Does Your Home Insurance Cover Include Standard Benefits?

Home insurance basically serves to protect home owners in cases of loss, damage or in some instances natural disasters as well. What many people are not aware of, however, is that home insurance can cover more than just your dwelling. It would be a good idea to familiarise yourself with your home insurance policy so that you are aware of what is covered and what isn’t so that you are prepared in cases of emergency or distress.

Basic Elements Of Cover

The following list includes the basic elements of home insurance although it may differ slightly between different insurance providers:

  • Dwelling: Your home as a structure is insured against things like damage, loss and in some cases natural disasters or extreme weather like hail and lightning as well. Emergency cover is often included in this and would cover things that happen unexpectedly like a burst pipe that floods your home or an electrical fault that causes loss or damage.
  • Unattached structures: This aspect refers to structures that are on your property but not attached to your house. For instance, a free-standing garage or separate entrance would be insured for the same kind of cover that your house is.
  • Contents of home: The structure of your house will be insured along with all the contents inside it. All your belongings like appliances, clothing and furniture will be insured against damage, theft or extreme weather conditions and natural disasters in some cases.

For many insurance providers, these are the most standard benefits that you can expect to receive when seeking home insurance. You must always check that the elements of cover listed above are the minimum extent of your coverage when taking out insurance for your home.

Insurance providers often add extra features to the benefits list of the home insurance policies they offer. This is mostly to maintain a competitive edge in the market and policy holders can greatly benefit from this.

For instance, some insurance providers will give cover for the following:

  • Vet bills for pets that are injured through accidents
  • Perishable groceries that spoil due to no personal fault like loss of supply of electricity to your home or damage that occurs preventing the proper storage of foods
  • Hotel bills while your house is being repaired after significant damage or loss
  • Credit cards stolen from your home and fraudulent use thereof up to a previously stated limit that varies depending on the provider

Benefits Of Home Insurance

Home insurance is one of the most vital forms of insurance for individuals. If you are a home owner, it is something you absolutely should not find yourself without. The biggest benefit is that your investment will be protected and you will have peace of mind that you won’t have to bear the financial burden if anything goes wrong.

It is easier to maintain and repair your home when you can depend on financial assistance from a good home insurance policy. Another great benefit is that home insurance is among the cheaper types of insurance and you can get comprehensive cover without breaking the bank.

The contents of your home can amount to quite a penny and often take years to accumulate. Having home insurance protects your assets so that you never have to worry about the financial stress involved with damage or loss.