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The Importance of Having Home Insurance | Manolo for the Home

The Importance of Having Home Insurance

One of the most important financial matters when it comes to owning a home, is the acquisition of insurance. Roughly one in three people will have their homes broken into at some point during their lives. This fact alone should be more than enough to encourage you consider getting some form of home insurance.

Something that a lot of people are unaware of is the fact that there are actually two home insurance kinds, building and contents. These insurance types are exactly what their names suggest. The building one is the insurance that actually protects the actual physical building that is your home. The contents insurance is the insurance that protects what is contained inside your home. In some cases [such as a fire] both the physical home and the things inside of it could be damaged.

Building insurance is the type of insurance that you could be forced to get when you get a mortgage. It can be expanded [at a cost] to include other things such as a swimming pool, garage, or fencing. On the other hand the mortgage lender cannot force you to purchase contents insurance. Contents insurance has more to do with how much you would like to protect your personal possessions. The mortgage lender does not have a stake in this, so they do not require you to buy this.

An important thing to remember about the cost of insurance is that it is not always as simple as you might think. For example, building insurance is based on the cost of rebuilding the property rather than the actual value of the property. It is important to know about things such as this and also to make sure that you do some real research to find the best deals.

You will want to make sure that you read the fine print of the different policies that you can choose from. There are often stipulations placed in them that you may not be aware of. If you are ignorant of these stipulations, then you may not be getting all that you thought you were with your insurance. The bottom line is that you should simply use common sense and understand the terms related to home insurance.