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House Insurance
House insurance protects you if your home is damaged
or destroyed.
By paying insurance
premiums, and satisfying the other requirements of
your insurance company, you can protect yourself in
the event of loss due to unforeseen and/or
catastrophic events.
 There are generally two
levels of house insurance:
Full Replacement Value
Full replacement value means that should the worst happen and your house is destroyed, your home will be replaced using today's building materials and methods, irrespective of cost.
Present Day
Value
Present day value means that your policy will
cover the cost of rebuilding, replacing or
repairing your house to a condition no better
than new, less an appropriate allowance for
depreciation and deferred maintenance up to the
sum insured. |
