Home insurance protects your home and your personal property as well as provides protection against liability for accidents that injure other people or damage there property. The basic features of home insurance are:
-Protects property and contents
-Against both natural and man made disasters
-Terrorism cover
-Expense of rent of alternate accommodation
Home/household insurance policy is basically two types: building insurance and contents insurance. You can buy both of them separately or a comprehensive policy which covers the (the building, your personal belongings, third party liability and additional living expense).If you are living in rented flat you will need only content insurance policy in order to protect your belongings.
Building Insurance
Buildings insurance covers the structure of the house i.e the actual walls including fixtures and fittings, garages and outbuildings. Building insurance covers the structure of your home. It is insured as per re-construction value and not for market value. Re-construction value means the cost of rebuilding the property, including architect and surveyors fees, and the cost of clearing away the debris and meeting any new building regulations or by-laws.
Content Insurance
Content insurance covers the household belongings which can be removed or transfer from one place to another. Content insurance is calculated on market value. Market value is calculated on considering its demand and supply after excluding its depreciation value.
Comprehensive Insurance
Comprehensive policy covers the building, your personal belongings, third party liability and additional living expense.
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