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Housing insurance is insurance that provides coverage for residential buildings. When an accident causes damage or property within the house, the insurance company will assess the damage and compensate as specified in the contract in the same way as health insurance and car insurance.

Housing insurance is considered necessary and should be given importance because the benefit of insurance is compensation, as a house is considered a high-value property. This insurance can compensate in the event of unforeseen circumstances such as fire, disasters, and theft, so you can receive a compensation fund to handle the loss,  especially in the case where the property is on loan, if you have to lose the house, you can still get money from the insurance to pay the remaining loan amount indicated by the bank.

The housing insurance covers 7 points as:

1. Fire

2. Disaster

3. Appliance  Breakage

4. Electrical Damage

5. Burglary

6. Liability to Neighbours

7. Family Liability

The insurance covers the following key points

Fire insurance

Fire insurance covers both natural disasters such as wildfires, lightning, and personal catastrophic events such as power outages, gas explosions, or other related damage. The fire insurance will provide short-term coverage such as 1 year or 2-3 years. The premium will depend on each insurance company and the nature of the building.

Disaster Insurance

Disaster insurance covers the damage to the house or property caused by natural disasters such as floods, earthquakes, storms, or other disasters that the government declares as severe disaster situations.

Theft Protection Insurance

For any house with a high-value property that wants to get some important property coverage and that the house is in an area with a history of stolen home appliances, housing insurance covers this as well.

Tips on Buying Housing Insurance

1. If you can choose the coverage or compensation, you should choose at least 70% of the value of the property to cover most of the damage.

2. The annual premium will be reduced according to the longer insurance period

3. After receiving compensation for the first loss, if something happens during the insurance period, you will receive compensation based on the estimated loss in the remaining amount of insurance.

4. If you have more than one housing insurance, each insurance company divides the liability, you will not receive an excess of the estimated damage.

Housing insurance should not be overlooked and should be a preparation to deal with unforeseen events, because if something happens to the home or may even lose your home, you can take out insurance and get the compensation you deserve, better safe than sorry.

If you are interested in housing insurance, yula.la has a listing of insurance companies for you to choose from, and ask for more information by clicking here to see the listing and the services of insurance companies.