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In today's times, there is the mindset
that there is a value for everything, and
this is evidenced by the fact that the
insurance industry is remaining steady and
even growing. There have been reports of
famous personalities even insuring their
own bodies or at least parts of it, which
means that if any damage occurs to that
part, the insurance company will have to
cover the expenses for fixing it. There
are many types of insurance, including
life insurance, health insurance, car
insurance, house contents and buildings
insurance.
Insurance plans can sometimes be tricky
because of the terminologies and types of
coverage available in a particular plan.
When applying for an insurance plan, make
sure to read every detail and have the
insurance agent explain all the
necessities included in the plan so that
you have a very specific idea and
knowledge of your own insurance plan. For
example, house contents and buildings
insurance cover the house, but have they
have differences in what they cover.
What are the differences? The main
difference is that house content insurance
deals with the things found inside the
house, such as furniture, appliances, etc.
while building insurance, also known as
home building insurance, covers fixtures
such as windows, walls, and other parts
dealing with the structure of the house
itself. House contents and buildings
insurance may be different in nature, but
in essence they are similar in that they
protect the house in which you live
in.
What are the benefits of each? For
house contents insurance, let's say a
robbery took place and several items from
your house were stolen. If you have
insurance coverage over your house
contents, the insurance company will give
you proper compensation for the losses
incurred, depending on the details found
in your insurance plan. This will in turn
allow you to replace the items lost in the
robbery or otherwise damaged, should a
different incident have taken place.
For building insurance, let's say a
fire happened that charred your walls and
left your ceiling weak. You can claim your
building insurance (if you have one), hire
a professional service that will repair or
replace the damaged areas, since the
insurance company will have to cover the
necessary expenses. That way, you would
have gotten a new or repaired wall and
ceiling without having to pay the
professional service yourself.
However, the best type of insurance in
this case would be both house contents and
buildings insurance. Think about the
possibilities here - if a fire occurs in
your house, what are the chances of
damaging both the structure (walls) and
its contents (furniture)? Highly likely.
Similarly, if a robbery were to
take place, the burglar would most likely
damage your door or window to get through
and retrieve the contents. Protecting your
home against both structure and content by
getting house contents and buildings
insurance is a great option.
Other types of insurance, such as life
insurance and health insurance, are very
good and can protect you, especially if
your family has some sort of hereditary
ailment that can strike you. Aside from
those however, the house is usually the
most important piece of property, since it
is where you and your family live, and can
be passed on for future generations. A
house is something that is worked hard for
and a valuable commodity that ought to be
taken care of no matter what. Obtaining
something like house contents and
buildings insurance is one way of taking
care of it.
It is highly beneficial to have an
insurance plan, especially if you're
covering your home. That way, no matter
what negative incident happens, you will
at least get compensation for it. The
things that occur (such as fires,
robberies, damage due to bad weather,
etc.) can be unpredictable, which is why
being ready by having insurance in hand is
essential.
Insure your whole home by applying for
house contents and buildings insurance
right away. Get the best plan and protect
your home and its contents from damages
and/or losses. With this, you will sleep
much better, even if an unforeseen tragic
incident occurs, knowing that whatever
loss will be incurred, you will be duly
compensated for.
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More
information here about house
contents and buildings
insurance:
Insurance for Fire Only
In this present age of disasters and unforeseen events occurring, it is important to have a good, quality insurance plan. That is why insurance companies have policies that cover car damage, property, house insurance (fire only, robbery, etc.) personal self, and even life insurance. These insurance plans usually allow the owner to be less worried and concerned about damages to the car, property, or whatever it is he insures, including his own life, since there will be just and proper compensation for damages and/or losses. .......
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07/24/2008
Glossary of Home Insurance Terms
when you apply for your Home Insurance you may encounter some of the following terms. If you are unsure of any term relating to your Home Insurance policy it is better to ask your insurer or broker for help....
All Risks- A wider form of cover than that provided by the standard Contents Section, items can be insured on a specified or unspecified basis and will include accidental loss or damage insurance away from your home.
Average Clause - Insurers insert this clause on your policy as a means of dealing with under insurance. It has the effect of reducing a claim in proportion to the amount of underinsurance.
New For Old - Most policies for Home Insurance are now arranged on a new for old basis. In simple terms your old items are replaced with new items. To secure this cover you will have to insure your contents for there full market value. There are some exceptions where cover is not on a New for Old basis, mainly clothing.
