It is available in two different forms: buildings insurance and contents insurance, or you can opt for a comprehensive plan that will include both. Home insurance is an investment that you take on to protect your home and family comforts. Why it is important to have home insurance: However you should check your lease/tenancy agreement to make sure this is not a condition of the agreement. If you are renting you won’t need to take out buildings cover, as the structure of the property is the responsibility of your landlord. This is because they are at risk too, as their money is secured against the property. While there is no legal requirement for home insurance, if you are looking to obtain a mortgage or are re-mortgaging, providers might insist that you at least take out buildings cover as a condition of lending to you. To protect your home should any of these issues occur, you’ll need home insurance.
These things can impact our lives and destroy our homes in more ways than one. However, we know that despite the best security protection measures that we put in place, there is still the risk of theft, damage and natural disasters occurring that we can never fully eliminate. It makes sense then, that ensuring it is fully secure is one of the most important things you can do. It contains all your belongings, memories and comforts. The Sewer Back-up Coverage endorsement also provides very important coverage.Your home is one of your most valuable possessions. This coverage is not included in the Sewer Back-up Coverage endorsement. This includes coverage for loss or damage from the sudden and accidental entry of overland fresh water through foundations, basement walls or basement doors. If you purchase this additional protection, you will have coverage for damage caused by overland water entering your property from torrential rains, rapid snow melt, or overflow of lakes, streams and rivers. We’ve made the Overland Water endorsement available for purchase in response to the effects of changing weather patterns and the increasing number of severe storm events that often cause property damage. Will my home insurance policy include earthquake coverage? Water Escape: This covers water damage that may be caused when your bath or sink overflows or a pipe or hose inside your house breaks.(Sewer back-up can be added by endorsement) Sewer back-up: Water is forced through the sewer system back into your home, or your sump pump fails.Seepage refers to the slow movement of water or other fluid through small openings, cracks or pores in your home.Ĭauses of water damage that are usually covered by most standard home insurance plans (or can be added by endorsement) include:.Flooding results in damage from water that flows into your home from natural sources like lakes and rivers, or large amounts of pooled water.Insurance for some types of water damage may be included automatically in your policy, and some may need to be purchased as extra.Įxamples of causes of water damage that aren’t covered under most standard home insurance plans are flooding and seepage: Insurance coverage for water damage depends on a number of things, like where you live and how your home was constructed.
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