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What Is and Isn't Covered by Your Home Insurance?

07 July, 2017


Home is where the heart is. And to protect our homes, where we ground our families, possessions and basically our entire life, is one of the most basic instincts we have. Keeping in spirit with this instinct, insuring your home is a smart and safe choice which can save a lot of your cash in case of a misfortunate accident. While most people do opt to get their homes insured, they often don’t read the policies properly or misunderstand the benefits being provided to them. What is most important to read and understand is the coverage and exclusions plan, as this will avoid any future conflicts between you and the company.

 

What you choose to insure and for how long depends on the plans you choose, but even then your home insurance cannot include everything and most people fail to realize that. Here is a basic run down of what is and isn’t covered by your home insurance:

 

WHAT’S COVERED?

 

A good home insurance policy should cover the following:

 

  • Coverage for the structure of your flat/building, including detached structures such as compound wall, garage, tool shed, etc.
  • Coverage for your personal belongings and household articles – jewellery, appliances, valuables, etc.
  • Coverage against fire, hurricane, lightning, storm or other disasters unless otherwise listed in the policy
  • Coverage against burglary and theft, as well as third party liability
  • Repairs and restoration costs to the property

 

WHAT’S NOT COVERED?

 

Coverage exclusions vary from policy to policy but most companies do not provide claim for the following:

 

  • Constructions without proper approval from government regulatory authorities.
  • Loss, damage or dispossession caused to the property by order of a public authority or the government
  • Maintenance issues, wear and tear and depreciation that follows after construction or repair
  • Radioactive contamination (Nuclear companies are liable to provide insurance cover to families that live inside or near the affected areas)
  • Loss, damage or destruction caused during times of war, invasion and/or foreign hostilities

 

It is essential to talk to your insurance company to verify all the things that are applicable for coverage under the plan you’ve chosen. And if you wish to extend your financial protection to your valuables or baggage while traveling, you can always avail add-on coverage by paying just a little more.