Last week, we started a new series titled, “Know Your Insurance Policy”. We kicked off with Group Life Insurance. If you missed it, click here to catch up.
This week, we’ll be highlighting all you need to know about Home Insurance.
What is Home Insurance?
Home insurance is a form of property insurance that covers losses and damages to an individual’s house and his/her possessions (contained in the house). It may also provide liability coverage against accidents in the home or on the property.
The insured typically has three options to select from, when it comes to home insurance:
- Home Building Insurance: A policy that protects the property (building) against damage caused by fire, weather and natural disasters.
- Home Contents Insurance: This protects the valuables in the home (assets and belongings e.g. furniture, gadgets, etc.) against loss, theft or damage.
- Comprehensive Home Insurance: This is a combination of Buildings and Contents Insurance. It’s a policy that covers for everything in your home – the building and your possessions. It may also cover for personal accidents that occur in the home (depending on the terms agreed upon in the binding policy).
Why is Home Insurance Important?
Getting home insurance simply means that you can go to bed with both eyes shut, knowing that your property and valuables are protected against loss or damage of any kind. Home insurance covers for fire, burglary, theft, personal accidents and natural disasters e.g. flooding.
Who is Home Insurance For?
Everyone needs to insure his/her home and property against fire, theft, flood or other natural disasters. Whether you own a house, or live in a rented apartment, it’s important to secure your valuables and property.
How Can I get my Home Insurance Policy?
Walk into any insurance company (of choice) close to you and make your request. Or you can simply get your policy activated right on your phone! For more information and to get started, please click here.