Property Insurance – Everything You Need to Know About Your Property Protection


Living without insurance means living without protection. Just like your healthcare, you also need insurance to protect your belongings, including home and buildings. 

You will never know what might happen to your property in the future. Natural disasters such as floods or hurricanes and criminal acts such as robbery might damage your properties. 

Find out everything you need to know about property insurance and why you need it to protect your house.

What Are Covered by Property Insurance?


There are two main types of home insurance commonly found out there, they are building and content covers. As the name suggests, building cover will help you to protect your house structures. The coverage also includes payment roofs, windows, walls, and floorings repair or replacement. Not only that but building cover also includes payment for permanent fixtures like bathroom suite or fitted kitchen. 

The policies of building insurance may vary from one company to another. However, they usually cover payment if your house is affected by typical things such as flood, storm, fires, burst pipes, falling trees, theft, or subsidence. If you need extra overage, for instance, accidental damage, some insurance companies might provide it for you. But, you need to know that it will require you to pay an additional premium.

Common Exclusions of Property Insurance


Despite the various coverages provided by house insurance, there are some common exclusions that also come with it. You need to keep in mind that property insurance usually does not provide coverage for the damages caused by acts of terrorism, war, or due to wear and tear. You can invalidate the insurance policy if you left your house unoccupied for over 30 days during the year. 

For your own sake, make sure to read the printed documents provided by the insurance company before you decide to purchase the building insurance. This is also to ensure that the house insurance has all the coverages needed to protect your property.

Is It Compulsory to Purchase Property Insurance?


So, do you have to buy building insurance? Of course not! But, it will be a brilliant idea to have ultimate protection since you never know what will happen to your house in the future. This will also be very beneficial to have purchase building property if you have a mortgage. 

Most property owners will require you to have adequate insurance before renting the building from them. The insurance is also needed when you are in the process of purchasing a house. Before making a deal, you need to ensure that the property you will buy comes with building covers in place.

How Much Property Insurance Do You Need?



You need to have adequate property insurance to allow you to cover the rebuild cost of your house. It means that your insurance company will pay the rebuilding cause if there is something that damages your property. 

However, you need to keep in mind that the coverage you receive will not be the same as the current market value of your house, mostly shorter. To get accurate building costs, you can use free online calculators provided by many insurance companies.

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