Home insurance (also known as Buildings Insurance) protects
you financially against loss or damage to the actual physical structure of your
home – as well as to any permanent fittings in your house, including things
like built-in cupboards, kitchen units, toilets and baths.
Home Insurance is a property insurance which covers private
homes, buildings and contents. To begin, home insurance, sometimes referred to
as “hazard insurance” or simply “home insurance,” is property insurance
designed to cover private homes and their contents.
Home insurance is a multi-line policy , meaning that the
premiums, or regularly scheduled payments made to the insurer, cover both
property and liability insurance. The premium is usually determined by the
replacement cost of the home and its contents.
Your home is probably your single largest investment and
your home loan, if you have one will be secured against it.
Now imagine if you
were uninsured and your home burnt down; not only would you have lost your biggest
asset, you would still be faced with paying back your mortgage in full.
Damage caused by most disasters is covered but there are
exceptions. The most significant are damage caused by floods, earthquakes and
poor maintenance.