There’s nothing as important as a home. More than a roof and four walls, it’s a place where we feel safe and secure. It’s a place we love — and like everything we love, it needs to be protected. 

Events such as a fire, a fierce storm or a tree falling on your property can cause huge damage to your home and are impossible to predict. That’s why homeowner’s cover is essential: it gives you some financial protection should something terrible happen because, if it does, your insurer can help by either funding repairs or the replacement of damaged items.

Homeowner’s insurance protects your house and everything in it that forms part of the permanent fittings and fixtures. This could extend to other features of your property such as a swimming pool or your garage door.

Remember, what’s covered can vary from one insurer to another. Some cover benefits may be included as standard, while others are optional extras you can select at an additional cost. An insurance policy product disclosure statement will give you the complete picture; make sure you read it carefully before signing on the dotted line.

It’s worth noting, however, that homeowner’s insurance won’t cover damage caused by general wear and tear or insufficient maintenance. By attending to maintenance issues quickly, you’ll keep your house in good condition, which can potentially save you money in the long run. 

There are many insurers out there and each of them package their homeowner’s cover options differently. Do some research and see what a few different firms have to offer. When comparing the options, ask the following questions to ensure you pick the policy that best meets your needs:

1. What do I need to protect — and does this policy cover it?
2. What events will the policy cover?
3. What do I need to qualify for the cover?
4. What will it cost me?
5. What is the excess fee and when would it be required when making a claim? 

Buying homeowner’s cover is an important decision. Whatever your circumstances, it’s worth shopping around for the best deal.

This article was paid for by SA Home Loans.