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Home Insurance, or Houseowner /
Householder Insurance as it is also known, is one of the most important
insurance policies you can buy in your adult life. Your home is one of
the largest financial investment you’ve made, and that’s why it’s so
important to protect it. There are three main types of policies which
you can buy to protect your home:
Basic Fire Policy
This policy provides you with coverage for the building only and covers
loss or damage by fire, lightning or explosion.
Houseowner Policy
This policy provides additional coverage compared to the basic fire
policy. It may include loss or damage due to flood, burst pipes, etc.
Householders Policy
This is a policy which covers your household contents and includes
coverage for fatal injury to you as the insured. This policy does not
cover damage to the house itself.
How Much Should i Cover
When you’re buying insurance for your property, always make sure that
your property is adequately insured at all times, taking into account
renovations and enhancements made to your property. If you wish to have
a comprehensive cover for your house as well as the contents, you should
buy a houseowner policy as well as a householder policy.
As the policy gives different protection, you should assess the type of
coverage you would like to have before making any decisions. You should
also, find out about the coverage and exclusions under the policies.
Strata Titled Properties
If you own a strata-titled property, e.g. an apartment, the company
managing your apartment building (management corporation) is required to
take up insurance under a master policy. Ensure that you get a copy of
your individual certificate of insurance for your property to check the
coverage taken up under the master policy by the management corporation.
How Do i Make a Claim
If something happens to your home that is covered by your policy, submit
your claim with all supporting information and documents to your
insurance company. You should also cooperate fully with the adjusters or
investigators appointed by your insurance company to assess your claim.
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