Home Insurance

The cover on your home needs to be sufficient to rebuild or purchase a similar home to the one you currently own. There are two different types of cover,

Replacement - which is like new for old, the replaced home can be a similar size and condition to your existing home before the disaster.

Indemnity - is the value of the building at the time of the loss less depreciation. Depreciation is like taking the value of the use you have had of the house before the disaster happened. Indemnity seldom covers the cost of the replacement. This can make it financially difficult if you have no savings.

It is important to review the value of your policy to make sure that your insured value is upto date with inflation and building costs. Please check with your insurer, as each company has there own rules and it pays to be sure incase of a disaster.

Areas to be checked against your policy:

The costs for removal of debris following a loss.

The cost for drawing up the new plans

Cost of temporary accommodation

Cover for the contents temporarily removed from the premises

These cost can add significantly to replacing your home, and if not covered you will need to fund them yourself.

To look at other insurance areas click on the link below

If you are renting, it is important that you cover the liability of damaging the landlords property. Even though the landlord in most cases will have the building covered, should you cause damage to the property the insurer may well come to you to make good the damage. This is where renters insurance is an important risk management cover if you do not have the financial savings to cover a costly repair. Home Insurance , click on the link to see other options for your insurance needs