As an owner of a home, commercial building or property, the importance of obtaining an insurance policy cannot be overstated. In order to protect you from incurring the costs that will result from severe property damage, destruction of contents or a liability claim, property insurance is absolutely essential. Here, we look at four key advantages of obtaining property insurance:
Protection
The most obvious reason to acquire property insurance is to protect your home, commercial property or building in the event of extensive damage. Most insurance policies will insure your home at 100% of its value, but anything above 80% is considered fairly standard. Should a serious fire happen on your property, for example, an insurance policy that covers the entire value of the property is fairly essential, covering you for a complete loss of structure that cannot be repaired. Many insurance policies will also provide coverage for detached structures related to your property, including, garages, sheds, fences and even the dog house, and can be customised to suit your necessary requirements with your premium adjusted accordingly.
Contents
Obtaining property insurance is crucial in the protection of the contents of your home, building or commercial property. This typically includes all appliances, furniture, electronics and some personal possessions, (if covered by your policy). In the event of property damage, dilapidation or destruction, content coverage will reimburse the costs of your contents, either in part or entirely, depending on the policy’s unique stipulations. Often, when we consider the importance of property insurance, we are thinking in external terms only, but it’s vitally important you seek a policy that provides at least some coverage for the all-important contents of your commercial building or domestic property.
Loss Of Use
As mentioned, should your property suffer damage severe enough to deem your property unfit for use, a solid insurance policy will help cover these excessive costs. Not only this, but many insurance policies will cover at least some of the cost of hotels, food and travel expenses for the duration of your properties repair.
Liability
Designed to cover you in the event someone is injured either at your property or because of it, liability coverage will protect you from facing expensive lawsuits or unreasonable blame. Should a roofing tile fall off your roof and strike a pedestrian, for example, liability coverage will protect you when you are being held responsible for an injury or incident that has taken place on your property.