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Building and contents insurance

Building and contents insurance is a special type of a homeowners policy that incorporates two standard policies - one ensuring the structure of your home including all the furnishings and accessories in the building, and the other providing coverage for your household contents including personal possessions, clothing, furniture, ornaments, kitchen equipment and utensils, floor coverings, curtains and any electrical appliances. Some policies may also cover property kept in outbuildings, garages and gardens.

The named perils under the contract of this type typically include fire, lightning, explosion, storm, flood (in some states), leaking pipes, landslide, subsidence or ground heave, earthquakes, damage by vehicles (cars, trains, aircraft), any malicious damage, theft or attempted theft, outcomes of falling trees, branches and lamp posts.

In the event of any contingency from the list of the named perils building and contents insurance reimburses you for repairing and rebuilding your home up to the sum insured, for additional living expenses and liability coverage. The amount of coverage is determined by the rebuild cost to cover the materials, the contents and the labor.