Home insurance – An Insight

Home being a most valuable asset, should be insured for many reasons. There are four types of home insurance products. They are building and content insurance, building insurance, content insurance, and landlord insurance.

Building and content insurance:

This is one of the broadest levels of home cover which includes variety of features. This type covers the damages to home and everything in it. It covers,

• Damages caused to the building and contents of the building due to theft, or burglary
• Damages caused by accidental fire to the building as well as contents are covered. Contents are also covered against smoke and foot damages which are caused by bushfire
• Damages caused to the building due to hail and lightening, explosion snow, storm, civil commotion, escaping flood and water, earthquake, etc.
• Building and contents damaged or lost due to impact

Building insurance:

This covers damages caused to the building and contents because of theft, fire and range of weather events. It covers,

• Damages caused because of burglary, attempted theft and theft
• Loss and damages due to accidental fire, earthquake and accidental explosion
• Damages and loss caused due to civil commotion, storm, wind, snow, hail, escaping water, impact, and flood
• Damages or loss to the contents and building caused intentionally by someone who is not living in the building
• Cost of emergency repair of the building
• When there is an insured event occurred then cost of temporary accommodation is covered
• If a family member dies due to some insured event then cost of funeral is also covered

Content insurance:

Covering the damages that may be caused to the contents of the building as a result of insured event is major part of the insurance product. It covers,

• Damages and loss due to burglary, attempted theft, theft, fire, soot and smoke damages
• Damages occurred due to earthquake, flood, explosion, storm, riot, flood, escaping water and impact
• Loss due to intentional damages
• Loss and damages to the contents kept outside as well as inside the premises
• Damages or loss of keys and locks
• Loss occurred to the contents in transit
• If there are valuable contents like international award then there will be separate amount reserved

Landlord insurance:

If the property is not own and rental then also insurance covers it against lot of damages. It is covered against damages like,

• Loss or damages caused by attempted theft, burglary, theft, fire earthquake, and explosion
• Damages or loss occurred due to storm, flood, riot, escaping water, and impact
• Intentional damages caused by someone not living in the premise
• Loss or damages due to legal liabilities
• Emergency repairs for rental property is also covered
• Professional fee and clean ups also covered for rental property
• Loss or damages of keys and locks of rental property is covered
• Loss on broken ceramics and glass of the rental building
• Damage occurred to the furniture in the rental property