Walker Jack Consultants

Home and house Insurance – an overview

Buying a home will probably be the biggest investment you ever make; therefore, it is important to protect that investment with the right house and home insurance policy.

Types of home and house insurance

There are two types of home insurance: that which covers the building and that which covers the contents. If you have a mortgage, then building insurance is mandatory. However, contents insurance is optional (although wise to have).
Building insurance will insure you against:

•    Fire
•    Floods
•    Earthquakes
•    Vandalism
•    Subsidence
•    Falling objects (from aircrafts)
•    Storms and bad weather
•    Falling trees and branches
•    Impact from vehicles

What it won’t cover includes:
•    Pollution
•    Radioactive contamination
•    Pressure waves from aircraft
•    War
•    Terrorism

Content insurance includes:
•    Furniture (sofas, tables, etc.)
•    Electronics (televisions, computers, stereo systems, etc.)
•    Books, CDs, and so forth
•    Curtains, blinds, and carpets
•    Clothing

Other possessions usually covered by content insurance include:
•    Bikes
•    Gardening equipment
•    Luggage (when travelling abroad)
•    Handbag, purse, wallet, briefcase contents, etc.

Excess

Excess is the amount you will have to cover before the insurance kicks in and will affect the amount you pay on your premium.

New-for-old

With contents insurance, some policies offer the option to replace an item rather than give a value cash payout.

Premium contents insurance

Premium contents insurance is for those individuals who have a higher-net value of items within their home that wouldn’t be otherwise covered.