Home insurance is one of the most important forms of insurance. Many lenders will refuse loans if your home is not properly insured. Due to the nature of the product that is bought - an insurance policy, the prices of similar policies of similar properties may differ. There are several factors that affect the price - type of the cover and policy, type and age of the building,etc. It is important to contact insurance professional when deciding what is best for you. Buying a wrong product may lead to serious financial and legal implications.
Below are briefly explained the main forms of insurance. For detailed information we advise you to contact your insurance provider.
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Building insurance
Building insurance covers the structure of a house and any permanently fixed items against a number of different risks. The amount of cover required depends on the type, age and the size of the building. The two main types of cover are standard and wider cover.
Standard building insurance covers damages caused by: fire, explosion, lighting, earthquake, impact by aircraft, vehicles or animals, falling aerials, riot and malicious damage, storm, flood, falling trees, escape of water or oil, landslip,accidental damage of underground water, oil, gas, drain pipes or telephone, electricity or television cables, breakage of glass or sanitary fittings, architect and surveyors fees, loss of rent, property owners liability.
Wider cover is called also accidental damage cover. It gives protection against accidental damages and losses and costs more than the standard cover.
There are limits and exclusions to every cover so be careful while reading it.
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Contents insurance
Contents insurance covers anything in the home belonging to the policyholder or anybody responsible for the property (e.g. a tenant). The amount of cover required could be calculated when calculate the value of all items in the house you want to insure.
There are two types of cover available - standard and wider. The policies available are also two main types: indemnity and replacement as new.
The indemnity policy covers a "like for like" replacement or present value of the insured property only.
Replace as new policy pays to replace the damaged items as new.
There are some exceptions and exclusions in the policies so they should be read carefully.
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