Insuring your house is about protecting your lifestyle. With the family home being the biggest and most valuable asset most people ever own, it is important to protect it from the unexpected. House insurance policies vary in what they cover and the circumstance in which they pay out, but they all mitigate the risk of losing everything. If disaster should strike, a solid house insurance policy will alleviate the stress associated with large scale disruption to your lifestyle. Many home owners who face disaster without adequate insurance can end up losing everything they spent a lifetime building.
Contents insurance covers the everything from electrical goods to furniture, which could be completely lost in the case of burglary or natural disaster. Some of these assets take a lifetime to accumulate but can be wiped out overnight, so a solid house insurance policy is important for protecting your livelihood.
For those who do not own their own home, there is also renter’s insurance which will protect everything within the house but not the house itself. This would include all your furniture and electrical goods as well as the associated costs of replacing the house contents that you lose. Renter’s insurance is available to those living alone and those sharing, and will generally cover you to a fixed amount of up to $25,000.
Landlord insurance is designed for house owners who rent out their properties to tenants. This house insurance policy will protect any damage done to the actual building as well as any financial loss caused by wayward tenants who either damage your house or neglect to pay their rent. Tenants in arrears can put serious strain on your own financial commitments particularly if the property is negatively geared. Landlord insurance is tax deductible for investment property owners and is an inexpensive way to protect your investment.