Home Insurance isn’t a luxury; it’s a necessity. And not just because it protects your home and possessions against damage or theft. Home insurance provides coverage against fire and allied perils, burglary, theft, terrorism, and among others, for the building, contents, jewellery and valuables, curious and work of art.
Home insurance is certainly not the first cover on most people’s list, but nevertheless it acts as an important backup in case things go wrong. Homeowner’s insurance policies generally cover destruction and damage to a residence’s interior and exterior, the loss or theft of possessions, and personal liability for harm to others.
Few things to know before buying your home insurance:
- The building & rebuilding
If you’re a homeowner, then you are going to need buildings insurance. It’s there to give you some financial protection if something terrible happens to your home, such as fire or falling of three. When you choose your buildings insurance you’ll need to estimate the rebuild cost of your home. The rebuild cost is just for the physical house not the land or a plot in which the building is made.
- Protect content, valuables and portable equipment
Under home insurance, an individual can insure the contents at home such as appliances, furniture, clothes, portable equipment like cellphones or laptops. You’ll need to start off by working out how much home contents insurance you need. The best way to estimate the value of your contents is to do an inventory, room by room.
- Protection against liabilities
At times, physical or property loss of a third person caused by some accident at home, such as a cylinder blast or perhaps a repair activity may cause a loss to your neighbor’s property. All such contingencies can be effectively covered under home insurance by opting for public liability coverage.
- Look beyond price
The annual premium is often what drives the choice to purchase a home insurance policy, but don’t look solely at price. “No two insurers use the same policy forms and endorsements, and policy wording can be very different,” says bank.
- Add on covers
Home insurance also have add on covers like loss of rent, temporary resettlement cover, public liability, pet dog insurance cover, ATM withdrawal cover, key and lock replacement cover which protects wider protection for your home.
The premium for house insurance can be as low as Rs. 5 per day. Most people realize the importance of home insurance only after they have suffered uncertain losses but it can be too late. Make your house your home and let insurance shield you against ominous event.