For every home, there is a risk exposure involved ranging from fire, theft through breakage, effects of fraud all that instill fear to people’s homes. However, researchers came up with mitigating risk support inform of home and contents insurance.
This helps homeowners to have a settled mind since even after an unexpected occurrence of such events; the insurance will cater for the loss and the homeowner will have ground to set his feet up once again and move on without financial burden of replacing his home once again by himself.
What then is home and contents insurance?
Home and contents insurance is that part of the protection or shield that an insurance company offers to the insured informed of financial benefits to the home that is built including the contents in it.
Premiums for such an insurance varies depending on the value of the house and its contents, and also the period that one wishes to insure. Premiums can be paid monthly, quarterly, semiannual or even on an annual basis, depending on the agreement of the insurer and the insured.
For one to pay premiums time, it’s wise to have direct debits inform of standing orders so that every time is due; it’s deducted from the account automatically.
It’s always important to pay the premiums in time so that ins=case of any occurrence, the insurance provider will not get a reason to delay your payment for the repair costs or even fail to pay it on the grounds of nonpayment of premiums.
When it comes to home insurance, what it majors on is on the issues that pertain to the house you live in including all those items that are fixed in the house. These include fixtures, walls, broken roofs whereby all repair costs are catered for by the policy.
Some of the major benefits for acquiring the policy include compensation for the following:
- Domestic appliance explosions that affect the building.
- Domestic employee’s death as a result of the accident.
- Earthquake, floods, fire and also lightning that ends up damaging the house.
- When a water tank bursts and causes an overflow that leads to damage of the house appliances.
- Any legal costs involved upon omissions of the occupier or the owner of the house.
- Repairs of damage through violence that arise from strikes and malicious acts.
Contents insurance helps to cover for any unexpected occurrence of any items in the house that are purchased for use. These things are portable ranging from kitchen items, bedroom, living room items and they are all classified in the contents insurance policy, and even a tenant can be able to purchase the policy independently if you are not the home owner.
Costing of the Home and Contents insurance.
The premiums range from a wide variety of expectations.S some of the factors that are considered in the purchase of the policy include;
- The geographical area of your residence.
- The company that is extending the policy.
- The risk factor involved in insuring the home and the contents. This is because some homes have items that pose a higher risk than others and as such when the insurer is carrying out an assessment, they can measure the cost of the premiums to be able to manage it effectively in the event of an occurrence.
- The previous claims- Most likely, there are policy holders who claim almost every year that the policy is effective. Insurance companies tend to evade the risk of such or charge high to ensure that they can settle for the costs once a claim is done.
Having understood the above points, there are many questions that the insured gets to ask themselves in order to have a broader view of home and contents insurance.
Amongst them include:
- How will I be able to know the best type of insurance that will suit me?
Answer: First of all, it’s essential to research the available insurance companies that offer home and contents insurance, weigh out the costs of each and check the one that offers the best and most accommodative services as per your needs.
With the today’s technology, one can make inquiries online which will reduce the time factor of researching all over the offices physically.
Check for any extra premiums that may be required to be paid for excesses of contents in the home to avoid disappointments upon closure of the policy.
- How are claims made in the event of an unexpected occurrence?
Answer: Whenever one has been affected, companies have online communication channels that include 24-hour available telephone lines. It’s easy then to communicate via mobile phone in the house or notify the insurers on email. Always ensure that they acknowledge message and get them action immediately.
- Do home and contents insurance cover pets?
Answer: A pet is one of the most loved animals in the house and when taking a policy, ensure that it is considered in the contents insurance. However, a full insurance policy may be taken for the pet.
The veterinarian will be available to offer medical support to the pet, and in some companies, they also offer pet replacement in case of the accidental death. That is one of the reason that before settling with a specific insurance provider, it’s important to understand in detail what the policy offers before signing for it.
Finally, ensure that you have gathered all the credential information of the company before engaging in it. This is because there are companies who dispute paying the claims just because one did not understand their terms and conditions. Therefore the disclosure agreement is essential to be understood fully before nodding a yes to get the best customer satisfaction.
The other important factor to remember is that it’s not always easy to switch to another insurance company once you have signed the contract. This is because it means that you revamp again and sign for new premiums from scratch which may not be a pleasant experience.
However, if upon a realization that the terms and conditions were not well understood, then before canceling the existing contract, ensure that you sign the new contract with the new insurer before canceling the previous one to avert any risk of occurrence before it becomes operational.