Home Insurance
What does an insurance company consider to be a "home"?On average most insurers will use something like the following description (there are definitely differences):
- The home;
- Including everything that forms part of it;
- And all buildings that are intended to remain there for the long term.
"Buildings" therefore means the shed, garage, fencing, pergola, gazebo, patio, greenhouse and conservatory, in short, everything that has been built and is intended to remain there permanently (a party tent has been built, but is not intended to remain, e.g.).
Type of Building
The insurance policy will specify quite precisely what the insurer is assuming to be the type of dwelling he is insuring in determining the premium amount. Usually the contract will state that the dwelling is home ‘built of brick or stone, with a solid roof cover’. So the description is precise and leaves little room for interpretation.
This means that a deviation from the norm exists if you have a thatched roof, or a timber framed house, or a Finnish A-frame bungalow. Conclusion: if your home’s building type or roofing material differs you really must make sure that the policy records these things. Without it, the insurer will no doubt deny compensation in the event of damage. If you or not certain, why not give us a call? We’re here to help.
Covered Events
Most policies cover fire, storm, breakage, explosion, water damage and so forth. This is a ‘fixed’ description, which is mentioned in the policy terms and conditions. It often also includes exploratory breakage and digging to find leaking water pipes hidden in walls etc. You must keep in mind, however, that most home contents policies include a deductible of 0.2% of the insured amount in the event of storm damage. Some insurance policies cover quite a lot: coverage includes, in addition to events already defined, also protection for all possible causes of damage not yet defined. That clause will state: provided it is “sudden and unexpected”. Although a bit more expensive, these policies can prevent a great deal of discussion after the event.
Exclusions
- Ordinary wear and tear and lack of regular maintenance
- Other types of “it’s your own fault”: rain damage is not covered if caused by leaving your windows open
- Construction faults, these are to be claimed from the builder
- And, unfortunately, natural disasters are still excluded
Underinsured
In order to finalize a claim for damage expeditiously the insurer must, of course, know an accurate value of things. If things are underinsured, then the insurance company will also be ‘under-reimbursing’. What this usually means, to give an example, is that if only 50% of the value has been insured, then for every damage claim the insurer will also compensate only 50%.
If you want to determine or verify that your home has been insured for the right amount, you could make use of our "herbouwwaardemeter" (rebuilding cost valuator).
Glass
It is possible for glass breakage (windows, not wine or water!) to be insured, provided it is listed in the policy.
Combining this type of insurance with your home insurance can offer an opportunity for excellent premiums. For more information, go to the page on glass insurance.
