Get Familiar with your Home Insurance Coverage

Home insurance cover protects your personal possessions or from damage and theft.

How are personal properties insured?

New for old
• This replaces a stolen property with a new identical item or a newer model with the same specs when older model is unavailable. However, not all are replaceable ‘new for old’ such as antiques or clothes.

Indemnity

• The home insurance company pays you the original amount less the wear-and tear amount.

Sum-assured

• Some home content insurances offer an umbrella cover of a certain amount, but when some of your items are too expensive, they have to be listed separately from the umbrella cover. Collections are not considered as one item. So to work this policy out, you have to list everything you own and assign a replacement value in case you lose or damage anything.

What are the risks your home insurance policy cover?

• fire
• storms and floods
• earthquakes or subsidence
• falling trees/branches or aircraft parts
• vehicle collisions
• riots, theft, or vandalism

How to reduce home insurance cost?

• Be more responsible in protecting your possessions
• Pay excess to reduce risk
• Get discounts as many home insurance companies reduce premiums when you:
• install a burglar alarm
• participate in neighborhood watch
• install good locks to your doors and windows
• get a no claims discount

Why do insurers decline your claim?

• no forced entry on a theft report
• you share with a tenant or lodger
• you left your home vacant for at least 30 consecutive days
• your valuables are left unsecured

You can extend your home insurance coverage when you work from home for extra risks on your office furniture and equipment, computers, and other business interruptions.

Just have one company for your home insurance and office insurance to avoid doubling of cover.