Fire insurance for your residential property is also known as Home Insurance, or Houseowner / Householder Insurance as it is also known. It is one of the most important insurance policies you can buy in your adult life. Your home is one of the largest financial investment you’ve made, and that’s why it’s so important to protect it. There are three main types of policies which you can buy to protect your home:
1) Basic Fire Insurance
2) Houseowner Insurance
3) Householder Insurance
Basic Fire Insurance
This policy provides you with coverage against loss or damage to insured property and or content(i.e. house, shop and factory) caused by fire, lightning or domestic explosion only. This is the least coverage, but also the cheapest.
Houseowner Insurance
A houseowner insurance offer more protection for your physical building. This policy provides additional coverage compared to the basic fire policy. It may include loss or damage due to storm, earthquake, flood, burst pipes, etc.
Householder Insurance
A householder insurance is similar to the above houseowner, except this cover the contents in your property. This policy does not cover damage to the house itself, so usually property owners are advise to buy a Houseowner and Householder insurance together to protect their building and contents
A Houseowner/Householder insurance would typically covers for:
1. Fire
2. Lightning
3. Domestic Explosion
4. Storm and tempest (hurricane, cyclone, typhoon, windstorm)
5. Aircraft Damage
6. Impact Damage
7. Bursting of Pipes, tank overflow
8. Flood
9. Earthquake & Volcano eruption
10. Physical damage due to Theft/break-in
11. Legal liability to Public
12. and many more
Thus, by taking up a Houseowner/Householder insurance, you have better coverage. In the event of a thunderstorm, where part of your roof was blown off, or it get flooded, or an aircraft/helicopter crashed on your building (yes, it does happen and can happen), you can rest assured that you are well-protected.
So, it is recommended to take up a Houseowner/Householder policy for better protection.