Home is indeed a very precious asset and thus takes your major life savings. It is not only your abode but also safeguards your valuables and jewellery. Despite a remarkable increase in the number of home buyers in the country in the past few years, home insurance still remains under purchased.
The value of home insurance shines through when misfortune strikes. Taking into consideration the recent environmental changes and vandalism, it is always better to go in for home insurance and breathe a sigh of relief during critical times.
A home insurance policy provides financial protection in case your house gets damaged because of natural or man-made calamities like earthquakes, floods, fires or vandalism.
A basic home insurance policy covers:
- Structure of the House
This coverage is for the structure of your house. You can choose from the following options for to determine this value, based on which your premium is fixed. This factor also determines the amount you get during a claim:
In this way, only the construction cost of the house is included. The land on which the house is built is excluded.
This includes the cost of the land as well as the construction.
This is the current market value of your house. It takes into consideration the age of your home and a depreciation value is put. It also includes the construction cost of your home.
- Contents of Your Home
There is a rampant increase in crimes in India and thus getting the contents of your home like furniture, jewellery, expensive paintings, works of art and other portable equipment covered is advisable.
- Add on Covers
Some add on covers are:
Loss of Rent
If your property becomes uninhabitable as a result of events like fire or flood, loss of rent insurance will cover the income you've lost as a result of your tenants no longer paying rent.
Temporary Resettlement Cover
Incase your property is damaged due to unforeseen conditions, this cover will take care of your cost of moving to some other location like transportation and packaging.
Keys & Locks Replacement Cover
This will cover the cost if your house keys are lost, stolen or broken.
Lost Wallet Cover
This will cover the replacement cost of the stolen wallet including the cards and papers present in it. Application fee for these cards and papers can also be reimbursed.
Dog Insurance Cover
This will cover your beloved pet dogs against death due to accident or diseases.
It is said that ‘Prevention is better than Cure’. Prevent yourself from a financial setback by opting for a wide home insurance covers available!