Home insurance is something that is oft-ignored by homeowners who buy a home.
It helps us cater to unforeseen events that help tackle unexpected expenses arising in the event of a damage or loss in your house.
Home owners insurance is a property-related insurance to covers losses and damages to the homeowner’s residence. It may also cover furnishings and other assets in the home. Homeowner’s insurance provides ‘liability coverage’ against any possible accidents in the home or the property.
Home insurance- the basics
Home insurance offers coverage against your property damages or loss of personal assets. The coverage depends on the type of insurance plan being taken. A house is normally the costliest asset we possess. A Home insurance gives you financial coverage during unfortunate events like fire, earthquake or floods. The intent is to cover for property damage or theft of valuable assets in your home.Home insurance gives a great sense of security and relief to you during such unforeseen circumstances. Once we are under the umbrella of this cover, we do not have to carry the financial burden of renovation or rebuilding costs of your home structure should such damages occur.
How it works
An insurance provider evaluates your assets, and give you a quote for a premium amount to be paid with a stipulated time-frame to avail the insurance coverage. Buying an insurance of this nature is usually NOT a priority item, but is supremely critical.
It is extremely wise to evaluate different insurance providers who offer this general insurance, and find the one that best suits your needs and budget. The amount of premium needed is usually more for an older property as compared to a newer one.
Preparedness to avoid mishaps
For apartment buildings, use of all necessary safety measures like fire extinguishers, smoke detectors, security surveillance system etc. reduce the possibilities of environmental, mechanical, electrical or other mishaps.
Different types of policy covers include- Building Insurance, Contents Insurance, Tenant’s Insurance, Landlord’s Insurance, Personal accident cover, Public liability coverage among others.
It is advisable to seek reliable and professional advice to understand the coverage these provide, and to explore the best option.
Major advantages of home insurance
1. Financial cover against calamities
- Much needed financial coverage and protection against natural and man-made calamities
- Peace of mind when you stay covered on calamities like floods, earthquake, storm, explosion, fire, electrical etc.
- Unthinkable circumstances that are unforeseen disasters like explosion, strikes and riots
- Insurance claim can be made with ease to recover the loss or for repairs, and not go through the gigantic trauma of losing your life-savings, and NOT being able to recover them ever!
2. Cover against loss of valuable assets
- Coverage against the loss or damage of priced assets in the house
- Covers for theft or any other man-made or natural incidents
- Gold, jewellery, cash, furniture and other appliances insured
- The best part is that the premium amount is much lesser compared to the value of assets/belongings
3. Provides for temporary living expenses
- Structural damage to house is covered
- Temporary stay in another house possible with rental expenses borne by the insurance company
- Hence, go through terms and conditions that is favourable in situations like staying in a rental house till your house back to normal condition
4. Add-on coverage
- Additional benefits include extra coverage limit, premium discounts and exciting add-ons to secure your comfort and living experience amidst calamities
- Few builders even offer complimentary home insurance coverage for a specified time frame to attract homebuyers
Certain acts of wisdom go a long way to secure your family, your life, your life-style, your status, your earnings, and your overall peace of mind. Having a home insurance tops that list!
“No man was ever wise by chance.”– Lucius Annaeus Seneca
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