The basics of home insurance are simple, you pay a monthly fee and in return you are reimbursed for damage that occurs to your home and the contents inside your home, however some providers offer additional benefits that the average homeowner may not be aware of. When browsing for home insurance online there are several options you should familiarize yourself with.
One of the best features some providers offer is called Contents Coverage which provides protection for items not directly associated with your home but that you own. This type of coverage for example might include area rugs, watercraft, hot tubs, sporting equipment, jewelry, computers and other items owned by the policy holder.
Some providers also offer No Claims Bonuses which provide a certain percentage of a buyer’s premium back in the form of cash when they do not need to file a claim on their account. The amount of a no claim bonus varies from company to company and terms will also vary based on various stipulations.
Another important aspect to consider is Temporary Accommodation coverage which gives the buyer money to pay for a temporary residence when their home is uninhabitable. Temporary Accommodation insurance is triggered when a claim has been filed and a home is deemed unlivable for any period of time. Home insurance buyers should be aware that a time limit is typically placed on this option and a monthly maximum for temporary living accommodations is also usually enforced.
Home insurance comes with various possible types of coverage and it’s up to each buyer to determine what coverage types they will find most useful in the event of a future claim against their home. If you aren’t sure which options you should purchase it’s always important to remember that more coverage is always better, the difference in the price you pay could literally end up saving or costing you thousands of dollars when certain coverage options are needed after future claims are filed.