Wednesday, June 15, 2022

What Does Home Insurance Cover

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Wood Flooring For The Win

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Image credit: Carpetright

For kitchen flooring ideas in 2022 wood, whether real or porcelain/vinyl, remains hugely popular. Wood-effect is the easy-to-clean and easy-to-maintain option, says Mike from Mereway.

Wood-effect porcelain tiles laid in a herringbone pattern is great for open-plan kitchens extensions that have lots of natural light streaming in, says Interior Designer Natalie Holden, as they bring a sense of warmth and texture to the space, yet dont fade in the sunlight and are very easy to clean.

Rods been taking the craze for wood further Ive been matching wood-effect panelling to wood-effect laminate worktops to great success. Porcelain worktops are also available in a much thinner profile, which allows you to take the same material up the wall as splashbacks.

Flooring trends are not always visible. Sustainable options are also a big consideration with todays consumers with eco-friendly flooring like FSC certified wood, cork and lino, becoming more widely available. If presented with two similar choices, people tend to always choose the one that has less impact on the environment.

How Much Home Insurance Coverage Do I Need

Its really important to figure out how much buildings and/or contents insurance you need so you dont end up paying for any shortfall. Buildings insurance should cover the cost of rebuilding your property. This is usually less your homes market value, which includes the price of the land. The ABI has a helpful calculator that provides a rough idea of your homes rebuild cost.

Contents insurance should cover the cost of replacing all your possessions by buying new items. There are several online guides that help you to work out the value of your possessions. Confused.com has a contents calculator that adds up the value of all the items in your house, room by room.

Most contents insurance policies have an overall limit that applies to valuables like art and jewellery, as well as a limit for each high-value item. The limit per item is usually around £1,500. However, some policies offer over £10,000. Its important to check these limits are enough to cover your valuables.

Your total value needs to be as close to exact as possible, so its worth spending the time checking how much a replacement of each item on your list would be, says Mark. In most cases, the value of an item is the amount it would cost to replace it today. Which, in some cases, is unlikely to be the same amount you paid for it.

Find Cheap Homeowners Insurance Quotes In Your Area

A typical homeowners insurance policy protects you in three major areas: the structure of your house, your belongings and your personal liability for injury and property damage to others. While the only way to understand exactly when coverage does or does not apply is to read your homeowners insurance policy, homeowners insurance generally protects both your home and possessions from a wide variety of perils, or causes of damage. Usually, earthquakes and floods are specifically excluded and require the purchase of additional insurance.

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How Much Does It Cost To Run A Washing Machine

According to the Energy Saving Trust the national average price per pence/kWh of electricity is 20.33p. We have rounded it to 20p for illustration purposes.

The main factors that affect how much energy a washing machine uses are its efficiency rating , and wash length and temperature.

  • An example D-rated 9kg washing machine uses 0.76 kWh per cycle on average. This means that each cycle costs 15p to run over a year of 270 cycles, thats a cost of £40.50.
  • Whereas an example A-rated 9kg washing machine uses 0.49 kWh per cycle, meaning that itll cost 10p a cycle and £27 a year for the same amount of use. Which is far less than it costs to run a tumble dryer.

Dropping the temperature can affect these figures drastically. Which? found that switching from 40C to 20C saved 62% of the energy consumed.

Image credit: Colin Poole

Does Home Insurance Cover Asbestos Removal

What Does Homeowners Insurance Cover?

If Budget Direct accepts your claim and, in the course of repairing your home, we discover it contains asbestos, we can pay to have it safely removed.

We will only remove the asbestos that is part of the damaged area being repaired.

Otherwise, we do not cover any loss, damage or legal liability you incur due to any asbestos at the insured address.

If your house was built before asbestos was banned nationwide on 31 December 2003 and you plan to renovate it, you may wish to get it inspected for asbestos before starting work.

If asbestos is found, you may decide to get it removed by a licenced contractor at your expense.

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How Your Insurance Company Calculates Your Premiums

Premiums are the amount you pay to buy insurance.

When determining how much you’ll need to pay for premiums, insurance companies may consider factors such as:

  • the type of residence you live in, such as a single family home, semi-detached, condo, rental property, or seasonal residence
  • characteristics of your residence, such as materials your house is made of, age, size, location, replacement value
  • value of your property and contents to be insured
  • the distance between your home and a fire hydrant or a fire station
  • the crime rate in your neighborhood
  • your claims history
  • the type of policy and coverage you selected
  • the amount of your deductible

A deductible is the amount of your claim that you agree to pay before your insurance company pays the rest.

What Does Home Insurance Cover And Is It Even Worth It Read On To Find Out

When you buy a home, it is also advised that you purchase home insurance. Home insurance is not a luxury, rather it is a need. Whats more, is that it ensures your home and assets against any harm or robbery. Essentially all home loan organizations expect borrowers to have protection inclusion for the full or reasonable worth of the property and will not make a loan or fund a private land transaction without verification of it.

