Apart from home mortgage or home loan insurance that all house owners have to buy when they take a home loan, there are several other insurance policies that home owners can buy to ensure total coverage against various unpredictable misfortunes.

These policies will ensure that in the case of unwanted incidences, you are not left high and dry, as well as making it easier for you to pick up the pieces and move on. Of course, buying these insurance policies does not mean you hope anything bad happens, just that it’ always better to be safe than sorry.

Fire Coverage



A fire coverage policy usually protects your home from accidental fire caused by faulty electrical systems or fires caused by natural phenomena like lightning. The insurance also covers accidental gas tank explosions that cause damage to the home.

House Owner’s Policy



The house owner’s policy is a one up on the fire coverage policy as it protects the house from more calamities other than fire. These may include, but are not limited to:

• Natural disasters – floods, volcanic eruptions, tsunami, earthquakes, typhoons, severe storms, hurricanes and the like.
• Manmade disasters – war, riots, theft, arson, burst pipes, purposeful damaging of property, vehicles that slam into the house, aircraft crashes and other similar situations
• Rental loss
• Covers your home employees (like maids and drivers) losses as well, in some cases, especially if the damage or loss occurs in your home
• Forceful removal of your household assets
• Accidental breakage of any parts of your home, like the windows, roofs and glass mirrors.
• Public liability
• Planes or parachutists that crash into your home
Although some of the scenarios mentioned above sound ridiculous and unlikely, this policy does provide you with more security.

Householder’s Policy



The householder’s policy is very different from the previous two as it focuses particularly on your belongings in the house. Examples include electronic items like the flat screen TV, computers and the like. This policy will compensate you in case of item damage or loss. Some policy providers even cover you if you suffer any harm from your belongings.

Of course, the above three policies are usually bought by house owners. However, if you live in an apartment or condo complex, your building management is supposed to have a Master building insurance policy, and you should check with them what this policy covers and obtain your individual insurance certificate, if available.