Top tips for choosing the right home insurance policy 

Top tips for choosing the right home insurance policy 

Your home is more than just bricks and mortar; it’s a haven for your loved ones and a treasure chest of memories. Protecting this investment with the right home insurance policy is crucial. But with so many options available, choosing the perfect one can feel overwhelming. Here are our top tips for selecting a home insurance policy that fits your individual needs and safeguards every aspect of your home. 

Different types of home insurance

Understanding the different types of home insurance 

Home insurance offers a variety of coverage options to protect your house and possessions. Building insurance covers the physical structure of your home and any permanent fixtures. Contents insurance covers the items within your home, like furniture, electronics, and clothing.  

For items that you normally carry with you, such as laptops, jewellery, or cameras, you’ll need to consider adding portable possessions insurance (otherwise known as all-risk insurance).  

Value of your home and your contents

Determine the value of your home and your contents 

By knowing the value of your home and contents, you can ensure you’re paying a fair premium. Overestimating the value won’t necessarily benefit you. However, underestimating can leave you significantly underinsured.  

An accurate valuation of your home also helps insurers to process your claim quicker and avoids any disputes about its value. Most home insurance policies require you to provide an estimated value of your home and contents. Failing to do so could invalidate your coverage. 

A comparative market analysis (CMA) is the most accurate way to assess the value of your property. It takes into consideration factors such as your home’s size, location, condition, recent sales of similar homes in your area, and current market trends to provide an estimated market value. 

The best way to estimate the value of your contents is to create a detailed inventory, room by room. List each item and its estimated replacement value using any receipts or proof of purchase you have. 

Additional coverage

Consider getting additional coverage 

While building and contents insurance provide essential protection, there are also valuable additional coverage options to consider. These can include Accidental Damage, Domestic Worker’s Injury, and Loss of Rent. Evaluating your specific risks and needs is crucial to determine if these additional coverages are right for you. 

Exclusions and limitations 

Ask about exclusions and limitations 

Every insurance policy has exclusions and limitations. Carefully review these with your broker to understand what is not covered. Common exclusions might include damage from certain natural disasters, wear and tear, or intentional damage. Being aware of these can help you avoid unpleasant surprises when making a claim.  

Claim management expert 

Use a claim management expert 

If you ever need to make a claim, Indwe’s claim management experts can help you through the process, ensuring that it’s an easy and painless experience. 

Review your coverage

Regularly review your coverage with your broker 

Your insurance needs may change over time, especially after renovations, purchasing new valuables, or changes in your family structure. Regularly review and update your policy with your broker to ensure it continues to meet your needs and provides adequate coverage. 

Indwe is an authorised Financial Services Provider FSP 3425. 

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