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What did you learn about your topic that surprised you the most?
I learned a lot about home insurance. I believe my research was wide-ranging about home insurance. The basics of house insurance. I also learned about insurance coverage and what house insurance cover. Insightful tips and tricks on purchasing house insurance which I learned on the insurance ultimate guide youtube video. From the square one video, I learned 9 tips on saving money on home insurance. I then went on and researched the importance of having house insurance, home insurance is to protect your investment and your home from natural disasters, criminal activities, and accidental damages.

Provide a real-life example of how this topic is relevant or interesting
for you.
This topic is relevant and interesting because I am growing up and soon time it will be time for me to move out eventually and become a homeowner. I looked at the topics and I just thought this topic would be the best and most helpful for me.

If you could pass on your knowledge to a family member or friend, what
do you think is the most important thing to pass on?
I would have to say tips on saving money on home insurance. Other than that my parents knows more than I know when it comes to home insurance.

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Home insurance will play a significant role in protecting your home. Home insurance will cover a standard policy for fire, wind, hail, explosion, smoke damage, and damage that has been caused by criminal activity such as vandalism. Buildings insurance will cover the structure of property including floors, painted walls, fixtures, and fittings, which are things such as radiators, baths, and showerheads

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To add safety and comfort of your personal home it is important protect the precious investment that you purchase.

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Why it is important to have home insurance

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Why it is important to have home insurance

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It's importance to purchase a home insurance to protect your investment. Home insurance offers you a certain amount of cover, which you can use to rebuild your home should disaster strike. Content in your home will also be covered like, jewelry, laptops and expensive home decorations. Home insurance will also cover burglary, accidental damages, and any other criminal activities and vandalism.

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Your home is one of your most valuable possessions. It contains all your belongings, memories and comforts. It makes sense then, that ensuring it is fully secure is one of the most important things you can do.

However, we know that despite the best security protection measures that we put in place, there is still the risk of theft, damage and natural disasters occurring that we can never fully eliminate. These things can impact our lives and destroy our homes in more ways than one. To protect your home should any of these issues occur, you'll need home insurance.

While there is no legal requirement for home insurance, if you are looking to obtain a mortgage or are re-mortgaging, providers might insist that you at least take out buildings cover as a condition of lending to you. This is because they are at risk too, as their money is secured against the property.

If you are renting you won't need to take out buildings cover, as the structure of the property is the responsibility of your landlord. However you should check your lease/tenancy agreement to make sure this is not a condition of the agreement.

Why it is important to have home insurance:

Home insurance is an investment that you take on to protect your home and family comforts. It is available in two different forms: buildings insurance and contents insurance, or you can opt for a comprehensive plan that will include both. Home insurance offers you a certain amount of cover, which you can use to rebuild your home should disaster strike.

Your home is by far the most valuable thing that you own and many of you will have spent years saving for it. Without insurance, it's unlikely that you'd be able to afford to repair any damage that should occur if a fire or flood should take place, which is why it's so important.

The UK isn't prone to weather like hurricanes or tornadoes but storms do regularly wreak havoc in winter. Natural disasters can devastate your home and reconstruction is never an easy task. So while these disasters can't be prevented or even fully predicted sometimes, it's still important you protect your home with buildings and contents insurance that includes cover for such an event.

As well as buildings insurance, you should also ensure you have contents insurance to cover your valuable possessions such as jewellery, paintings or furniture. All insurance policies are different and you should always carefully check the fine print to make sure you know what you have covered, but in general:

A standard policy should cover you for fire, wind, hail, explosion, smoke damage, and damage that has been caused by criminal activity such as vandalism.

Buildings insurance will cover the structure of a property including floors, painted walls, fixtures, and fittings, which are things such as radiators, baths and showerheads.

Contents insurance will cover all the items within your home: laptops, electrical items, furniture, jewellery, pictures and so on. Some policies will also cover bicycles and mobile phones.

Contents insurance will also cover fire and burglary. It can also cover accidental damage and theft of items when you are away from your home. It will either pay for a replacement of your items or the market value of your item.

Your home insurance policy documents might not be the most gripping read, but it's best to check your policy so that you know and understand what you are covered for, what is excluded, and also what your rights and responsibilities are.

Like most things, it is best to check anything you are unsure about or do not fully understand from the outset, rather than risking any problems further down the line if you need to claim.

Home insurance offers peace of mind on a day-to-day basis, allowing you to enjoy living in your property without worry. Here at the RAC we offer both buildings and contents insurance so get a quote for RAC Home Insurance now and we can cover your home and belongings.

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Why Is It Important To Have Home Insurance?

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Your home is one of your most valuable possessions. It contains all your belongings, memories and comforts. It makes sense then, that ensuring it is fully secure is one of the most important things you can do.

