Why House Insurance Policy?

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Looking for an article that best explain why you need a house insurance? If yes, then you’re at the right place because this article explain in details the Significant Reasons for House Insurance.

House insurance is designed to protect you from potentially expensive damages that could drain your finances, and there are many reasons why it is important 

Why House Insurance Policy?
What is Covered Under House Insurance: House insurance covers specific types of property destruction from events, known as perils, and many policies also cover personal belongings or liability.

Perils include fire, windstorms, theft and some other weather-related incidents. In order for you to make a claim, the event must be sudden and accidental. For example, if your roof is damaged in a windstorm, then your insurance policy will cover the cost of repairs.

What is Not Covered Under House Insurance: There are other types of property destruction and deterioration that are not covered by house insurance. These include flood damage, mold and property issues, such as warn-out plumbing, bad electrical wiring and old roofing repairs.

For example, if you have leaking plumbing that has caused damage to your floor, your insurance policy will not cover this. Most standard house insurance does not cover acts of war, although some policies may include this in comprehensive plans. 

  
House Insurance Covers Liability: Many house insurance policies also include liability coverage, meaning if someone is to get hurt or killed on your property, your insurance will pay for any of that person’s medical expenses. This is important to protect you against potential lawsuits as well. For example, if your electrical catches fire while you are away and sets your neighbor’s house on fire, you are responsible to pay for your neighbor’s damages. If you have house insurance, then they will cover the cost.

Read: The Different Types Of Home Insurance Policies In Nigeria

House Insurance Covers Personal Belongings: Most home insurance policies include comprehensive benefits, such as coverage for lost or stolen personal items. These such items would be furniture, jewelry, appliances or other expensive items. Most policies have a standard amount they will pay for such items, based on how much the item costs and when you purchased it. 
  
House Insurance Offers Replacement Costs: Most home insurance companies will offer policies that cover repairs at “replacement cost,” which means that you will receive the full amount to repair or replace the damage. Some companies will offer policies with actual cash value, which means they will only pay what the value of your repair would be, not what it may actually be. 
For example, if you’re kitchen burned down, your house insurance will pay for it to be fully repaired, minus your deductible, if you have replacement cost. 

  
House Insurance Includes Accommodations: If you are ever in the event that you house is so damaged and you need to stay somewhere else, house insurance will provide coverage for alternative accommodations. This may never be needed, but it is the best coverage you can have if your house has been completely destroyed or so badly damaged that it’s unlivable. House insurance can cover stays at hotels, other rent and even meals.
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