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Insuring a big new home

Home InsuranceThere’s nothing quite like a big, beautiful new home. It may be a life’s dream come true, your very own personal paradise. With the new home, however, come a few issues you must deal with. The best way of preventing a dream home from becoming a nightmare is to make sure your new palace is well protected by insurance. The best way to start looking at ways of protecting your home is with a good home and contents insurance quote. You can cover everything, easily, if you know how.

Home and contents insurance issues

Big home insurance needs to be considered systematically. It involves a range of basic areas to be covered:

  • Building insurance: A big home is also a big building. They’re expensive to build, and they’re also expensive to repair. You need to cover the value of the building on a realistic cost basis to cover damage.
  • Temporary accommodation: If your home needs repairs, you may need somewhere to live during the repair process. Good insurance policies can provide this coverage for up to 12 months.
  • Legal liability insurance: This type of insurance is an absolute must for any property owner. Any accident or other incident on your property can expose you to major legal liabilities. An absolute minimum of $10,000,000 legal liability coverage is considered by experts the sum required to provide basic cover, and preferably more than that figure.
  • Contents: Big homes can include a very large amount of contents, including a lot of expensive items like electronics, white goods and other high value domestic contents. Contents values tend to accumulate over time, and maintaining adequate coverage is important. It’s also extremely important to keep track of replacement cost values. (See also Theft, below.)
  • Fire: A common cause of property damage, fires can be extremely expensive. An accidental kitchen fire can easily cost tens of thousands of dollars. Fire insurance is an essential part of any good home and contents insurance policy.
  • Theft: Theft is one of the most basic areas to cover with any insurance policy. The fact is that theft can be one of the most expensive of all losses, and if you’ve got a lot of valuable contents, the risks increase substantially.

Please note: It’s strongly advised to make sure you keep your policy’s coverage up to date with the value of your contents.

  • Accidental damage: Broken windows, accidental damage to a garage door, you name it, the costs of repairs can be considerable. Big window areas can be extremely costly to replace, and it really is adding insult to injury to take more damage to your wallet.

Insurance for a big new home is very like business risk management. You take out insurance cover to deal with known costs and values. You can insure your wonderful new home very effectively, and make sure you’re not vulnerable to the massive financial hits legal liability, property losses and damage can cause. Keep your policy up to date, upgrade your cover when required, and you’ll never need to worry about these problems.

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August 27, 2011 um 9:16 am
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