The Best Home Insurance Money Can Buy!
Frequently Asked Questions About Home Insurance
What is building insurance?
Building insurance protects the structure of your home and its permanent fixtures and fittings, such as fitted kitchens and sanitary ware. Financial institutions will usually require that you get insurance if you are getting a Mortgage. However, you should consider insurance as a risk management technique to protect your real estate investment even if you do not have a Mortgage.
What is contents insurance?
Contents Insurance covers your personal possessions and valuables against accidents, theft and loss.
What value should I insure my house for?
There are two types of house values, Market Value and Rebuild Value. You should insure your home for the rebuild value and not the market value. The rebuild value encompasses the cost of rebuilding your property if it is destroyed. The rebuild figure is usually – but not always – lower than the property’s market value because it doesn’t include the value of the land that the property stands on does not consider your neighborhood and other market factors.
How do I calculate the rebuild cost of my home?
You will need to get a qualified valuer/appraiser or the help of a contractor to assist you with calculating the rebuild value of your property.
How do I accurately estimate the value of my Contents?
Simply download the Contents Checklist and walk from room to room adding up the value of each item in your house. The value that you use for the contents should be based on what it would cost you if you had to replace them today and not what you bought them for at the time.
What is subsidence?
Subsidence occurs when a property’s foundations start to sink due to movement of the surrounding earth.
What is landslip?
Landslip is where the ground supporting or surrounding the building slides away.