Summary of Tiq Home Insurance. Get market-beating policy in return for very high premiums. Offers special emergency cash allowance within minutes. Offer extension to cover mortgage payments. Additional 5% discount on Friday with TEIF.
What is the catch? The catch is that it comes for all homeowners and tenants who do not own their homes. It provides coverage only for a limited number of occurrences like theft, fire and explosion. There are certain key features of the home insurance which draw the attention of homeowners. These include:
* Payment protection cover. The premiums are high but the payout is also high. But the good thing is that they provide a certain amount of money in times of financial crisis. The cover has an expiry period of the year. So it covers you for the whole year even if you do not move out before the expiry time. It will give you time to get new premiums and start the cover again.
* Critical coverage. This will cover the contents in your home in the event of theft or damage. With tiq home insurance, you get coverage for the whole contents of your home. If you have less than $7500, you need to get the limit of coverage from your insurer. You may increase the amount after you get the funds from your bank.
* Replacement cost coverage. If you do not have much stuff in your house but it is expensive, then you need to get this tiq home insurance. It will pay the full replacement value of the contents of your home that is covered under the policy. You must declare the value of each and every item you want the insurance company to pay.
* Annual claim rate. You should know the yearly cost of your premiums because some insurers have higher rates than others. When you want to save some money on your premiums, you can choose to reduce the number of claims you make against your homeowner’s policy every year. When there are fewer claims, you will get lower premiums from your insurers.
* Private property owners’ coverage. You should always choose private property owners’ tiq home insurance policy over other alternatives. These policies provide the most high coverage limits when it comes to injuries on rented accommodation. You should check with your landlord if you have adequate cover.
* Condo owners’ coverage. Some condo owners prefer to take limited liability coverage as a part of their insurance policy. This is usually because they are not involved in all the activities undertaken by the building and they do not occupy the entire property. The premiums are therefore lower for condo owners. However, they should check with their insurance broker whether they are eligible for any discounts offered by them for being condo owners.
* Renovation coverage. Even though it is often thought that renovation coverage is for new constructions, it can also be used for refurbishments. When a new tenant moves in, they may want to remove things that they find to be useless such as old furniture and carpets. However, not all landlords allow this. Therefore, if the tenant decides to remove some items, they should consider getting this type of tiq home insurance to protect them from any legal problems.
* Emergency home assistance. Sometimes there are cases when there is a damage caused by a natural calamity or some fire outbreak within the premises of the house. If the building’s authorities fail to respond in time, the tenants would need urgent help for various repairs. For this reason, you should include emergency home assistance coverage in your tiq home insurance policy. Usually, a good package deal from an insurer will give you an affordable amount for this kind of coverage.
* Fire coverage. If the construction of the house itself is deemed to be faulty, the house may not only need to be evacuated but also the occupants may have to bear the expenses for the damages caused by fire. In order to protect both the occupants of the house and the insurer, tiq home insurance should include comprehensive coverage for fires. Be sure to ask the insurer if it includes protection for expensive items such as artwork, antiques, jewelry and furniture.
When it comes to insurance, it pays to shop around and compare the different types of premiums available. Remember that different insurers offer different premiums and rates. Therefore, it pays to do your own research as well as compare between different packages offered by different insurance companies. This way, you will be able to get a better idea on what type of tiq home insurance policy suits the best needs of condo owners and private property owners.