Home Insurance

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A home insurance policy is a financial arrangement whereby all of your household possessions located in your home are protected against loss, theft or damage. For people that rent, this is generally all that is required but if you own your house then a home insurance policy that covers the building as well as the contents might be a good idea.

It is always a good practice to make a list of everything in your home that has any value, doing this on a room by room basis and preferably before you actually take out the home insurance. An easy way to do this is to carry out a walk-through of your home with a camcorder if you have one or a digital still camera if not and take pictures of the rooms and the contents. Combined with the written inventory, this makes an excellent record of your home and property. Do not forget to update this record each time something new is added so should you need to claim on your home insurance it will be accurate and up to date.

Luckily nowadays, most insurance companies are able to supply home insurance quotes online so you can compare a number before deciding which one suits your circumstances best. One obvious advantage to using online services is that you can have your home insurance quotation within a matter of seconds. Online home insurance are usually less expensive since overheads are cut from the picture the companies’ can offer lower premiums and insurance rates. You should not rush and choose a company that does not have a good reputation just because they have provided the lowest insurance quote, as you may regret not checking this detail.

Your home insurance policy will come with a sum insured value which is the total amount the insurance company will settle with you if there is a claim for complete loss etc. The sum assured is often calculated by the home insurance company for you based on figures for replacing the contents of an average home. Others however, will assess your property and offer home insurance cover based on their estimates or request how much cover you would like and then calculate the premiums on your behalf. In some circumstances this may be a better option if you think that the automatic sum assured amount will not cover the cost of replacing your possessions.

You should be aware that not every one of your possessions is covered automatically by your home insurance and it is worthwhile checking this first and adding anything that is not a standard item. Business equipment for example is not always covered by regular contents insurance. High value items such as jewelry and electronic equipment are often not included in the home insurance and may have to be covered at additional cost. The home owner should be aware that whatever the stipulations of the insurance policy, it is the home owner who is responsible if a claim is refused for something that the policy does not allow for so it is imperative that these issues are checked ion advance of any decision being made.