Claim - If you have insurance policy and are unlucky enough to suffer a loss, you will be entitled to make a claim for your financial loss from your insurers, providing that the policy wording covers the cause.
Cancellation Period - The Financial Services Authority require insurers to give you a statutory cooling off period in which you can cancel your policy. It is usually 14 days and most insurers will make a full refund of any insurance premiums collected. After the 14 days period, you are still free to cancel you policy and any rebate will be calculated in accordance with the insurers standard scale, which is usually published in your policy document.
Commission - This is the amount of remuneration paid by the insurer to a broker or intermediary for placing business with them.
Contract Of Insurance - This is agreement between an insurer and your self, in return for you paying a premium; the insurer will pay you compensation or a sum of money on the happening of an insured event.
Days of Grace - These are additional days of cover provided after your policy has ended. The usual amount is 14 days.
Direct Insurer - an insurance company or underwriter that will sell you insurance directly without going through a "middle man" such as a broker or Intermediary.
Endorsement - a policy endorsement alters the scope of your policy wording. It can have two effects, it can extend your cover or it can restrict your cover. It is very important to read all of your policy endorsements so as to fully understand your covers.
Excess this is the amount of money that your will have to contribute towards a claim. Some excesses are compulsory such as subsidence excess; some are voluntary where you can elect to receive a discount in return for paying the first portion of any loss.
Extended Accidental Damage - Most policies will include a certain amount of Accidental Damage cover free of charge. Under Contents Insurance Free Accidental Damage Insurance normally includes TV Videos and Sound reproducing equipment and fixed glass in furniture. Under Buildings Insurance Free Accidental Damage Insurance normally extends to breakage of baths and lavatory pans, bidets etc and fixed glass in windows and doors. Extended Accidental Damage will extend the cover to include all other items.
Fee - Brokers & Intermediaries may place fees on your policy for arranging things for you, any fees charged should be mentioned in your documents.
Indemnity - A very important Insurance principal, the insurer in granting indemnity to a client will seek to place them in the same financial position after the loss as they were in before.
No Claims Bonus - In return for not making claims under your policy, the insurer may reward you with a discount from your premiums. For each year of no claim up to usually a maximum of three or four, the insurers will provide an additional discount.
Peril - Something that happens that could lead to a claim under an insurance policy such as a Fire or Flood etc.
Premium - This is the money that you will have to pay to your insurer in return for your insurance policy, it is sometimes known as consideration.
Proximate Cause - This is the active cause of a loss that sets in motion a train of events that brings about a result without the intervention of any force started and working actively from the new and Independent source. In simple terms this means that the most recent cause of a loss is not the cause that the insurers study to see if an event is covered. They look to see the active or first cause, check that the peril is covered by a policy, and then decide if a claim is valid.
Renewal Notice - At the end of your insurance contract term the insurer will send you an invitation to renew your policy. The notice will quote the new contract price and period of insurance and advise you of any changes to the terms & conditions of your policy.
Schedule - the schedule of Insurance outlines the sums insured under your policy, and tells you the policy sections you have covered and may make reference to any endorsements applicable to your policy contract.
Subrogation - Legally this right of one person to stand in place of another and to avail himself of the rights and remedies of that other person. Usually it relates to the insurers being able to recover their losses.. more...
..... Additional Information
Here
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07/24/2008
What is Buildings and Contents Insurance?
Also referred to as Home Insurance, Homeowners Insurance or Household Insurance, they amount to the same. Quite simply they are insurance products that can be purchased from a variety of sources to cover the fabric of your home and / or your personal possessions that are kept in the home. Cover can be extended to cover items such as valuables that are temporarily removed from your home. This extension is often called “All Risks” Insurance. None of these insurances are compulsory but you may find it a condition of your mortgage that you buy at least Buildings Insurance to protect the lenders financial interest in the property. Most policies are similar in the covers they provide as mortgage lender etc have a standard set of perils that must be provided to secure a loan on the property. Probably the biggest purchase you will make in your life is that of your home. To qualify for a mortgage to purchase a property, you will need to satisfy your lender that you have a Home Insurance policy in force that confirms to their terms & conditions. Most insurers are aware of these terms & conditions and aim to make their polices compliant. There are a large number of policies on the market available from insurance companies direct, banks, building societies and via brokers who may be able to offer you more choice. more...
..... Additional Information
Here
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