Whilst it may not be a legal requirement every homeowner should have an insurance policy against their home. This insurance can help to protect all assets within the home and the home itself which is vital for any homeowner as accidents and incidents can, and always will, occur. To find out more about what you need to know about this insurance option we spoke to industry expert Jared Seyl. Jared has worked in insurance for over a decade and here are his tips on what you should know.
Valuable Items
If you have specific items within the home which are of a high value then you should always look to get these insured to their full value. Often when you are looking for an insurance policy the high value numbers may not be what you need them to be in terms of protecting your valuable assets so it is an area which deserves your attention. More often than not you will be able to list these individual items on your homeowners policy.
Excess
The excess is what you will pay when making a claim and if you decide to go for an excess which is higher, you will be able to reduce the overall cost of your premium. Of course should something happen in the home then your high excess could cause issues but many people prefer to opt for a high excess and low insurance premium.
Away From Home
An additional coverage which you can opt for that many people enjoy the benefit of is away from home cover. What this basically does it to protect items like cameras, phones and laptops, even when you are not in the house. If you have a child who is at university for example, this coverage can help you to make sure that their possessions are protected.
Keys and Frozen Food
Make sure that you check whether or not your policy covers the theft or the loss of keys as not every insurer does. Equally the coverage options for frozen food is also an important feature and this will cover you if there is a power outage and the food in your freezer is affected.
Contents
When it comes to the contents cover on your homeowner insurance policy you need to make sure that it fits your needs. In order to do this you will have to have a rough idea how much all of the contents in your home are worth. Whatever you do here make sure that you do not underestimate the contents in your home, or you may find that you don’t get all of the money you were expecting should something happen. The best course of action then is to work out what you think your contents are worth and then add an additional $10,000 to cover for miscalculations.
Make sure that you spend time on getting the right policy for you.
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