Whether you’re buying your first home or moving into a new place, your home is worth protecting. If you’ve just started looking into home insurance options, we’ve got some simple answers to questions you might have.
Home insurance basics FAQ
If you’re buying a home, your lender will probably need your building insurance policy details as part of your mortgage paperwork, so it’s a good idea to get a home insurance quote as soon as possible.
Depending on the policy you choose, your building insurance could cover damage caused by fire, lightning, explosion or earthquake, theft or attempted theft, riots or vandalism, storms or flooding, falling trees, moving objects (such as a car driving into your home), and escaping or leaking water or oil. Building insurance usually also covers you for legal liability as owner of the property, such as for damage caused to someone else’s property.
- Wear and tear, gradual deterioration and lack of maintenance.
- Mildew and rust.
- Damage caused by certain events when you’re renovating.
- Theft or damage, such as water or wind coming through an open window, which happens as a result of your windows or doors being left open.
If you have an investment property, landlord’s insurance might be your best option. This covers the risks associated with renting out a property.