If you want to protect your home, you’ll need to buy
insurance. There are currently four types. The first type is the one that you’ll probably need
most: building insurance. As a rule of thumb, building insurance covers
anything that you can’t take with you when you move homes. This includes the
building itself, rooms, permanent fittings, and surrounding features. Damage from
fire, floods, riots, burglary, and other causes are covered, though there are
exemptions.
The second kind of home
insurance involves the contents of your house, which include movable objects
like furniture. Content insurance usually covers the amount you need to replace
any items that were stolen or damaged. There are some limits, though. This
insurance won’t cover your loss if you’ve left your home alone for more than 30
days. This type of insurance is often taken as a separate item if you’re only
renting the house, but it can be folded into one package for your convenience.
The remaining two kinds
of home insurance are mostly optional, though they can be useful to have.
All-risk cover insurance protects personal valuables that can be stolen or lost
inside your home and out, including jewellery and other heirlooms. The insurer
will either pay you off with cash or pay for the repairs and replacement. On
the other hand, liability insurance protects the people working on your home.
For example, if your plumber meets an accident and blames you for it, liability
insurance will cover the costs.
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