• Home insurance policy offers the highest level of protection for you and your belongings compared to any other insurance policy available in the market. Generally, home insurance policies cover damages to your residence, any costs associated with injuries to family members occurring at the time such damages happen, and home insurance also protects you from liabilities resulting from any accident or incident that takes place on your property. All of these aspects are elaborated on below.

Cover for Damages

• When considering home insurance policies and the value they provide in our lives, we associate them with how they safeguard our home from severe weather, accidents, etc. However, there are additional forms of loss, harm, and negative events that your home and its nearby structures may be exposed to, which your home insurance is obligated to cover. These include:

1. Cover for structure
   
   This represents the fundamental type of coverage provided as part of every home insurance available in the market. It encompasses any damage or risk to the physical structure of your home or residence. It is crucial to recognize that coverage for structure does not extend to the land on which your residence is built. This coverage includes electrical wiring systems, plumbing, heating and air conditioning, and other systems or components of your home that comprise the basic framework of the structure.
   
2. Additional Structures
   
   Home insurance also encompasses unattached components of your residence, meaning parts that are not directly connected to the main structure of your house or building. This comprises garages, fencing, sheds, backyards, pools, garden areas, driveways, etc. Any damage to any of these elements of your property is also included in home insurance coverage.
   
3. Personal Possessions
   
   Coverage for personal possessions is a flexible component of home insurance. Items such as electronic devices – televisions, computers, and laptops, kitchen appliances, washing machines, etc. , décor and furnishings – furniture, soft furnishings, textiles, collectibles, etc. , and even jewelry that constitutes part of your personal property inside your home qualify for protection against loss, theft, and other risks. Each insurance policy will impose limits on the coverage they can provide for the loss or damage of these items due to third-party causes.
   
4. Alternate Accommodation
   
   If your home sustains significant damage requiring you to temporarily relocate, home insurance policies will cover the costs of alternate accommodation. This encompasses rent, food, travel expenses, and other costs incurred by the policyholder. It is vital to emphasize that the requirement for alternative accommodation must arise from a cause explicitly insured.

• Cover for Liabilitie
• This kind of coverage in home insurance is less recognized but is a remarkably beneficial aspect of home insurance policies. Liability coverage means that if you need to handle costs for any harm or accident that occurs on or off your property involving a third party, your home insurance policy will assist you in managing those costs.

Here are two instances to illustrate what might be included under Liability Coverage:

Example 1:
If you have an electric fence for security and the fence inadvertently shocks your neighbor’s dog, the veterinary treatment and attention for the dog that you owe to your neighbor would be included under liability coverage.
Example 2:
If a family member or guest is unintentionally bitten by your security dog and sustains significant injury or if a coconut from a tree on your property accidentally falls on their head, the medical costs resulting from such an incident will be covered by the liability coverage of the home insurance.

Conclusion

• Home insurance is a tremendously important asset to possess when you are a homeowner. We tend to pay for damages or losses at our homes out of our own pockets. However, home insurance can aid in offsetting these costs and potentially save you a substantial amount of money.

Disclaimer:

• The information above is meant for illustrative purposes only. For additional details, kindly refer to policy wordings and prospectus before finalizing the sales.