Whether you are a renter or a homeowner, you need to know exactly what your insurance is covering you against. There is nothing worse than trying to sort out an insurance claim to help repair damages only to discover that type of damage is not included in your policy.
Knowing the ins and outs of your policy is incredibly important; let’s take a look at some of the things your insurance might need to cover.
Loss of Use
You need to make sure that loss of use is a type of coverage your insurance company provides. It is one of the most basic policies available on most insurance plans and helps you in the event that your home is made uninhabitable. If you need to stay in rented accommodation or in a hotel while repairs are underway, these costs can quickly build up. The loss of use coverage helps you to keep yourself afloat in this time.
Fire, Storm Damage, and Other Disasters
You will be frequently covered in the case of disastrous events such as fires or storm damage. Such events can cause tremendous damage to your home, and it is vital that you are covered.
The specific policy you take out might require you to have certain preventative measures in place like fire alarms, but it will still provide some cover.
Your homeowner’s insurance will also help to protect you in the event of theft. No-one likes the idea of someone creeping around their house and helping themselves to your hard-earned treasures. Insurance may not give you peace of mind, but it can help to replace any high-ticket items which may have been stolen. Like with fire prevention, your insurance policy may require you to have certain locks or other systems that will make it harder for your property to be burgled.
This irritating problem is when the land around your home shifts. This can cause your property to either begin to sink into the ground or can cause cracks and other expensive structural damages. Most policies include some sort of cover against subsidence, but you need to be careful in the event of a claim. Since this is one of the more expensive problems to fix, the excess you need to pay in the event of subsidence might be significantly higher than it would for any other problem.
Malicious and Accidental Damage
Both of these damages will be included in the basic homeowner’s insurance. If you are a landlord, it is incredibly important that you have malicious and accidental damage cover in case your tenants damage your property in some way. Most of the time it will be an accident – a spilt drink on a carpet or a window smashed by a kid with a ball – but if you have been embroiled in a dispute with a tenant, then it may be malicious.
If your tenant has maliciously damaged your property, there are several actions you can decide to take. In addition to claiming on your insurance, you might think it necessary to open legal proceedings against your tenant. Make sure there is always a clause against malicious damage in any lease or tenancy agreement before you give it to your prospective tenant to sign.
These are just some of the policies which you might find in your homeowner’s insurance. Make sure you read all of it carefully, you will need to know exactly what you are protected against! With a little foresight and a little knowledge on your side, you can tackle any problem with your home in a confident and well-informed manner!
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