Home insurance is an essential purchase for any renter or homeowner. There are many who have a policy, but do not take the time to know exactly what is (or is not) covered.
This is because home insurance is not a product with the same policy for everyone. Each policy is tailored to the circumstances of each person and taking into account the value of the home. This may mean that many things that you thought are covered are outside the scope of the policy. Even more worrisome, it may mean that you are not paid in certain circumstances.
Here are some of the difficult areas that all home insurance owners should know.
High Value Jewelry
Promise rings, wedding rings and family heirlooms are the highest value items we own.
That said, jewelry doesn’t usually stay at home all the time. What this means is that many people choose to cover their jewelry with a separate insurance product. This is not always necessary for everyone.
Most insurance providers are happy to extend the conditions of their policy to include high-value items. Of course, with only some changes and warnings. For example, a promise ring may be covered by home insurance while you are in your country of residence. You might need to take out a travel insurance policy to cover these items while on vacation.
When you purchase a new jewelry item, tell your insurance provider as soon as possible to see if they can incorporate it into the existing policy for your valuables in your home.
Natural disasters such as floods, storms, and forest fires are occurring more often in the world. As a result, home insurers are looking more at climate change projections when you are making the value of the policies. For this reason, homeowners who live near rivers and the coast can expect to pay extra for the additional risk of damage in their area.
If you live less than 15 meters above sea level or 60 meters from a body of water, review your policy to see if they are covered in the event of a natural disaster. If you are not, you will have to find a new insurer.
If you are one of the people who have a secondary home, or who travel a lot for work or pleasure, it may be that being out of your second home for an extended time makes your policy void. Many insurers put a limit on the number of days that the address may be empty, and when you pass this limit, your home is considered high risk and for that reason, non-insurable. To ensure that this does not happen, simply organize your trips so that you are in the second home for the time you need.