What Is Home Insurance?
Home Insurance provides safety cover to one’s property from any unexpected destruction. It covers your house against all-natural calamities like Flood, Earthquake that are considered under “Act Of God “ and man-made calamities Like theft, terrorism.
So it becomes very necessary for an individual to choose Home Insurance policy wisely which provides cover against both uncertain situations like man-made and natural losses.
Majorly three components are needed to keep secured when it comes to Home Insurance- The outer structure, the assets of the home, and the family members. It’s the choice of an individual to go for the insurance of a single component or pick up for a comprehensive plan.
What Does Home Insurance Cover?
Home Insurance covers all the losses against man-made reasons like theft or natural calamities like floods, lightning, earthquake, etc. Here is what actually Home Insurance Covers?
Cover For Damages Of Surroundings
Home Insurance not only provides security to your house but to the damages that are faced by the surroundings too.
Cover For The Infrastructure
It covers the physical structure of the home against all the risks and perils including plumbing, heating, air-conditioning, etc.
Coverage To Personal Belongings
Safety cover for all personal belongings comes under Home Insurance like furniture, beds, computer system, television and some expensive assets covers like jewelry all comes under Home insurance cover.
Features of Home Insurance
Check for the list of some salient key features of Home Insurance-
- Covers both Structure and personal belongings of Home.
- Secure everything with the right choice for policy
- Lows down the stress of unexpected events
- Quick Claim-Settlement process in case of any damage occurs.
- Makes it easy for a family to opt for the rebuilding process
Types of Home Insurance
There are various types of Home Insurance Policy plans to meet the different requirements of the customers. These various types of Home Insurance policies in India are divided into the following categories-
Special Perils and Standard Fire Policy
This kind of insurance provides protection fire outbreak or special perils. This policy is generally opted by housed owners to get protection against natural calamities like floods, earthquakes, or man-made unexpected perils.
Structure or Home Insurance Policy
It provides protection to the structure of the building. It provides cover against permanent fixings like kitchen, bedrooms, and washrooms, and so on. Cover to the additional structures also comes under this policy plan like garages, sheds, backyard, etc.
This insurance policy covers the loss of contents or damage that occurred to the contents of the house.
Under this insurance policy, all the valuable assets like Refrigerator, furniture, and so on of the home covered are protected against happening of all unfortunate events.
Tenant policy is opted to secure the goods owned by the tenant himself. It is necessary to buy one if you are a tenant.
Under this insurance policy, a landlord gets cover against any loss of rent or public liability. This policy is specifically designed by keeping landlord interest in vision.
What Is Included In Home Insurance?
- Fire Cover by any of the means like lightning, aircraft damage, missile testing, storm
- Earthquake Cover
- Cover against theft or burglary of valuable articles like Gold Jewelry, stones, etc.
- Cover against Natural calamities
What is Excluded In Home Insurance?
- Loss Of Cash
- Electronic Equipment Damage
- Damage by wear and tear
- Damages caused by Nuclear war and Volcanic activities
Who Is Eligible To Buy Home Insurance?
- Home Insurance policy buyer must be a citizen of India. For buying a multi-year policy he/she must be the owner of the house or flat.
- The buyer must have ownership over the property or reside within the property itself.
- For buying home insurance for society, the person must be a member of society managing committee. It will cover the society and utilities of the society as well.