Why Home Insurance is so Vital

Jerry on Home Insurance… Owning your own home is exciting; however, there are many different things that you need to pay out for, which can be expensive, but vital. Insurance is a premium that is compulsory when you own your home, and many mortgage companies will insist that the building is covered. The insurance that you take out will protect against damage to the structure of your home.

There are several different occasions when house insurance can be incredibly beneficial, these include times of flood, fire and storms. Homeowners typically claim for the same events, and there are extremely common claims, which insurance companies experience all of the time. These include:

Accidental damage and loss at home- this can include several different things including, cracked bathroom sinks, broken windows, and damaged doors.

Storm damage- is another popular claim, which many homeowners are using as weather patterns begin to change and more damage is being done through high winds and freak weather.

Malicious damage- is a common claim, as more people experience vandalism, and damage to their homes. This could be an attempted burglary, or a vicious attack on the outside of your home, which has caused severe damage.

Water related claims- are typically very common, and these can include either natural damage from rains and floods, or the escape of water after freezing. With the strange weather and freezing temperatures, there have been many pipes bursting throughout homes.

With so many different reasons to claim, you need to ensure that your home is protected, and in the event that you need to claim, your premium is up to date. Accidental damage can occur frequently; therefore, you need to ensure that your policy covers many claims. Some policies will limit the number of claims in one year, which may not suit you.

You need to ensure that you research the different insurance companies and policies before you take out the cover. Some will class windows as extras, which can be a problem; however, many do include these, and you need to ensure that your policy is one of these. Your house will need to be in a good condition, to guarantee that your claims are not rejected.

Making claims for damage that could have been avoided may see your claim rejected, which can be costly. For example if your home floods because of a blocked gutter, this will be seen as your negligence. Therefore, you need to make sure that routine maintenance is carried out, and that everything is in good condition.

During the winter months, you may need to take further precautions to ensure that your home is in good condition. Frozen pipes can be a huge problem, and if not insulated well, they may burst causing damage to your home. You may be able to claim for the damage, however, prevention is far better than cure.

Knowing when to claim is a challenge for many people, and some forget to claim when they need to, which can be costly. You need to consider whether the excess fee that you will pay for your claim is worth the cost. Your premium is also likely to go up next year, and this can affect your decision. If your claim is for a small amount, you may be better paying this from your own pocket.

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