Insuring for Home & Personal
Every home is different. And the same can be said of Home Insurance policies.
Most Home Insurance policy wordings are 60 pages long. And as they say, the devil is in the details. Broadly speaking, there are two types of Home Insurance policies:
- Defined Events: Cover is only provided for events listed in the policy
- Accidental Damage: A higher level of cover that covers accidental damage and other event not listed in a defined events policy
Some policies will not provide cover if you operate a business from home. Recently, one insurer declined a home fire claim because the family had an “honesty box” selling eggs at their farm gate.
Tempo Tips
If your home is high value or architecturally designed it is also important to consider some of the other differences between cheaper policies purchased directly from an insurer and a policy specifically designed to cover a high value property, including:
- Limited or no cover for landscaping
- Low limits for jewellery and artwork
- No cover for valuable items when away from home
- Limited choice for selecting your preferred builder or tradesperson for repairs