Insurance Zone Article | Insurance Tips for new homeowners

Congratulations! You have just bought your new house. The big move is around the corner. Before you pack everything you own into boxes and squeeze the rest of your prized possessions into your car, here are a few insurance tips to consider:

  1. Speak to your broker about your home insurance policy

There are different types of home insurance policies and not all are made equal. Some insurers offer standard cover while others are tailored for each policy holder. Speak to your broker and make sure you understand what is covered on your homeowner’s policy.

  1. Homeowners insurance vs household insurance

Homeowners insurance is separated into two different categories: interior which is known as householders or home contents insurance and exterior which is known as homeowners or buildings insurance.

Householders (home contents) insurance covers you for items for which you have received a quote and that you, as the policyholder, has listed as valuables. These items included furniture, electronics, clothing or kitchen appliances.

Homeowners (buildings) insurance covers the structural building against damage from weather conditions or accidents. This includes windows, doors, walls as well as the garage or any outlying buildings on your property.

  1. Have your home evaluated regularly

Most homeowners keep their property for many years so it stands to reason that it should be valued regularly because its value will increase over time due to inflation. Contact your broker to check that your valuation and home insurance premiums are correct.

  1. Exclusions and limits

Every homeowners insurance policy has exclusions. For example, if you have not cleaned out your gutters and due to heavy rain, you now need to claim for water damage. Your claim may be rejected as some insurance policies will not cover this type of water damage. Speak to your broker about the exclusions and limits on your policy.

  1. Secure your home

A risk-based assessment is done before taking out a home insurance policy. You can help lower your insurance premiums by enhancing your home security. Consider installing security cameras, beams, electric fences, or an alarm system with a private security company.

  1. Update your policy

Have you moved to a bigger house? Have you remodelled your kitchen? If so, contact your broker to update your insurance policy so that you are not underinsured.

Speak to an Insurance Zone broker about our homeowners and household insurance cover today:

Leave a Reply