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Making sure your property is properly protected is one of the most important aspects of home ownership. When investing in property it is crucial to be covered.

Protection for your house in the form of security systems and gates needs to be combined with homeowner’s and contents insurance. Home insurance helps protect that investment — and you — in a variety of ways.

When investing in property one of the most important things to consider could be home insurance. Considering the investment made on the property purchase, buyers need to ensure that home and contents are sufficiently covered to avoid costly surprises in the event of loss or damage.

If you own a home and are paying off your bond at the same time, home insurance could be compulsory. If you are not required to have it, you should consider how useful it is to have adequate insurance cover against a burst geyser, a fire or against theft.

WHY INSURE YOUR HOME?

Getting home insurance covers more than just the ‘four walls’ you happen to live in, its coverage extends into other important expenses. A standard homeowner’s policy usually helps for the protection of your home in case of emergency or accident, but its coverage typically extends to more than the physical structure of your home.

This could see your personal belongings covered – from your television set to the shed in your garden, or even medical bills if a guest happens to be injured on your property. Your homeowner’s insurance policy may include coverage for.

YOUR HOUSE

If your home and the attached structures, like a deck or garage, are damaged by a covered category event (such as a storm or fire), dwelling coverage may help pay for the repairs needed.

PERSONAL PROPERTY

Personal property coverage may help pay to replace certain belongings, including furniture and electronics, that are stolen or damaged by a covered loss.

MORE STRUCTURES

As we said, homeowner’s insurance covers more than just your home. The other structure coverage may help pay for repairs or replacement for detached structures on your property, such as a gate or a fence if they are damaged or destroyed by a covered “peril”.

YOU AND YOUR FAMILY

If you or a family member are found legally responsible for accidentally damaging someone else’s property or injuring someone, liability coverage may help pay for related repair costs, legal fees and medical bills.

INSURE YOUR GUESTS

If a visitor is accidentally injured at your home, your policy’s guest medical protection may help pay for their resulting medical bills.

CONTENTS INSURANCE

Various insurance companies provide an option for homeowners to insure the contents of their home against the risk of theft. Contents insurance applies to anyone who owns something valuable – this ranges from your television set to your favourite painting or a cellphone.

Your refrigerator, couch and clothing are important items to have covered under content insurance. Consider how expensive it would be to replace any of these items if you were to fall victim to crime, fire or a natural disaster.

You do not have to run the risk of being without financial support if things go wrong regarding your property. Keep in mind that you need to protect your assets, do not only insure a portion of your belongings but instead make sure you are 100% covered.

Failing to do this means you could be underinsured, which means if you need to claim, you will be proportionately paid out. Also note that if you are renting a home, it is just as important to have cover for your belongings as your landlord is not liable if your television or laptop, for example, are stolen.

Buying a home is an exciting and enduring venture, allowing you to own one of the biggest assets of your life. Investing in property requires you to be able to take care of it whether it be in the short or long term.

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