Getting the best coverage for your home

They say that insurance is the ultimate protection and this is certainly true when it comes to something as valuable as your home. With the multitude of insurance coverage plans available, it might be difficult to choose which option suits your situation best.

Here we take a rundown of home insurance concerns and how you can make the most out of the policies to suit your needs.

1. Start with assessing your needs

You have to assess if your home is at a high or minimal risk. This depends on where your house is.

Are you exposed to natural risks more than other regions? Do you often experience flooding, cyclones and bushfires? If you live in a high risk area then choose a policy that offers coverage for such.

For instance, many policies offer fire coverage but not for flood. The best home insurance policy is the one that caters to your needs including anticipated incidents. Find out if there are any caps or limits to the policy as well.

You should know all the terms and conditions of the insurance before choosing.

2. Check what your premiums cover

More than just knowing if your policy covers natural risks comes the importance of knowing what type of cover you get from the premium you pay. Policy prices can vary so make sure you understand what you are or more importantly aren’t getting with each policy

Some policies offer coverage for defined events (fire and burglary) while others cover for accidental events. Others provide limited coverage if your belongings are outside the home. Basically, contents insurance cover two kinds:

• policies covering the value of your belongings
• policies offering replacement for damaged or old goods (new for old)
• Certain policy inclusions and exclusions.

“New for old” policies are often more expensive.

Weigh these costs out to your situation. Always remember that you have to make the claim soon as you experience any loss or damage. You can do this over the phone or via a form. Provide all the details and be honest with your insurer to avoid any delays.

3. Consider Using a local insurance broker

Consulting a local insurance broker will help you understand the best policy for your situation. They can also shop around for you saving you the time and effort. Most importantly, they can also assist when it really matters- at claim time!

Need the help of local insurance broker?

You can contact experienced and vetted insurance brokers from our Tradebusters Connect local business directory. Here you will find our Top 3 pick businesses near you.

Their contact details are available on this website, and you are free to contact them directly.

Check out an area near you today.

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