No unlike motor insurance where the law states that you have to have insurance whilst driving your vehicle to cover your liability for injury or damage to other persons, it is not mandatory to have home insurance.
Most homeowners though should consider purchasing home insurance as your home is the single largest investment you will ever make in your life. If your home is damaged or destroyed, you would not have the financial wherewithal to repair the damage or rebuild your home.
Additionally where you have taken a mortgage on your home, the bank or other financial institution lending you the money will require that you do have home insurance.
No. No insurance policy will cover every loss not matter what caused the loss.
An insurance policy like any other legal contract details what the policy covers and what the policy does not cover. It is therefore important that the homeowner read their policy documents. Island Heritage staff are always willing to go through the entire policy document with a client to make sure that they understand what is covered and what is not.
A policy deductible is the amount of each loss for which you as the insured are responsible.
Every insurance policy will have a deductible. Insurers impose policy deductibles to
a) encourage an insured to take better care of the insured property as they would also be responsible for part of the loss or damage that occurred
and
b) eliminate small claims which would create an administrative burden for the insurer
Property Insurance as the name suggests covers all types of property e.g. houses, contents, plant & machinery etc.
Liability insurance on the other hand covers your legal liability to other persons where as a result of your actions, you cause these other persons to be injured or you damage or destroy their property
