When you start shopping for home insurance, you’re going to have a lot of questions. When does your policy begin? How much are the premiums? Does your policy cap your payout on a claim? What’s the deductible? What’s the difference between replacement cost and actual cash value? The list goes on.
The first thing you need to do when purchasing home insurance is to work out what your needs are. When you think about what is important to you, it makes it easier to choose the right level of cover. So when doing research on what potential home insurance suits your family, the list below explores the things you may not know your policy covers.
Insurance policies like home and contents insurance include damage to your fences, walls, and gates. So your fence collapses during a storm, or if someone damages it, your home insurance policy may cover that, but only if you proactively keep up with its maintenance.
Keep in mind that there's also a size limit to what your home insurance can cover and that the cap for fences should be within 500 metres long.
If your plumbing is damaged, your home insurance may cover replacements and repairs. The tricky part of that scenario is that you need to keep up with maintenance and that the damage can only be a result of faulty plumbing.
If your pipes burst during a storm, it's likely that your policy may cover the repairs. But if they burst because they were old and rusted, you may need to take care of the repairs yourself. You can check if your pipes are covered in your policy or by talking to your insurance broker.
This one is pretty straightforward, but it's helpful to remember it. The public liability portion of your policy may cover injuries or injuries sustained on your property. This means that if someone slips and falls on your property, they can file a claim against you.
If someone is injured on your property, then your home insurance policy may cover you for the medical expenses, as well as any damages that are a result of the situation.
Your roof is one of the most important aspects of your home. If a storm or a wind storm damages your roof, your home insurance may cover the expenses. But similar to the damage of your plumbing, you need to keep up with your roof's maintenance.
If a tree falls on your home and causes significant damage, it's going to be expensive. But thankfully, your home insurance may cover the cost of the repairs.
This is common for people who live in the suburbs. If a tree that’s on your property falls on the fence or house next to you, your home insurance may cover the removal costs. Similarly, this is only the case if the tree accident is not caused by rotting roots due to neglect.
Each policy is different, and that means you need to do research to find the right coverage for your property. Remember, you’re also increasing your chances for a quick claim approval by maintaining your home as well as you can.
The right home insurance coverage could save you thousands of dollars in repairs, so it’s worth the investment of time and money. This just shows how important it is to make an informed decision when choosing a home insurance policy.
To that end, the information above can give you a good idea of how much coverage you need and what your policy may cover.
Ensura is a team of excellent general insurance brokers with a simple mission: to help people get the right insurance at the right price. Get in touch with us and explore our risk management solutions, so you can gain peace of mind without burning holes in your pockets.
Disclaimer: As with any insurance, the cover will be subject to the terms, conditions, and exclusions contained in the policy document. The information contained on this webpage is general only and should not be relied upon as advice. The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific insurance product. It is only intended to provide education about the financial and insurance industry. The views reflected in the commentary are subject to change at any time without notice.
