Having home insurance to cover the cost of rebuilding your home is a requirement from most mortgage providers but knowing how much coverage you may need can be tricky. There is a lot of terminology around home insurance that can be confusing if it is the first time you have insured your home.
An extended warranty is also known as all-risks cover and is an optional extra to standard home insurance. It covers damage or loss of valuables even when they are outside of your home and sometimes when they are taken abroad. All risks cover usually fills in any gaps that may exist in your contents insurance.
✔ It is the most comprehensive form of contents insurance offered by most insurers
✔ Don’t have to list every item to be insured
✔ Covers the cumulative value of items
✔ Can list very valuable items separately
✔ Items may be insured while you are on holiday at home or abroad
✘ All-risk cover will increase the cost of the overall premium
✘ Single item limits; there may be a maximum limit that can be claimed for a single item e.g. €1,000 so make sure you name items that might be worth more than this limit
This very much varies by provider so it is really important to read policy documentation carefully. Generally speaking home insurance can be divided into:
Life is unpredictable and the last thing you need at a difficult time is unexpected financial costs. If you have more questions about protecting your home contact us we would be happy to answer them.