Real Estate
The elements of a standard homeowners' insurance policy provide that the insurer will cover costs related to:

Damage to the interior or exterior of your house - In the event of damage due to fire, hurricanes, lightning, vandalism or other covered disasters, your insurer will compensate you so that your house can be repaired or even completely rebuilt.

Loss or damage to your personal belongings - Clothing, furniture, appliances and most of the other contents of your home are covered if they're destroyed in an insured disaster. You can even get "off-premises" coverage, so you could file a claim for lost jewelry, for example - no matter where in the world you lost it. There may be a limit on the amount your insurer will reimburse you.

According to the Insurance Information Institute, most insurance companies will provide coverage for 50-70% of the amount of insurance you have on the structure of your home.

Personal liability for damage or injuries caused by you or your family

Hotel or house rental while your home is being rebuilt or repaired - It's unlikely you'll ever need this protection, but if you do find yourself in this situation, it will undoubtedly be the best coverage you ever purchased. If your house has been completely destroyed or is so damaged that it's uninhabitable, you may need to rent another house or live in a hotel until it's repaired or rebuilt.
Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance. Property is insured in two main ways—open perils and named perils.

Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism, and war. Named perils require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage-causing events as fire, lightning, explosion, and theft.
Strata Insurance is designed to protect you and your property as a lot owner. It provides general insurance cover for common property under the management of a strata title or body corporate entity. The premiums for strata insurance are typically shared amongst the lot owners as part of their strata fees and levies.

Strata Insurance policies cover material damage as a result of an insured peril to structural fixtures including fixed plant, machinery and underground services. These policies also provide cover for owners' fixtures, fittings and improvements which form part of the building. Some of these items may include built–in ovens, stovetops, kitchen cupboards, hand basins, baths and showers. Common Policy Features include:

  • Public Liability Covers the legal liability of the Owners Corporation. This does not insure the liability of the unit owner, except where liability relates to the Owners Corporation's property or common contents.
  • Common Contents Covers appliances, equipment, furniture, fittings and works of art in any common area for which the Owners Corporation is responsible.
  • Loss of Rent and/or Alternative Accommodation If a unit becomes uninhabitable as a result of an insured peril, the unit owner can claim for loss of rent or alternative accommodation during the period that the premises are unfit for occupancy, based on the rental value of a unit.
  • Personal Accident for Voluntary Workers Provides compensation to any person who carries out voluntarily works on behalf of the Owners Corporation. The volunteer worker's name must be recorded in the books of the Owners Corporation. This is a compulsory.

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