Furthermore, home insurance gives monetary security to your home and individual assets. You dont need to own a home in order to require protection. This is because numerous landowners require their tenants to keep up renters protection inclusion. In any case, regardless of whether it is required, its a wise option to have this sort of security. Read this article to learn more about the essentials of what does home insurance cover and what it really is.

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Does House Insurance Cover Garden Walls

Image credit: Future PLC/ Polly Eltes

With the garden falling within the boundaries of your home buildings insurance it will usually cover the structures within that, therefore including garden walls, Ryan explains. Consumers can check their policy documentation to understand any possible exclusions or speak directly to insurers.

Like with all things home and insurance related, get everything in writing for clarity. Should any claims arise in the future youre covered.

*Ideal Home and Go Compare are part of Future plc.

The post What does home insurance cover? Different home insurance covers explained appeared first on Ideal Home.

www.idealhome.co.uk

I’m A Landlord What Am I Covered For

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Budget Direct home insurance covers you for, among other things:

  • loss or damage to your investment property
  • loss or damage to floor coverings, internal window coverings, and light fittings up to 5% of your home sum insured
  • loss of net rental income for the period your property is unliveable due to an insured event up to 10% of your sum insured.

You can also, for an additional premium, add one or both of these optional landlord covers to your insurance policy:

  • Tenant default in case your tenant fails to pay their rent or leaves unexpectedly
  • Theft and malicious damage by tenants covers theft or damage by your tenants and their visitors When we insure your home, we will pay up to $150,000 and when we insure your contents, we will pay up to $20,000.

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Settling A Claim If You Have A Mortgage

If you have a mortgage, your home insurance policy will usually include a loss payee clause. A loss payee clause makes your mortgage lender your beneficiary. In case of loss or damage to your home, your insurance company will pay your lender up to the remaining balance of your mortgage when you submit a claim.

When you make a claim, your insurance company may, at their discretion, give the money to either:

  • you, so you can fix your home when you submit a claim
  • your lender, who would then give you the money for repairs or replacement after you submit receipts proving they were done

Display A Traditional Garland

Image credit: Ward & Co/Jonathan Bond Photography

Christmas table centrepiece ideas are perfect for integrating tradition in your dining room.

Festive greenery should be the star of the show, says Rosie Ward, Creative Director of Ward & Co. You can easily forage for sprigs in the garden, on a walk or use offcuts from the Christmas tree.

Two or three shorter pieces can be arranged together down the centre of the table to create the look of one single garland, just make sure to hide any cut ends within the foliage. Pine cones make a lovely addition and can be nestled amongst the foliage to build volume and texture.

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How Can I Reduce My Home Insurance

When your home insurance policy is coming up for renewal its a good idea to check the prices of other, comparable products. You might be able to save money by switching to another insurer. But remember its important to buy the right cover as opposed to just the cheapest.

  • If you need buildings and contents insurance, then taking out a combined policy could work out cheaper than having two policies with separate providers. Although this isnt always the case. Paying your premium annually is nearly always less expensive than paying for it monthly.
  • Its worth checking that you arent over-insuring yourself. Make sure you use online calculators to get an accurate figure for your homes rebuild cost and the value of your contents. Equally, make sure you arent paying for any extras you dont need. If you live in a top floor flat, for example, you wont need excessive garden cover.
  • Other ways to reduce premiums include building up a no-claims discount. Try installing a burglar alarm and smoke alarms, fitting the best home security system you can afford and joining the Neighbourhood Watch scheme.
  • A final way of reducing your premium is to pay a higher excess. Policies have a fixed compulsory excess as well as a voluntary excess which you can set yourself. Bear in mind that the higher the excess, the more it will cost you if you make a claim.

Coverage For The Structure Of Your Home

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Your homeowners policy pays to repair or rebuild your home if it is damaged or destroyed by fire, hurricane, hail, lightning or other disasters listed in your policy. Most policies also cover detached structures such as a garage, tool shed or gazebogenerally for about 10 percent of the amount of insurance you have on the structure of the house.

A standard policy will not pay for damage caused by a flood, earthquake or routine wear and tear.

When purchasing coverage for the structure of your home, remember this simple guideline: Purchase enough coverage to rebuild your home.

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Does Home Insurance Cover Storms

Yes your Budget Direct-insured home and/or contents are covered for damage or loss due to violent winds, lightning, rain, hail and snow.

This cover includes the escape of rainwater from any water pipe, drain or gutter and surface run-off of rainwater from surrounding areas that occurs within 24 hours of the storm or heavy rain.

To insure your home against floods, you need to take out optional Flood Cover.

Bodily Injury To Others

Having a party can be really fun.

