Your home is likely to be your most expensive purchase and most valuable asset that you’ll own your entire life so it is important to make sure you take care of this asset and ensure that you have insurance should anything happen to the asset.
Home Insurance options are so vast and different in options, criteria and costs that it is extremely difficult to understand what you’re covered for, what coverage you need and what your restrictions are. Here are some key things to look for when you purchase Home Insurance so that you can have peace of mind that you are covered should you find yourself in the situation where you need to make a claim.
Firstly, there are different types of Home insurance cover. The first is sum insured where you estimate and nominate the amount it would cost to rebuild your home. The second is total replacement cover which is the cost to repair or rebuild your home to the same standard as it currently is. The most common insurance type is sum insured however you will need to estimate how much it would cost to rebuild your house. Many insurance companies provide tools to estimate this. Obviously the higher your estimate is the higher the cost of your insurance policy.
The next thing to check is the exclusions on policies. Make sure you are covered for important events such as floods, storm damage, etc. If you live in fire prone areas, ensure you are covered for natural fire events.
You may also have the option to decide your excess. This is the amount you will need to make when if you want to make a claim. The higher your excess, the cheaper the premium you will pay.
For great insurance options visit Woolworths Insurance and use a Everyday Insurance coupon to save on your purchase.