A person’s home should be their castle. Unfortunately, homes and their contents are not accident or theft-proof. Home insurance covers the cost of replacing or repairing your items and structures should they be compromised. Although home insurance is usually quite straightforward, there are several specialist types of coverage. Here is a quick guide to some of the most widely purchased types of home insurance.
Buildings insurance covers your home and any other structures that are listed on your property. This kind of insurance is especially important if you live in an area that is prone to forest fires or flooding – two things that are becoming increasingly common due to global warming.
Contents insurance covers the cost of broken or stolen items kept within a home. It is important to list the things you own accurately when applying for contents insurance. Any mistake in listing your most valuable items could lead to them not being covered by your policy. Contents coverage is offered as a core policy by companies like KBD insurance over in Canada. It is highly advisable to make sure that your valuable furniture, electronics, and jewelry are covered in the event of a robbery, fire, or flood. Make sure to take into account local environmental risks when figuring out if you are getting a good deal or not.
Landlords are responsible for the upkeep of the property they own. Because they are typically not living in their rental property themselves, regular buildings and contents insurance will not cover their property. Instead, they need to purchase a special landlord’s insurance plan. Landlord’s insurance helps protect landlords from the costs incurred by tenants and through accidents alike.
Although tenants should be able to rely upon their landlords to cover the cost of any building property damage – after all, it is the property of the landlord – they cannot rely upon a landlord for contents coverage. There are special policies aimed at protecting the contents of people who do not own the house they live in.
Listed and Historic Building Insurance
There are different historic building listing systems depending upon which country you live in. Historic buildings are typically bound by regulations concerning their maintenance, alteration, and material construction. Because of these rules, specialist contractors with knowledge of conservation are often needed for repairs, and these can be expensive. Listed and historic building insurance is much more likely to cover specialist repairs than typical buildings insurance.
Not everybody lives on dry land! For those people who call the water their home, there are a distinct set of risks to their property. Although contents insurance is generally available to people who live on houseboats, the actual structure of their home will not be covered by any traditional insurance policy. More and more people are choosing to live on houseboats as a way of living in city centers affordably. Specialist marine insurance is necessary if you want to claim back the costs of repairs at boatyards, which can be extremely expensive.