Types Of Home Owner Insurance Policies

When you operate a business from your home, you need to know if it is covered under your homeowners insurance policy. Click for more.

Types Of Home Owner Insurance Policies

Types Of Home Owner Insurance Policies

14 October 2021
Insurance, Blog

Are you a homeowner? Have you secured adequate insurance for your home building and properties? Home insurance is a necessity, which explains why financial lenders require borrowers to have the coverage to access mortgages. Here are the different types of home insurance policies that every homeowner ought to have. 

Buildings Insurance

The buildings insurance cover is the foremost homeowner's insurance policy. Essentially, the policy provides coverage for the structure of your house. In this case, the policy covers any permanent fixture on your home, including the roof, walls, and built-in appliances. In addition, building insurance extends to other structures within your residences, such as the garage, sheds, perimeter wall, and gate. Typically, this form of insurance covers incidences and accidents such as fire and vandalism. In the event of such perils, the insurer meets the cost of repairing and rebuilding the dwelling.

Content Insurance 

A content insurance cover is a type of home insurance policy that protects the items in your home. Such contents include furniture, electronics, home appliances, carpets, and clothing. In most cases, such belongings are expensive, leading to a significant financial setback in the event of a loss. Broadly, one may lose valuable items through perils like flooding, fire, and theft. In such an incident, the insurance company would pay the value of contents based on your policy. In addition, a policyholder may add accidental damage to the contents insurance policy. Notably, this additional policy covers any unintentional damages to your property, such as a broken TV or stained carpet. 

Personal Liability Insurance 

The personal liability policy protects from lawsuits resulting from injuries and damages by third parties within your home premises. For instance, a visitor may have a fall accident on your stairs, or your child may damage a neighbor's property. In such situations, you may assume legal responsibility for the injuries and damages. The insurance company would meet the medical bills, liability damages, and legal expenses with a personal liability insurance cover. Thus, personal liability insurance offers financial protection to you and your family. However, the policy excludes any intentional injuries and property damages. 

Optional Home Insurance Coverage 

Homeowners have the option of including separate policies to the home insurance coverage for adequate protection. For instance, homeowners can protect their homes and belongings from flood-related damages through a flood insurance policy. Likewise, they can get earthquake insurance cover if they live in an area prone to earthquakes. In both cases, the policies have their deductibles. Other home insurance policies include high-net-worth home insurance for high-value buildings and items like jewelry and fine art. 

Do your need to insurer your home and contents? Contact a reputable insurance agent to assess your home insurance needs for adequate coverage. 

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your home business and homeowners insurance

When you operate a business from your home, you enjoy the benefit of not having to commute to a busy office every single day. One thing that you may not have considered is whether your home business is covered under your current homeowners insurance policy. If you have expensive equipment, inventory and files stored in your home, you may need to add a rider to your insurance policy to ensure that you are covered. Find out more about how a home business can impact your homeowners insurance policy and whether or not you are protected as your policy stands today.