When you bought a residential property, the financing bank will require you to insure the building at least with a basic Fire Insurance policy to protect the bank interest as well as you the owner’s interest. Fire use to pose the highest treats for property insurance as every year, billions of dollars has been lost due to fire damage. However, in recent years, due to climatic changes which caused the occurrence of many naturally disasters in many parts of the world and destroyed billions worth of properties and death of many lives, people are more conscious on many others perils or risks that can damage or destroy that property other than fire.
A basic fire insurance policy will not compensate the owner in the event of any damages done due to the perils other than fire, so in order to protect your property again all these natural and man made disasters. You need to arrange a more comprehensive insurance policy to properly protect your property again all these risks. There are insurance companies which package many of their perils with fire policy to provide their policy holder a wider and more comprehensive cover and protect than just fire damage. Some of the perils include;
1. Earthquake and Volcanic eruption
2. Windstorm damage
3. Flood
4. Water Damage due to bursting of domestic water tank, apparatus and pipe
5. Riot, strike and civil commotion
6. Malicious damage
7. Impact damage by vehicle
8. Aerial damage
9. House breaking and theft
10. Bush and forest fire, etc etc Continue reading ‘Arranging a More Comprehensive Insurance For Your Residential Property’ »