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Home Insurance

Home insurance protects house owners when their house is destroyed or damaged due to fire, storms and rainwater. Home or house insurance ensures that people do not have to pay out of their pocket when their house is damaged and policy holders receive reimbursement or compensation for damages.

Policy holders that opt for home protection insurance get up to $20 million liability cover. Depending on the policy the buyer ops for he may be offered one of more additional benefits such as automatic cover for removal of debris, temporary accommodation if the policy holder’s home is severely damaged and a money back guarantee that is limited for 21 or a certain number of days. Buyers should remember that while insurance companies that offer money back guarantees have certain terms and conditions that must be met in order to get the money back.

Since home protection policies can be customized to suit the buyer’s requirements, insurance companies usually give buyers the option to opt for additional benefits such as earthquake cover, impact cover, mortgage discharge costs and funeral expenses. Other options that may be offered include but are not limited to explosion cover, malicious damage covers, riot covers, accident damage cover and motor burnout cover. Many insurance companies also allow buyers to decide how much excess they want to pay for the selected insurance plan. It is important to remember, that cheaper insurance plans offer limited benefits and may not offer a lot of options to choose from. Cheaper plans are also less flexible and not very customizable.

Depending on the buyer’s requirements he can opt for a long term policy or short term policy. The buyer also has the option to select between fixed levelled premiums or flexible stepped premiums. Most insurance companies allow buyers to get quotes online, via the phone and in person. Buyers can also buy the selected insurance plan online or by calling up the insurance company. Usually before the application form is accepted, the buyer’s home is inspected for existing damages and the premium is decided after this inspection.

Insurance companies in Australia also offer content insurance along with home insurance for a reduced cost. Content insurance offers protection for commodities such as glass, ceramics, lighting and electronics that are inside the home. Buyers who opt for content insurance or other types of insurance plans from the same insurance company may be offered a 5-15% discount on additional plans. In addition, buyers can save money by simply getting multiple quotes and comparing these quotes before buying house insurance – home insurance comparison.

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