Insurance

You Should Get Home Insurance

There are many reasons why you should get home insurance for your home. This article hopes to explain why and what some of your options are.

 

Liability insurance

Home Owner’s Insurance (HOI) cover most accidents that may happen to your home workers or guests such as injuries or attacks by domestic animals while in your home. The average cost of home insurance is £306 a year, or £25.50 a month, based on data from the Association of British Insurers (ABI). In the last three months of 2016, the average house insurance premium was £298, or a little less than £25 a month. Similarly, the average payments for a buildings policy was  £266 (down 2%), while on average, contents policies dropped by 1% to £139.

Multiple coverages

Your HOI does not only cover the likelihood of your home getting damaged but also includes other furnishings and personal properties around the house like the garage or pool.

Additional expenses

If your home gets damaged by either fire or other risks, your HOI will cover hotels bills that you might not have anticipated.

All home insurance costs are based on the replacement costs, and the following are types of home insurances.

1. Basic insurance

Basic insurance is limited in coverage, and only cover your home in case of fire, windstorms, vandalism, lightning, explosion or smoke.

2. Broad insurance

Expands on the basic insurance to include theft, frozen pipes, damage from ice or snow, falling objects and accidental water damage.

3. All-risk insurance

detailed insurance that covers 1 and 2, and also includes things like war, neglect, earthquake amongst many others.

The reasons why you should get a home insurance for your home give you a peace of mind, knowing that in case something unexpected happens, your HIO will help cover the costs.