The Mortgage Gallery Rockingham Implores Home Buyers: Take Great Care When Buying Home Insurance
Announcement posted by Smartline Rockingham 27 Nov 2013
Mortgage brokers for home loans in Rockingham, Kwinana and Baldivis reveal questions home owners must ask when buying home insurance.
Rockingham,WA, November 27, 2013 - When mortgage brokers from The Mortgage Gallery Rockingham work with home buyers, they like to remind them that they are required to carry home insurance. Home insurance not only protects the home owner, but it also protects the lender who provides the home loan. It is well-known that a home is the largest investment most people make in their lives; adequate insurance is essential for protecting that investment.
In a recent blog post, The Mortgage Gallery Rockingham provided their readers with a list of essential considerations that help ensure that a home is adequately insured. The post was in response to the many questions that their mortgage brokers are routinely asked about home insurance and covered many areas in which consumers must be careful and diligent to make sure they are adequately covered.
Valuables
Most policies impose limits on the amount they will reimburse home owners for their valuables. Many valuables, such as jewellery or electronics, can be subject to a $5,000 limit. It is recommended that anyone who has valuables makes sure they are fully insured.
Extended Vacancy
When a home is left empty for a period of time that the insurance company deems too long, usually more than 60 days, it can void the insurance policy on the home. Examples are long vacations, extended stays to take care of ailing relatives or work assignments that keep the insured away from home for more than 60 days.
Damage from Termites
Termite damage usually isn't covered, as insurance companies consider it to be the home owner's responsibility to protect their home from termite damage.
Flooding
Most policies have restrictions on flood coverage and many don't cover flooding at all. If a home is in a flood area, not only is flood insurance a wise investment, but most lenders will require it.
Business Equipment
If a home owner is running a business from home, business equipment is usually not covered on their home or contents insurance. It must be insured on a business policy.
Shopping Around
The Mortgage Gallery Rockingham advises home owners to shop around and find the best policy for their individual needs.
Pet Damage
Many policies don't cover damage from pets. Also, some companies allow those with home insurance to buy pet insurance.
Understanding Home Insurance
According to Justin Smith, Principal of The Mortgage Gallery Rockingham, it is important that all home owners read and understand their insurance policies to make sure that they are adequately insured: “Insurance companies are in business to make money just like anyone else. It isn't their responsibility to make sure that every item in every home is insured; it is the home owner's responsibility.”
Smith continued, “All home owners should do their due diligence to make sure that everything they value is insured. Your basic home insurance policy is just that—basic. If you want your contents insured, you need to buy a home and contents policy. If you have any extraordinary circumstance, it probably isn't covered and you will need to buy extra coverage.”
Smith concluded, “It is essential that your home and belongings are adequately insured. The extra time and money can turn a worst-case scenario into a best-case scenario.”
The Mortgage Gallery Rockingham helps home buyers obtain home loans in the Rockingham, Kwinana and Baldivis areas. For more information or to read the original blog post, call (08) 9527 1800 or visit their website: http://www.themortgagegalleryrockingham.com.au/.
In a recent blog post, The Mortgage Gallery Rockingham provided their readers with a list of essential considerations that help ensure that a home is adequately insured. The post was in response to the many questions that their mortgage brokers are routinely asked about home insurance and covered many areas in which consumers must be careful and diligent to make sure they are adequately covered.
Valuables
Most policies impose limits on the amount they will reimburse home owners for their valuables. Many valuables, such as jewellery or electronics, can be subject to a $5,000 limit. It is recommended that anyone who has valuables makes sure they are fully insured.
Extended Vacancy
When a home is left empty for a period of time that the insurance company deems too long, usually more than 60 days, it can void the insurance policy on the home. Examples are long vacations, extended stays to take care of ailing relatives or work assignments that keep the insured away from home for more than 60 days.
Damage from Termites
Termite damage usually isn't covered, as insurance companies consider it to be the home owner's responsibility to protect their home from termite damage.
Flooding
Most policies have restrictions on flood coverage and many don't cover flooding at all. If a home is in a flood area, not only is flood insurance a wise investment, but most lenders will require it.
Business Equipment
If a home owner is running a business from home, business equipment is usually not covered on their home or contents insurance. It must be insured on a business policy.
Shopping Around
The Mortgage Gallery Rockingham advises home owners to shop around and find the best policy for their individual needs.
Pet Damage
Many policies don't cover damage from pets. Also, some companies allow those with home insurance to buy pet insurance.
Understanding Home Insurance
According to Justin Smith, Principal of The Mortgage Gallery Rockingham, it is important that all home owners read and understand their insurance policies to make sure that they are adequately insured: “Insurance companies are in business to make money just like anyone else. It isn't their responsibility to make sure that every item in every home is insured; it is the home owner's responsibility.”
Smith continued, “All home owners should do their due diligence to make sure that everything they value is insured. Your basic home insurance policy is just that—basic. If you want your contents insured, you need to buy a home and contents policy. If you have any extraordinary circumstance, it probably isn't covered and you will need to buy extra coverage.”
Smith concluded, “It is essential that your home and belongings are adequately insured. The extra time and money can turn a worst-case scenario into a best-case scenario.”
The Mortgage Gallery Rockingham helps home buyers obtain home loans in the Rockingham, Kwinana and Baldivis areas. For more information or to read the original blog post, call (08) 9527 1800 or visit their website: http://www.themortgagegalleryrockingham.com.au/.