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Imagine it; you’re sitting at home after a long day at an underpaid job, watching the TV to unwind when… a pipe bursts and your possessions are soaked through.
The books might be saveable with a hairdryer but that sparking electric system is more than just a physical danger – it’s a danger to your pocket too.
Home insurance for your building and home contents can cover you for all kinds of accidents or damage.
Sure, damp proofing in London or extra insulation in the northern cities might feel like it’s protecting your home, but they won’t protect you from a burglary or a fire?
If this isn’t enough to convince you, make sure you read on to find out five more reasons as to why you’ll come to regret not having valid home insurance.
1. Accidental Flooding
Most, if not all, home insurance policies will cover you for some kind of accidental or sudden flooding.
Regular home insurance policies often don’t cover weather-related flood damage, so you may need to purchase additional coverage. Check the terms of your policy carefully to ensure you are adequately covered in the event of a flood.
While not all home insurance policies will cover you for the weather-related flooding, the overflow of water from systems or appliances in your home is likely to be covered.
Plumbing, heating, air conditioning and all of the leaks and floods that they could possibly hit you with can be covered by an insurance policy, protecting your pocket from the painful pay-outs required for replacements and repairs of any water-damaged possessions.
For more tips to help you protect your home from flood damage see our article ‘How to Protect Your Home From Flood Damage‘.
2. Theft – Get Home Insurance Cover
Burglaries unfortunately do happen.
It’s a fact of society and as much as we hike up security on our properties any time we hear about a burglary in our area, sometimes it’s not enough.
Home insurance can cover a good amount of the lost costs from the theft, though making sure you take the steps to prevent a burglary are just as important as getting home insurance cover just in case.
Locking your windows and doors while you’re out and getting a security system fitted in your home can help protect you.
With some policies, some of these steps can also bring down your premium cost
Do make sure that you are not underinsured and that you have the level of cover you need for your contents.
Reason being, your insurance policy will be subject to an average clause. This basically means the amount paid by your insurer in the event of a partial loss is reduced in direct proportion to your underinsurance.
For more about underinsurance this see our article ‘Are You Underinsured‘.
The risk of underinsurance may be particularly high if you have high value individual items, maybe an expensive watch or piece of jewellery or some antiques for example.
Equally, if you have a collection of items that together are high value, maybe coins or stamps for example make sure you assess their value correctly.
You may also find that your collection of seemingly junk maybe worth a fortune.
These days, collecting, whether it’s toys, books or gadgets, seems to be growing in popularity. Nostalgia is creeping in too with a lot of focus on retro products. From vintage toys, vinyl records, early computer consoles and games, there’s a growing interest and alongside this these items are heading up in value.
Vandalism is another horrible fact of our society and certain times of year are worse for this than others – take Halloween for example.
As fun as it might have seemed when you were younger to throw eggs or douse a home in toilet paper, being a – and I hate to say it – adult means you might not appreciate these antics quite as much as you used to.
Not least as eggs and pumpkins can break windows, and broken windows cost money.
The vandalism can go further than that at all times of year, including spray paint, garden destruction and more.
Home insurance could cover the costs you incur from any senseless vandalism, putting your mind at rest whether it’s Halloween, fireworks seasin or any other time.
Fire damage to a property can range from mild to severe, and more often than not it’s only a few minutes that make the difference.
Depending on the type of house you have too you may find it more at risk from fire. For example fire is the most significant risk to homes with thatched roofs.
Once ignited, the dried reeds and thatch materials used, can quickly become a raging inferno.
Fire damage can be irreparable, and is certainly not possible without deep pockets lined with cash.
While insurance will cover you for damaged possessions and property, please ensure you take precautionary steps to prevent a fire occurring in the first place – for example don’t leave candles or ovens unattended and make sure household wiring is in top condition.
5. The Unlikely!
Home insurance can even cover you for the completely unlikely!
We don’t mean natural disasters exactly as that will depend on the policy that you decide to take out, but if you’re one of the unlucky few who happen to find a car crash through your front window or space debris fall through your roof, you’ll have more than just a cool story to tell.
Home insurance is likely to cover you for the damage!