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Home Insurance

What is home insurance?

Home insurance policy is a policy that covers loses to your house due to natural calamities like thunderstorm, fire, rains, earthquakes, etc. Home insurance also covers the loss of property due to theft of the belongings in the house. A home insurance policy also covers liability insurance for accidents that may happen in your home. There are many companies in the UK providing various types of home insurance policies to you to choose from. It is your responsibility as a British citizen to get a good policy cover for your home.

Cost of home insurance policy

The cost of the home insurance policy depends on what amount is required to replace the house and which additional items are attached to the policy. In an insurance policy, the claims due to earthquakes, floods and Acts of God are excluded. However special insurance can be purchased for loses due to the above mentioned possibilities. The home insurance policy is for a fixed period of time, normally a year. The payment that the insurer pays to the company is known as a premium. Most of the insurance companies may charge a lesser premium if they think that the damages to the house are unlikely.

Types of coverage

The standard home owner’s policy covers four types of coverage viz:-

The structure of the home – This policy covers the expenses to rebuild your home if it destroyed by fire, hurricane, lightening and other disasters listed in the policy. It will however not cover damages due to flood, earthquake or routine wear and tear.

Your personal belongings – This policy covers your personal belongings like your clothes, accessories, sports items and other personal items that are stolen or either destroyed by fire, hurricane other natural disaster. The insurance company covers the loss of personal belongings up to 50% to 70%. Also a part of the policy has off premises coverage as well. This means that your personal belongings are covered against loss, no matter where you take them. Some British companies limit the amount to 10% of the amount of insurance you have for your possessions. Trees, plants and shrubs are also normally covered under the personal belongings coverage.

Liability Protection
– This type of coverage includes lawsuits for bodily injury or property damage that you or your family members cause to other people. It also covers the damage done by your pet. Hence if your son or dog destroys your neighbor’s rug you are covered. However if your neighbor’s son or pet destroys your rug then you are not covered. You can also purchase an umbrella policy which provides wider coverage.

Additional living expenses – This policy covers the additional costs of living away from home in case your home is damaged by fire, storm or other natural disaster. It covers the hotel staying expenses as well as restaurant meals and other living expenses incurred while your home is being rebuilt. Coverage for other additional living expenses differs from one insurance company to another.



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