Best Insurance Provider Company Review: HDFC Life Insurance Review
Insurance is a financial arrangement through which the legal obligations to a third party (the Insurance Company) are taken over and paid for. The product that you are buying in insurance covers risks. Insurance policies cover a number of issues, including:
Unexpected costs associated with or arising from events occurring due to, for example, an accident, fire, flood, earthquake, or burglary.
Expenses that may not be covered by standard insurance policies, for example, legal fees, childcare costs, or medical costs if the insured suffers an injury, loss, or illness.
Damage or destruction to your property from an event not covered under your current insurance cover, for example, theft or vandalism
The cover you buy and what it covers is different for each insurer. Each policy is risk-specific and covers a broad spectrum of risks.
Understanding what you have to pay and what your excess is all depends on your chosen type of insurance, and your personal circumstances.
Below are some of the things that people buy insurance for:
- Policies to cover the cost of replacing lost or stolen property or to pay out on insurance pay-outs
- Vehicle insurance to cover vehicle damage and the associated costs of repairs or replacement
- Health insurance to cover your own health-related expenses
- Loss of income cover, mortgage insurance, liability cover, or extended warranties.
Choose an insurer
Buy an insurance policy to protect your home and any possessions inside it. This covers the cost of your possessions in the event that they are damaged, stolen, or destroyed.
Insurance protects you against what’s called “natural disasters”, such as fire, flood, or earthquake
Insurance covers the cost of insuring or repairing your home in the event of damage or theft but does not cover the cost of replacing your possessions.
Whether or not you have home insurance is down to a personal choice. Generally, you will need to ensure that there is fire cover for your property and that the insurer is insuring you for any damage to your property that you have done.
Your home insurance is meant to protect you in the event of loss, damage, or theft of your personal possessions. However, if you have other insurance, you could opt to have that cover transferred to your home insurance policy, or you may also have to pay more to retain a higher level of cover.
Your home insurance policy does not include cover for people, pets, or wildlife. In these cases, you will need separate cover, which will usually cost more.
Find out more about buying home insurance.
When does insurance cover what?
When an event or situation happens, it could be covered by insurance.
The thing that could cause an event, for example, an accident or theft, could be covered by one or more of the following types of insurance:
Private home insurance, such as for home security
Home contents insurance, which covers things such as furniture, art, or jewelry
Property insurance, which covers your entire home, the structure of the building, any contents inside, your personal possessions or businesses you own
In the event of a personal or family emergency, when you need to get medical attention or to escape quickly, your policy will cover some of the expenses you face.
Find out more about finding the right life cover.
What to do if my property is damaged
If your home is damaged by an event such as fire, flood, or earthquake, it can cost thousands of pounds to repair or replace your possessions.
Home insurance policy coverage will generally cover all or some of these types of events, so check your policy document carefully and check whether or not you have flood cover, for example.
Most home insurance policies offer varying levels of protection against fire and theft, such as loss of the contents of your home and damage to your home or garden.
If you find your home is damaged or destroyed by an event such as fire, flood, or earthquake, it is a good idea to contact your insurer.
Most home insurance policies will not cover all or some of the expenses you might face after a fire or flood, such as the costs to replace any lost possessions.
If you have private home insurance, your policy will often cover any damage to the property as a whole or loss of personal possessions.
If you are in the process of buying or selling a property, or you are relocating to a new property, you will probably need to make an insurance claim.