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.
Types of Home Insurance
Fire & Special Perils Insurance
Home Structure Insurance
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Features of Home Insurance
Check for the list of some salient key features of Home Insurance-
- Covers both the 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
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.
Why Should You Buy Home Insurance?
Being a homeowner, you are required to secure your home from every peril. Some major reasons to buy home insurance are as follows:
- It protects your home against dwelling perils from any man-made or loss due to natural calamity. However, choosing the right type of home insurance helps you to get coverage from financial losses incurred due to peril.
- In future, if you intend to take a loan for construction or buying a new house from a bank then the bank will ask for property insurance as evidence to take a loan against it.
- Home insurance will protect you from legal or third-party liabilities in case any third person suffers from any kind of injury at your property.
- Choosing the right type of home insurance policy will help you in providing cover for repairment expenses in case any damage occurs to the insured property.
- Home insurance also provides cover for home appliances such as refrigerators, jewelry, television, furniture, microwave so on depending upon the plan you choose.
Frequently Asked Questions
- 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
- Loss Of Cash
- Electronic Equipment Damage
- Damage by wear and tear
- Damages caused by Nuclear war and Volcanic activities
- 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 the society managing committee. It will cover the society and utilities of the society as well.