A home is especially valuable. Not only is it often the most expensive thing a person or family owns, it's also a place to gather together, enjoy spending time with friends and family and rest relax each day.
While your home provides protection from rain, wind, high temperatures, wild animals and similar threats, it can be damaged in many ways. Fire, extreme weather and other issues can cause minor or major problems. Protecting your home simply makes sense.
What's the most effective way to keep your home safe? Home insurance. A good home insurance policy will offer compensation in return for a variety of damages or losses included in that policy, making repair and recovery that much easier. Let's take a closer look at exactly what home insurance covers.
You, your family and your personal finances
When you set aside money for retirement, vacation, a new car or anything else with a high price tag, the last thing you want to do is use the money to pay for a home repair or related issue. When you have home insurance with the right type of coverage, you can hold on to more of your hard-earned money and let the policy handle the rest.
A home insurance policy can cover events where someone injures themselves on your property and then wants you to pay for medical bills or other costs — this is called a liability claim. If your policy includes liability coverage, you have one less thing to worry about when it comes to managing your finances.
Many policies also offer coverage if your home can't be used or lived in safely following a disaster or similar event. This can include money for a temporary stay at a hotel or similar type of rental, as well as for basic expenses like food. No one wants to be put out of their home and wait for repairs to be completed, but having money to pay for important needs makes it that much easier.
Your home itself
Home insurance policies vary in the types of damage they cover, but they all focus on offering some level of protection for your home. Many home insurance policies provide coverage for events like fires, accidents and burglaries.
Coverage for damage from extreme weather is more complicated, but there are also options to address this need. As an example, you can read this blog that discusses home insurance coverage for cyclones and related issues, like water damage. The Pacific Catastrophe Risk Assessment and Financing Initiative said the potential cyclone damage is likely to increase throughout the 21st century for Papua New Guinea. Adding coverage for cyclones, and other types of dangerous weather that are common in your area of PNG, can be well worth the extra cost.
Your personal property
Home insurance isn't limited to the building your live in and the surrounding land you own. It can also cover the valuables inside. That can mean everything from art and jewellery to clothes, furniture, computers and important documents. With the right policy, you can make sure that the things that are important to you and your family are repaired or replaced following a covered event. Covering this type of loss often requires a valuation, where a professional will determine the replacement value of your items.
Trans Pacific Assurance: Your partner for home insurance
At Trans Pacific Assurance, we're happy to help you create the best possible home insurance policy for you and your family's needs. Our supportive, informed and experienced staff can answer questions about covered events, costs, filing claims and much more. To receive a price quote on a home insurance policy, reach out to us today.