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What Does Home Insurance Cover?

If you are a first time home buyer, or even a seasoned real estate investor, chances are you are faced with the question, what does home insurance cover? It is a valid question, and its importance should not be underestimated. There are plenty of avoidable pitfalls that should be steered cleared of and be prepared for by doing proper homework. Getting to grips with the intricacies of your insurance policy will surely help you greatly in the day when you need your insurance company to live up to its promises. It is best not to wait until that day comes to want to ensure you are adequately insured.

When asking, “what does home insurance cover?” you are essentially asking what you are getting for your premiums. While insurance policies may vary, the basic home owner’s policy is divided into four parts.

Structural Damage. Less your excess, the insurance policy will likely pay for repairs of the rebuilding of your home in the event of certain acts of nature and accidental fire. Structural damage clauses in your policy may also provide for damage to detached structures, for example a garage or tool shed.

Personal Belongings. As valuable and expensive as the house itself can be, you may be surprised at the costs of replacing its contents. That is the reason why most home owner’s insurance policies would also insure belongings against theft or damage. Cover is generally estimated as a percentage of the value of your home.

The two other important parts making up a home owner’s insurance policy are:

Liability cover. It is important to ensure adequate liability cover is included in your home owner’s insurance policy in the event that someone is injured on your property, or if their property is damaged on your premises. The cover extends to if you accidently damage another person’s property.

Living expenses. Should your home become damaged to such an extent that you need to find temporary accommodation while repairs are carried out, the living expenses portion of your home owner’s policy will cover the rent, meals and incidental living expenses.

Take the time to contact African Independent and ask your consultant “what does home insurance cover?” You will find that they will be able to provide you with a cost effective home and household insurance solution.

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