What is home insurance
Home insurance which is commonly know as the domestic package is not like the previous insurances we have covered.
Leave alone the auto insurancepackage. Home insurance package is there to help you cover any liability that might pop up by accident in house.
Let’s say you are an owner of an apartment somewhere, you’ve build it up and you have got tenants in it already. You’ve enjoyed the fruits of what you worked for for several months and boom! A mess occurs.
You realise that during the construction period a mistake was done which would later see your building down. Out of the good luck you recall you had insured the building with an insurance company.
So it is here where the company you used to insure your property will compensate you for the loss incurred. It is advice you insure anything that you know is worth millions to avoid any unnecessary loss.
The second scenario is that, this building of yours catches fires let’s say may be because of electricity voltage. Fire fighters were not around at the time and by bad luck the fire was not turned off at the start.
You as the builder you end up incuring losses due to the fire and it is here where the home insurance company you used to insure the building as, will come through and get you out of the mess.