Overview
Home insurance covers the building and the things inside it against fire, flood, theft and other risks. It is useful for owners and also for tenants who want to cover their belongings.
What is usually covered
- Building structure (for owners)
- Household contents such as appliances and furniture
- Fire, lightning, flood and storm
- Burglary and theft
- Valuables with an add-on
What is usually not covered
- Wear and tear
- Damage from poor upkeep
- Cash and certain valuables unless specifically covered
Who needs it
- Home owners
- Tenants with valuable belongings
- People who recently took a home loan
Frequently asked questions
Is home insurance needed with a home loan?
Lenders often ask for it. Even if they do not, it protects your biggest asset.
Does it cover rented homes?
Tenants can insure their contents and personal liability.
Exact cover, exclusions and limits vary by insurer and plan. Always read the policy wording before buying.