Home Insurance policy is a very powerful tool that would protect the house owners and tenants from unexpected natural and man-made calamities, earthquakes, floods, theft, accidents, damages/loss etc. The protection cover is provided to the house property along with its contents by the Insurance companies towards the premium paid by the Insured against any risks. Any individual as per his requirements can opt for either a specific peril insurance or a comprehensive policy coverage by getting quotes from top insurance companies like HDFC Ergo, Bharati AXA, National Home Insurance, SBI Home Insurance, New India Home Insurance etc.
In this age of increasing calamities, one can get ready to allot some funds for insuring home and avoid financial loss later. So, a home where we live with our family has to be safeguarded from various threats like natural calamities; loss occurred due to earthquake, fire, theft, accidents, riots etc.
Home insurance or Home Owner’s insurance is an insurance policy that covers an individual’s house/assets and protects all homeowners against any loss, damage or disaster. It gives cover to both properties as well as liabilities against a single premium.
There are different types of Home Insurance products available in the market to suit the needs of customers in India. Let’s have a look at different types of insurance offered by leading Banks or Insurance Companies to understand the scenario.
All of us have innumerable memories in our home, and along with home insurance, it’s also important to safeguard from fire accidents, unexpected perils or threats, earthquakes, floods etc. The Standard Fire and Perils Insurance policy can be taken by both owners as well as tenants, housing societies. Here are few highlights or features of this policy towards the loss and damage caused to the property in the situations as listed below:
This insurance protects the structure of the house, permanent fittings & fixtures, ceiling/roof from all kinds of risk factors. The homeowners can get the benefit of protection for all the other structures including fencing, parking garage, extended roof, pool houses, sheds, in case of any damage or repairs. The add-ons may differ from one insurer to the other, but the basic components of coverage remain the same.
Public liability insurance covers the risk or loss that occurs to the guests or their property while residing in the insured person’s home. This policy protects against any injuries or damage caused to the third party or their liabilities.
In case of any injury that is caused due to any accident or in case of any event of the insured person, the compensation is paid to the insured family. It acts as a cover to the insured as well as his family.
As the name suggests, this insurance policy covers all the contents of the house like refrigerators, TV’s, gadgets, Jewellery, any other valuables along with protection to the structure of the house as a package.
Any loss or damage caused to the building structure due to Fire, Lightning, Explosion, Terror Activity, Bush Fire, landslides etc. But any damage that occurs due to war, damage due to electrical machines, short circuit, pollution, etc., are not covered in fire insurance based on the insurance provider.
Under this insurance, any occurrence of loss to the insured property like housebreaking by burglars during a theft, forced entry damaging the house, etc are covered by the insurance provider. It’s a common practice that people store their valuable items, documents, jewellery, etc., in their house. In this present age, there is no option of safety through we store them, and, in such cases, this insurance comes handy to protect the homeowners from financial stress in case of any event.
Let’s have a look at certain points that need to be considered while opting for a certain home insurance policy to secure your dream home. Today we have number of options available in the market but below are few things to take care of while buying the policy.
Different types of coverage are provided in various home insurance policies by the insurance companies.
|Type of Coverage||Description|
|Personal Property in the house||Here the coverage is offered to personal belongings, contents in the house etc. that are insured|
|Loss/Damage to House property||The policy based on features with different providers in the market provides cover to the damages caused to the house due to fire, accident etc|
|Living Expenses||The policy provides all the living expenses in case the insured is residing at a different property during renovation|
|Comprehensive Personal Liability||This feature helps the person in case of any claims by third parties on his rental or own property|
|Medical Expenses||This cover ensures that the medical treatment costs against any accident or injury is provided by the insurance company|
|Other Structures Coverage||Here the policy covers all other structures of the house like shed, garage area, compound fencing etc.|
The Insured buys an insurance policy to protect his house property and belongings against any damage or loss occurred due to any unexpected natural calamities, accidents etc.
In such a situation, the Insured will raise a claim against the loss and submit to the Insurance Company. Depending on the company, policy terms and conditions, etc. the settlement process may vary between different insurance providers. It is recommended to adhere to the procedure to ensure a smooth claim settlement process.
The procedure may include:
A. Any individual either a homeowner or a person living in a rented property can take a home insurance policy to protect his house along with the belongings from any unforeseen loss or damage.
A. One can compare different insurance providers and buy a home insurance policy online that would save time, brokerage to agents etc. All the research work, policy features, charges, premium, loss/damage covered, policy document along with terms and conditions have to be thoroughly gone through before buying a policy from well-reputed insurance providers to avoid any further complications.
A. In case anyone gets enrolled for a home insurance policy and moves to another house/place on rent, he can get the change of address done and continue the policy
A. The premium amount will be based on various parameters like – the total insured amount of the house property, tenure of policy, construction costs & built-up area, insured amount, total value of contents in the house, etc.
A. The home insurance policies may change from region to region or from state to state based on their conditions. It’s recommended contacting the vendor directly to get the accurate information.
A. There is no such benefit available for paying the home insurance premium. But it’s always recommended to take the necessary measures to avoid financial loss or damage to the house property.
A. The Insurance Company or the Insurer may have different clauses when it comes to the insurance cover for old and ancestral buildings. They can provide the right information that would enable a person to choose the right policy.
A. A person can opt for a second home insurance policy by informing the new Vendor about his previous policy without losing accumulated benefits.
A. One can pay the premium online from the insurance provider’s website, through cash/DD/cheque or through offline by visiting the branch of the insurance company.
After getting a fair idea on home insurance, its benefits, tips on opting a policy etc. one has to ensure that the house where we spend our life along with our family has to be protected accordingly. It helps from huge financial loss or stress and helps to have a secured future.
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