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Home Insurance for Renters and Homeowners

February 09, 2012 | Comments: 0 | Views: 141

Home insurance is one of those issues that it is very important to know about as you have certain legal requirements that you need to meet - and even though not all forms of insurance are a legal obligation, it makes good sense to have them anyway. This article takes a look at what renters and homeowners need to know when it comes to the types of home insurance that they need.

Insurance for homeowners

If you own your own home then there are two types of home insurance that you will need: buildings and contents insurance. The most important part of this is the buildings insurance as it is a legal requirement to have this if you own your own home. Typically, when you are getting an insurance quote you will need to enter the rebuild value of your house. This is different to the resale value of your house, so it can be worth double-checking to make sure you have got the right amount. This will then be used to calculate your insurance quote.

It is also important for homeowners to take out contents insurance because this is what covers everything within your house, whereas buildings cover typically covers just the structure of your house and any outbuildings that you might have as well. This means it is important to know the value of all of your possessions as this amount will be used when calculating your contents insurance quote.

It is also worth checking whether you might be able to save any money by taking out joint buildings and contents cover, as sometimes insurance providers offer deals that can help you get good value for money. It is also good practice to check exactly what is covered by your policy and to take out additional insurance for any particularly valuable items (such as jewellery) to make sure you have adequate cover.

Insurance for renters

If you rent your home then the rules of home insurance will be slightly different for you. This is because it is your landlord's responsibility as the owner of the property to take out buildings insurance. When you move into a new rented property, it can be a good idea to ask them what buildings cover they have got so you can be certain you will be protected in the event of a fire or other emergency.

However, renters will still need to take out contents cover for their property as it is generally not the landlord's responsibility to provide this. Also, some rented properties come with some of the landlord's property in them; this is doubly important to insure properly, or else you could find yourself having to pay for items that aren't yours in the event of them being stolen or damaged. Even if your landlord has separate insurance for their own possessions, it is still worth taking out comprehensive contents insurance on your own so you can have peace of mind that everything is taken care of.

Conclusion

Overall, home insurance for renters and homeowners isn't too complicated but it might require a bit of research to ensure you get the most appropriate insurance for your needs, and that you are protected by the right level of cover.

This article was supplied by Annie Gelinas, director at the leading firm of Irish home insurance brokers, Robertson Low, established in 1995 and the only Irish incorporated ' Lloyd's broker '.

Source: EzineArticles
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