New Home Insurance Offer Rewards Customer Loyalty, Nationwide Reports

1. People do have a myth that a typical home insurance policy covers the damage from floods but the fact is that home insurance does not cover damage from floods. If you are aware that your house has risk from floods then separate flood insurance is to be done.

Your home is your sanctuary. It is a place to relax, enjoy the simple things, and watch your family grow and thrive. The longer you live in your home, the more memories you’ll have—and the more equity you’ll build.

As well as providing for problems with the structure of your home, buildings insurance gives cover for permanent fixtures and fittings such as baths, toilets and fitted kitchens. Policies usually include garages, garden sheds and greenhouses as well as boundary walls, fences, gates, paths, drives and an outdoor swimming pool.

If you're purchasing a home, planning ahead can help you save on homeowners insurance later. For example, your insurance rate is affected by the location of the home you buy, especially if it is in an area with high property crime rates. Mold claims also affect the rate, so you want to make sure previous homeowners have not had problems with mold.

* Loss of use coverage which pays for your additional living expenses - hotel, motel, and restaurant bills - when your house has been damaged by fire, storms, vandalism, or water leaks, and is being repaired.

The report from Nationwide further outlines optional extras for customers “wishing to tailor their home insurance to suit their individual needs.” These might include 24-hour Home Emergency Assistance at £4.50 per month, up to £50,000 Legal Assistance at £1.50 per month, coverage for accidental damage, and coverage for personal possessions.

Pools, trampolines and other outdoor play equipment can be a lot of fun, but insurance companies do not often cover injuries as a result of using these items in a standard home insurance policy. When coverage is available, insurers generally require fences, signs and other safety equipment before providing coverage.

Standard policies do not cover damages to buildings or personal possessions due to an earthquake, however most insurers will sell you earthquake coverage as an addition to your policy.

* Does the policy use replacement cost or actual cash value when it comes time to pay a claim? Replacement cost is better, as it pays the actual cost to repair or replace your home and possessions regardless of depreciation.

By having a condo homeowners insurance, it wouldn´t cost you as much to replace your belongings after a natural disaster. The policy you have can provide you with the partial cost so that the total is not as heavy as it for your wallet.