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I chose this website to get a feel of what a home insurance provider would look like. Square one is home insurance that homeowners love and trust. Square one provides Canada’s first customizable home insurance policy. With Square One, you can personalize your limits, coverages, and deductibles. Square one also provides 40 453 verified reviews, for customers to get a feel of what they can expect from square one. Square one also provides six reasons why you'll love square one. Square one has a digital platform, superior protection, guaranteed building replacement coverage, personalized coverage, and  Interest-free monthly payments.

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Making a claim. You buy insurance for peace-of-mind, so if you do need to make a claim we believe it should be simple and stress-free. That's why all Square One customers are protected by our commitment to handling claims fairly:

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Home Insurance From $12/Month | Square One

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Making a claim. You buy insurance for peace-of-mind, so if you do need to make a claim we believe it should be simple and stress-free. That's why all Square One customers are protected by our commitment to handling claims fairly:

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This website covers the importance of property insurance. This website will help you buy carefully and it will explain property insurance. This website also cover the importance of coverage, it's important to know what property insurance will cover and not cover. This website will also discuss policies. This website will have a broad topic of premium factors, pitfalls to avoid and warnings.

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What Is Property Insurance?

The basic goal behind buying any insurance is to make you financially whole following a loss. You agree to pay a small certainfee to an insurance company today in exchange for a guarantee from the company that it will bear the burden of a large but uncertainloss in the future. Following that reasoning, property insurance protects you against damage to-or loss of-expensive personal property, such as a dwelling or a car. Forms of property insurance include auto insurance, homeowners insurance, renter's insurance, and flood insurance.﻿﻿

Let's say that you own a house free and clear and have a tidy nest egg. As long as you continue to pay your property taxes, you have every right to enjoy the use of that house for as long as you like, as guaranteed by law. You may live there, rent it out, leave it vacant, or sell it. You're sitting pretty, and so you may ask yourself, "Why do I need property insurance?"

Then, all of a sudden, that giant tree in the backyard falls on your house and causes severe damage. Now you have to cover the entire cost of repairing the house, and that nest egg gets seriously reduced. If you'd had property insurance, it would have paid-in part or in whole-for your home to be fixed or replaced, sparing you an unexpected and large chunk of change.

Who Needs Property Insurance?

Well, pretty much anyone who owns expensive property. Indeed, you are forced in many cases either by law or a mortgage contract to carry property insurance. All 50 U.S. states, for example, require drivers to carry auto insurance, usually in the form of liability insurance.﻿﻿

Liability insurance covers repair and financial restitution to someone else besides the individual at fault in an accident. For example, the person at fault's liability insurance pays car repairs and medical bills for the other driver and any passengers. Fortunately, when you purchase the required liability coverage, you are also given the opportunity to purchase property insurance (in the form of comprehensive insurance and collision insurance with regard to auto insurance), thus saving you from financial hardship if your own car is damaged in the accident.

According to a survey published in the Journal of Financial Planning, many homeowners have vastly misguided views of what their homeowners insurance actually covers. According to reportage in The New York Times on a 2007 survey conducted by the National Association of Insurance Commissioners, 33% of homeowners believed that flood damage would be covered, 51% thought that damage from a main water line break would be covered, and 34% thought that mold damage is covered.

In actuality, the perils (causes of property destruction) that are typically not covered are:

Flood damage (this is a separate policy)

Earthquake (this is also a separate policy)

Mold

Maintenance damage (e.g. worn-out plumbing, electrical wiring, air conditioners, heating units, roofing etc., as well as mold and pest infestation)

Sewer backup﻿﻿

Policies are often written so that for something to be covered, it must be "sudden and accidental," meaning that it wasn't a slow leak that caused damage over many months. Often this is not covered by insurance. If your roof caves in from old age, and not from storm damage, it will likely not be covered.

The perils that typically are covered include:

Fire or lightning

Windstorm or hail

Explosion

Smoke

Theft

Vandalism or malicious mischief

Riot or civil commotion

Damage caused by aircraft or vehicles

Volcanic eruption﻿﻿

Liability Coverage

In addition to covering the value of your home or other property, many insurance policies also include an important provision for liability coverage. You may not think this is very important. However, there are scores of eager lawyers in every city searching high and low for lawsuits against people such as yourself. Liability coverage is well known to owners of automobiles, but it may be lesser known to homeowners.

If your neighbor's house catches fire because you left your charcoal grill unattended, you will pay for the damage caused by the fire. You have paid the insurance company your premiums so that it will pay for larger claims when they do occur. The same goes for someone who is hurt and requires medical attention while on your property.

If you are on vacation and your property is stolen, such as a diamond ring, you may be entitled to reimbursement. Be sure to document the theft with evidence that you owned it, and you should be able to provide a police report to the insurance company.

