missing keys provide access to your home, garage, safe or alarm system. At times, the safest course of action is to change the entire lock system, which can easily add up to hundreds of euros.
Home insurance covers the replacement of locks and keys following loss or theft of keys to external doors, intruder alarms or safes up to €1,000.
This situation is far from the major disaster one associates with home insurance. It is, however, a very realistic one you’ll thank yourself for considering, if or when it happens.
SOLAR APPLIANCES AND SECURITY SYSTEMS MATTER
Modern homes come with increasingly valuable permanently installed equipment. Older homes are investing in methods to make their properties more self-sufficient and cost-effective.
PV panels and solar water heaters dot Malta’s property landscape, whilst intruder alarms and CCTV cameras provide an additional layer of protection. Replacing or repairing such equipment following accidental damage comes at a cost.
Meanwhile, home insurance provides cover, subject to applicable exclusions and policy conditions.
YOUR CONTENTS TRANSFORM THE PLACE INTO A HOME
Think about everything that you have inside your house. Furniture, clothes, electronics, personal belongings, equipment, and mementoes. Items you bought throughout the years. One might not think too much about their individual value. Replacing many at once is a different story.
Contents home insurance protects household belongings against insured accidental events including fire, theft, water, storms and other risks.
The value of your contents insurance becomes much clearer when you consider the cost of replacing an entire area rather than an individual object.
COVER FOR DOMESTIC EMPLOYEES
Many households rely on people who work within that home, whether regularly or occasionally. Think about your domestic assistant, housekeeper or nanny.
A home insurance policy can provide liability cover for accidental bodily injury suffered by domestic employees with a cover of up to €2.35 million. A comprehensive view of protecting your home needs to consider the individuals connected to it, together with the property itself.
KNOW WHAT TO CONSIDER
For buildings insurance, the sum insured will reflect the cost of rebuilding the property as new, which is not the same amount as the property’s current market value or what you originally paid for it.
The same applies to contents insurance, where they should be insured for their replacement cost. It is wise to occasionally review that the amount remains realistic. Over- or underinsured home items might cause concerns when you open a claim.
Home insurance is designed to protect against accidental damage, not a substitute for failing to maintain a proper and safe home.
If you already have home insurance, ensure you understand what your policy covers and whether the sums reflect actuals. If you do not have home cover, irrespective of whether you just got the keys or have been living there for years, it is never too late to enable the protection you need.
Get in touch with our team to learn more about home insurance or even review your existing protection.
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𝘛𝘩𝘪𝘴 𝘗𝘳𝘰𝘥𝘶𝘤𝘵 𝘪𝘴 𝘮𝘢𝘯𝘶𝘧𝘢𝘤𝘵𝘶𝘳𝘦𝘥 𝘣𝘺 𝘎𝘢𝘴𝘢𝘯𝘔𝘢𝘮𝘰 𝘐𝘯𝘴𝘶𝘳𝘢𝘯𝘤𝘦 𝘓𝘵𝘥., 𝘸𝘩𝘪𝘤𝘩 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘴 𝘵𝘩𝘦 𝘤𝘰𝘷𝘦𝘳 𝘶𝘯𝘥𝘦𝘳 𝘵𝘩𝘪𝘴 𝘱𝘰𝘭𝘪𝘤𝘺, 𝘢𝘯𝘥 𝘪𝘴 𝘥𝘪𝘴𝘵𝘳𝘪𝘣𝘶𝘵𝘦𝘥 𝘣𝘺 𝘛𝘩𝘰𝘮𝘢𝘴 𝘚𝘮𝘪𝘵𝘩 𝘐𝘯𝘴𝘶𝘳𝘢𝘯𝘤𝘦 𝘈𝘨𝘦𝘯𝘤𝘺 𝘓𝘵𝘥., 𝘱𝘢𝘳𝘵 𝘰𝘧 𝘵𝘩𝘦 𝘗𝘉 𝘎𝘳𝘰𝘶𝘱 𝘰𝘧 𝘊𝘰𝘮𝘱𝘢𝘯𝘪𝘦𝘴.
𝘛𝘩𝘰𝘮𝘢𝘴 𝘚𝘮𝘪𝘵𝘩 𝘐𝘯𝘴𝘶𝘳𝘢𝘯𝘤𝘦 𝘈𝘨𝘦𝘯𝘤𝘺 𝘓𝘵𝘥. 𝘐𝘴 𝘳𝘦𝘨𝘪𝘴𝘵𝘦𝘳𝘦𝘥 𝘶𝘯𝘥𝘦𝘳 𝘵𝘩𝘦 𝘐𝘯𝘴𝘶𝘳𝘢𝘯𝘤𝘦 𝘋𝘪𝘴𝘵𝘳𝘪𝘣𝘶𝘵𝘪𝘰𝘯 𝘈𝘤𝘵, 𝘊𝘢𝘱 487, 𝘵𝘰 𝘢𝘤𝘵 𝘢𝘴 𝘢𝘯 𝘌𝘯𝘳𝘰𝘭𝘭𝘦𝘥 𝘐𝘯𝘴𝘶𝘳𝘢𝘯𝘤𝘦 𝘈𝘨𝘦𝘯𝘵 𝘧𝘰𝘳 𝘎𝘢𝘴𝘢𝘯𝘔𝘢𝘮𝘰 𝘐𝘯𝘴𝘶𝘳𝘢𝘯𝘤𝘦 𝘓𝘵𝘥. (𝘎𝘔𝘐). 𝘎𝘔𝘐 𝘪𝘴 𝘢𝘶𝘵𝘩𝘰𝘳𝘪𝘴𝘦𝘥 𝘣𝘺 𝘵𝘩𝘦 𝘔𝘢𝘭𝘵𝘢 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘚𝘦𝘳𝘷𝘪𝘤𝘦𝘴 𝘈𝘶𝘵𝘩𝘰𝘳𝘪𝘵𝘺 (𝘔𝘍𝘚𝘈) 𝘶𝘯𝘥𝘦𝘳 𝘵𝘩𝘦 𝘐𝘯𝘴𝘶𝘳𝘢𝘯𝘤𝘦 𝘉𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘈𝘤𝘵, 𝘊𝘢𝘱 403 𝘰𝘧 𝘵𝘩𝘦 𝘓𝘢𝘸𝘴 𝘰𝘧 𝘔𝘢𝘭𝘵𝘢. 𝘉𝘰𝘵𝘩 𝘢𝘳𝘦 𝘳𝘦𝘨𝘶𝘭𝘢𝘵𝘦𝘥 𝘣𝘺 𝘵𝘩𝘦 𝘔𝘍𝘚𝘈.