Especially something like a Wrestlemania Party, Superbowl Party, or even a Floyd Mayweather vs Boxing Party.

If your guests get hurt while on your property though, the fun goes away.

You are now liable for their injury and can be sued to cover the costs associated with it.

If this happens your homeowners insurance may cover you for this.

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Home Insurance Settlement Options

Your insurance company will review your claim and decide how it will settle your claim.

When you make a claim, you’re always responsible for paying the deductible. The amount of money you get from your insurance company will depend on your insurance benefits.

Remember that the amount of your deductible may reduce the amount you get from a claim.

Events That Are Covered And Not Covered By Home Insurance

what does my homeowners insurance cover

Read the policy carefully before signing. Make sure you understand what your policy does and does not cover. Ask your insurance agent or broker about anything you don’t understand.

Unexpected events

Generally, your home insurance covers unexpected events or accidents such as fire, windstorm, or theft. Insurance companies may refer to these types of events as perils. For unexpected events such as earthquakes, you may be required to buy additional coverage.

Predictable events

Events that your insurance company considers predictable and related to the maintenance of your home aren’t covered. For example, if you’re away for more than 4 days in a row when it’s cold outside, your home insurance may not cover damage to your home as a result of your pipes freezing.

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What Home Insurance Coverage Do You Need

Getting what you want covered depends on the type of policy that you buybasic, broad or comprehensiveand the add-ons required to top up your coverage and match your needs. Your best bet is to speak to a home insurance specialist or broker who can customize a policy to be your almost perfect matchbecause 100% coverage can never be guaranteed.

If A Pipe Bursts And Causes Water Damage To My Walls And Floors Will I Be Covered By My Standard Homeowners Insurance Policy

Yes, as long as the pipe burst was not due to neglected maintenance.

However, with additional hidden water damage coverage, you can be protected from issues that arent covered in your base policy. Lets explore how hidden water damage coverage protects you:

  • Covers costs to repair damage by hidden water issues and leaks that arent readily visible
  • Covers the cost to replace or repair damages that result from hidden water leaks
  • Covers damage that a hidden leak does to your plumbing, A/C, heating, fire sprinkler systems and home appliances
  • Covers damage done to walls, floors, ceilings, cabinets and other items in your home damaged by hidden water leaks
  • Covers issues that result from hidden wear and tear, corrosion, rust and deterioration
  • Note that this protection does not provide coverage for the appliance or item which caused the leak.

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    How Do I Know What My Homeowners Insurance Policy Covers

    The details about the specific coverages and exclusions on your homeowners insurance policy are included in your full policy form, which may have been mailed to you when you purchased your policy. If you have an online account with your company or have signed up for a paperless option, you may also be able to obtain your full policy online. If you have any questions about your homeowners insurance coverage, your insurance company or your agent should be able to help.

    Does Home Insurance Cover Personal Injury

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    Budget Direct home and/or contents insurance covers some of the costs arising from personal injuries and death, under specific circumstances. If we accept your claim, well also cover the reasonable legal costs. Just let us know if you expect to incur legal costs .

    If you are injured or die

    We may pay for modifications to your home up to $5,000 if you suffer permanent paraplegia or quadriplegia as a direct result of an insured event at your home.

    We may pay for your funeral expenses up to $7,000 if you are injured by an insured event at your home and die within 90 days of it.

    If someone else is injured or dies

    We may cover your legal liability up to $20 million for someone elses accidental death or injury at the insured address or anywhere in Australia .

    Note that this legal liability cover does not include:

    • Injuries sustained during renovations valued at more than $50,000
    • Deaths or injuries to you or your family members .

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    Do You Need Extra Buildings Insurance

    You might want to consider taking out extra buildings insurance to cover for you for other risks. You’ll have to pay higher premiums for this cover. You can add on extra insurance for:

    • flooding or subsidence if you live in a high risk area
    • accidental damage to your home
    • alternative accommodation if you have to move out of your home after you’ve made a claim
    • damage to boundary walls, fences, gates, driveways and swimming pools
    • damage to underground pipes, cables, gas and electricity supplies
    • glass in windows, doors, conservatories and skylights
    • liability cover if someone else’s property is also damaged
    • legal expenses cover

    How To Get A Home Insurance Quote

    Getting a homeowners insurance quote online or by phone is easy. Here are some of the important questions we’ll ask:

    • Who lives with you? Determine who will be on the property, and if you’ll be running a business from home.
    • How is the home built? Provide details about your home’s construction, such as when the roof and utilities were last updated.
    • Who will own the home? Let us know if there will be a co-owner/co-applicant .
    • Do you have home insurance now? Tell us who your carrier is and how long you’ve been insured.

    Do you own a home with unique architecture or worth more than $1 million? Call for specialized house insurance coverage options.

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