Home insurance cover protects your personal possessions or from damage and theft.
How are personal properties insured?
New for old. This replaces a stolen property with a new identical item or a newer model with the same specs when older model is unavailable. However, not all are replaceable ‘new for old’ such as antiques or clothes.
The home insurance company pays you the original amount less the wear-and tear amount.
Some home content insurances offer an umbrella cover of a certain amount, but when some of your items are too expensive, they have to be listed separately from the umbrella cover. Collections are not considered as one item. So to work this policy out, you have to list everything you own and assign a replacement value in case you lose or damage anything.
What are the risks your home insurance policy cover?
storms and floods
earthquakes or subsidence
falling trees/branches or aircraft parts
riots, theft, or vandalism
How to reduce home insurance cost?
Be more responsible in protecting your possessions
Pay excess to reduce risk
Get discounts as many home insurance companies reduce premiums when you:
install a burglar alarm
participate in neighborhood watch
install good locks to your doors and windows
get a no claims discount
Why do insurers decline your claim?
no forced entry on a theft report
you share with a tenant or lodger
you left your home vacant for at least 30 consecutive days
your valuables are left unsecured
You can extend your home insurance coverage when you work from home for extra risks on your office furniture and equipment, computers, and other business interruptions.
Just have one company for your home insurance and office insurance to avoid doubling of cover.
Cassiano Travareli has been educated in the finer points of the foreclosures market over 5 years.