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Types of Insurance for Your House

Your home is your most important material asset and it is important to ensure you have adequate insurance for your house. There are a number of insurance policies to help protect your home and its valuables. Here are the two most common.

Buildings Insurance – This type of insurance is usually only required if you actually own the home, rather than rent it. Buildings insurance covers the cost of any repairs that may be required to the actual structure of the home in the event of an accident, a malicious act or any natural disaster. While a buildings insurance policy will differ from policy to policy, generally speaking if the home is destroyed or if major repairs are required to make it safe to live in again, the policy will cover the costs involved.

Contents Insurance – This type of insurance for house purposes is used to cover the cost of anything not part of the actual building, but rather the policyholder’s belongings stored inside the building. In the event of theft, fire or any event that leads to the loss of any possessions, the policy will pay out to a set amount that covers the cost of these items. Contents insurance is recommended regardless of whether you rent or actually own the premises.

Any homeowner or renter of a property who does not have adequate insurance in place on their home runs the risk of not only having to pay for major replacements or repairs in the event of a disaster, but also losing their home altogether if they are unable to meet those costs. When renting or purchasing a home, always seek advice from an expert financial consultant to determine the best insurance for your house or flat.

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