You should know what your policy does and-more important-does not cover. Insurance companies don't stay in business by charging a minimal amount to cover any and all things which could possibly happen to your property.

Additional (Non) Coverage

Home-based businesses are not typically covered. This doesn't include a home study but rather a place where people come into your home as customers, such as a workshop where you repair furniture. You will need a separate business (commercial) policy to properly insure this area and its related liability.﻿﻿ Again, these rules vary from state to state and country to country.

Also, if your property, especially your house, is left vacant for more than a certain time period, usually 30 days, then the homeowners policy may be canceled immediately by the insurance company.﻿﻿ It is assumed that a vacant house is at a much higher danger of perils, such as fire or theft, and therefore changes the risk profile enough to require a separate policy. If you have a second home or vacation property, you may get another policy to cover this home as well.

Pitfalls to Avoid

Check to see if your policy covers repairs at actual cash value (ACV) or at replacement cost. The latter is usually much better. Case in point: If your roof was damaged and needs to be completely replaced, the replacement cost will pay for it to be fully repaired less your deductible, while ACV will pay you what your roof was estimated to actually be worth at the time of the damage. The tradeoff is that ACV costs less than replacement cost coverage.

Art and Jewelry

Additionally, if you have expensive jewelry or art that you want to be covered, you may need to add a floater. This is an add-on to your main policy. Many policies have standard amounts that they will pay out for losses to particular items, and they will pay no more.﻿﻿

Coinsurance Clauses

Finally, some property owners only want to insure a property for what they paid for it, which may bring into play a coinsurance clause. This is (depending on local laws) where the property is insured for less than say 80% of its current replacement cost. Have a lesser amount of coverage and the insurance company will require you to share in a percentage of the repairs above and beyond the deductible amount.

Premium Factors

Do you live in an area prone to tornadoes, hurricanes, or floods? Do you own a large dog or a swimming pool? Are you a smoker? How's your credit score?

You may be a higher-than-normal risk based on your answers to these questions, and an insurance company will charge you accordingly. These are factors that it takes into account when setting your insurance rates. The more that these and other risks are applicable to you, the higher your rates will be.

A Word of Warning

Some insurance companies provide seemingly unbelievable rates for their policies. If the company is unknown and its rates are exceptionally good, this should be a red flag. Check around for the company's reputation and don't just take the salesman's word for it. Have a look at the policy and see what it covers and what it doesn't.

You may find only too late that what you thought was adequate coverage was barely the legal minimum in your area. When seeking the benefits of property insurance, insist on quality coverage. Remember, cheap insurance can be very expensive.

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The basic goal behind buying any insurance is to make you financially whole following a loss. You agree to pay a small certainfee to an insurance company today in exchange for a guarantee from the company that it will bear the burden of a large but uncertainloss in the future.

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This is a well-organized video that will help you learn what home insurance in Canada covers. This video goes over an overview of home insurance in Canada and how to update your insurance, property coverage, and personal liability. I choose this video because it's organized and informative. I tink it will help you understand the fundamentals of home insurance in Canada.

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What does Home Insurance Cover in Canada?

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The homeowners Insurance 101 video breaks down the basic understanding of home insurance. The video breaks down insurance dwelling coverage. The video then breaks down how dwelling coverage, insurer would have to cover other structures that comes with the home, personal property and loss of use. Home insurance will also have stand alone which covers personal liability and medical payments coverage. The video overall gives you a better understanding on how homeowners insurance work.

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Homeowners Insurance 101 (Home Shopping 4/6)

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The ultimate guide of home insurance. This video will provide a lot of helpful and insightful tips, tricks and in depth information about home insurance. Cost of home insurance depends on location, age of the home, credit history, and coverages from home policy. The video also breaks down how you can get a discount or lower the price on house insurance. It also talks a lot about tips on home insurance for example bundles where you purchase the same insurance for your auto and home it can save you a ton of money. In conclusion, doing your own research and gain understanding will help you save money, be confident with your insurer and it will pay off in the long run.

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Insurance 101 - Homeowners Insurance Coverage | The Ultimate Guide to Home Insurance

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I picked this website because it provides complete all about home insurance. The Insurance Bureau of Canada provides an organized table of content. This website provides guides on buying home insurance, coverage, personal property, the building itself, different types of policies, settlement terms and conditions, payment options, and making a claim.

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9 tips on saving money on Home Insurance

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9 tips on saving money on Home Insurance

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This video breaks down nine ways to potentially reduce your home insurance payment. The nine different tips that are being shown in this video will significantly help you save up money. Eliminating unnecessary coverages and don't over-insure your home and belongings are simple ways to reduce insurance home payments. Doing house maintenance like Keeping your home in good shape replacing plastic hosing with braided steel hosing and updating your home will also help decrease your insurance home payments.

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9 Tips To Save Money on Home Insurance | Square One