Home insurance provides coverage for losses and damages to the private residence of the insured. The coverage includes interior and exterior damages to the property. Additionally, the coverage is also extended to the personal assets as well as injuries that may arise while on the property. 

The coverage provided can be briefly summarized by the below points: 

• Home contents including furniture, jewellery or electronic items 
• Fixtures and fittings within the house including toilet bowls, floor coverings, ceiling, etc 
• Physical damage to the house 
• Loss or damage of personal assets and documents such as passport, credit cards, birth certificates, etc 
• Cost of temporary accommodation in an event the house is rendered uninhabitable 
• Compensation for medical expenses to cover for accidents 
• Personal liabilities due to injuries sustained by a third party within your home or due to negligence on the insurer's part

Whether you are an Owner, a Tenant or a Landlord, home insurance can provide essential financial protection against a range of damages. Some general use cases are: 

1. As an owner currently residing in a place you own home insurance will provide coverage for your personal assets, renovations, interim accommodation in an event of an emergency as well as medical expenses for the residents of your home including pets 
2. As a tenant with your own furnishings, a home insurance will protect your belongings against fire or theft 
3. As a landlord renting your place to tenants, home insurance will provide protection against negligence on part of the tenant or financial security from personal liability against cases filed by tenant for sustained injuries due to appliances or objects in your property

Home insurance is a great way for owners, landlords or tenants to obtain financial protection against damages. However, just like every insurance there are some exceptions: 

• Earthquake and water damage 
• Damages due to negligence and failure to maintain the property example: rust damage, mould damage, termites and insect damage, etc. 
• Damage due to poor construction 
• Damage because of war or nuclear hazard 
• Expenses incurred due to identity theft

Home insurance is not tax deductible unless it falls under the following special circumstances: 

1. A part of the house is used for business purposes and thus is eligible to be deducted from the premium as business expense 
2. A part or whole of the house if used for rental then the fraction (or whole) of the house used for rental qualifies as tax-deductible

Switching policy provider at the time of renewal, that is when your current insurance is near expiration, is straightforward. However, it's important to maintain the continuity of coverage while switching insurance providers. Our team at BLACAZ is always eager to assist you, so get in touch if you have any concerns.