Posted by Your home is your pride and joy, and probably the biggest investment you will ever make. And you must make sure it is well protected. Also, to avoid financial loss that might arise as a result of your house being damaged or destroyed. Buying a Home insurance policy is necessary. What then is home insurance? Home insurance can also be known as Homeowner’s insurance. This is a type of property insurance that provides coverage for damages and losses to an individual house and assets in the home.
Furthermore, this policy also provides you with liability coverage against any form of accident on your property. This insurance policy provides you with reassurance and peace of mind. It protects your home and all its contents against damage or theft if the unexpected happens. This policy helps to cover the cost of unavoidable disasters or harm to your home. For instance, if there is a fire outbreak, earthquake, flood, or theft that affects your house or your valuables. With a home insurance policy, you will suffer little or no financial loss.
Do I Need Home Insurance?
Most individuals don’t feel the need to purchase a Homeowners insurance policy this is however due to reasons best known to them. Home insurance is not even a legal requirement for landlords and renters. But it is a good choice though, it provides you and your family with maximum peace of mind in case something goes wrong in the future. If you are planning to take a mortgage, your lender might probably insist you get building insurance before you can be given the loan. And if you are a tenant, you will need to cover your belongings as your landlord looks after the building cover.
Types of Home Insurance
In this part of the article, we will be looking at the two main types of homeowners insurance policies you can purchase. The types of home insurance enable you as a landlord, homeowner, or renter to decide which home insurance policy to buy. Below are the types of Homeowners insurance;
Building Insurance
Building insurance helps to cover the physical structure of the building. It also covers permanent fixtures like a bathroom suite or fitted kitchen. Purchasing this type of home insurance policy will insure your home for the full amount it will cost to rebuild from the foundation. Building insurance will cover your building from damage caused by fire, flood, storms, or other natural disasters. This insurance policy is mainly for property owners and landlords.
Content Insurance
Contents insurance is one of the main types of Homeowners insurance which helps to cover the content of your house. It also protects your belongings from events outside your control such as fire, theft, storms, or floods. With a house content insurance policy pretty everything you own except the building itself is covered. Some of the most popular items this insurance policy covers include Engagement rings, MacBooks, laptops, Jewellery, tablets, etc. Content insurance is for homeowners, renters, lodgers, students, and flat sharers.
Best Homeowners Insurance Companies
There are several home insurance companies across different parts of the world. They offer you the best home coverage and many amazing features. Check the outline below for some of the best homeowner’s insurance companies.
- Erie
- Progressive
- Geico hance
- Aviva home
- USAA
- Admiral
- State Farm
- Allstate
- Axa
- Tesco
- Halifax
- Liberty Mutual
Aside from the above listed, there are other good Homeowners insurance companies you can buy a policy with. Meanwhile, before purchasing a policy it is important to compare the house insurance quote of each company.