Home Insurance

The home insurance policy offers protection to the structure and contents of the house of the house in the event of any physical destruction or damage incurred to the house by any unavoidable perils.

Home insurance will provide you cover against any ‘Acts of God’. Moreover, even with the latest safety equipment accessible in the market, there are chances of burglary or robbery taking place. Therefore, it is essential to take extra care and opt for house insurance policy coverage, which will provide you cover against any damage/loss incurred due to any natural or man-made calamity.

Stay insured by opting for house insurance for a longer period in a hassle-free and cost-effective way. Home insurance is popularly known as homeowner’s insurance. It is a sort of property insurance covering private residence. It is important to possess a home insurance policy and secure from any unforeseen circumstances.

In the time of your need, a home insurance policy will always be at your side. Having property insurance essentially assures you of security and certainty in an otherwise uncertain world.

What are the Features of Home Insurance?

Cover for Damages :

The fundamental constituent of a home insurance policy is the coverage it offers against different damages. Home insurance policies not only protect your house but its surroundings, and the contents of the house.

Covers the Building :

Cover for the building/structure is the basic coverage that every home insurance plan offers. This protects the physical structure of the building/house/dwelling against different risks and perils. The coverage offers protection to the structure including electrical apparatus, air-conditioning, building, plumbing, heating etc.

Covers Additional Structures :

Apart from coverage to the building, home insurance policy also offers coverage to the additional structures around the house (that might not necessarily be attached to the building). Some of the examples may be fence around the house, detached garages, retaining wall, backyard shed, mailbox, the driveway, pool etc.

Covers Personal Property/Possessions :

Home insurance policies also offer cover for personal possessions/property or the house’s contents against different perils and risks. House insurance policy might include electrical appliances personal computers, television sets, refrigerators, microwaves, air-conditioners, etc. It includes furniture such as dining tables, couches, beds, together with furnishings such as rugs, curtains etc. Most often, expensive assets including jewellery are also covered.

Why Should Buy a Home Insurance?

When you are a homeowner, it is important to secure your home from every possible peril. Let us understand some reasons, which make buying house insurance a necessity:

First things first, house insurance is important as it protects your dwelling from any damage/loss that may incur at any point in time. For instance, if a tree fell upon the roof of your house or a vehicle collided with the boundary wall of your home premises, the right type of property insurance will cover for the incurred expenses.

On the off chance, if you intend to take a loan to either construct a house or buy a hose the bank will ask you to provide evidence that the property is insured on, which you are looking forward to taking a loan.

In case, if a third-person suffers any kind of injury while on your property, having a home insurance policy will secure you from any legal and third-party liabilities.

In case of damage occurs to the insured property, having the right property insurance will provide cover for the repairment expenses.

It also provides cover for the appliances such as air conditioner, refrigerator, television, microwaves and other electrical appliances, furniture and furnishings and at times the jewellery as well depending on the type of house insurance plan you choose.

Choosing the right property insurance provides coverage even if you are not present at your home and you are at a distant place. Besides, in the process of repairment/reconstruction, alternate accommodation for a specified time will also be arranged. A home insurance policy will cover all the incurred expenses.

The home insurance policy also provides cover for any damage/loss incurred either due to theft or due to robbery.

Last and not least, a property insurance policy gives you a sense of satisfaction and peace of mind as it will secure you from any unwanted fiscal cost.

Types of Home Insurance

Standard Fire and Special Perils Policy

This is one of a kind of property and casualty insurance policy, which is offered by most of the property insurance providers within the country. It offers protection against special perils and fire-related outbreak.

The owners of a house usually buy this policy or the tenants as the situation may be. A Standard Fire and Special Perils essentially provide cover to home against any loss/damage incurred due to any natural calamity such as earthquake, volcanic eruption, etc man-made calamity, any missile testing operations, overflowing of water from tanks, pipes, and so on.

Public Liability Coverage

A home is a place where you reside and it is obvious that your friends or relatives will visit you.

On the off chance, there is a possibility that any of the guests or any third-party may encounter any loss or damage caused either to them or the property within the insured’s house. Under such circumstances, this house insurance comes at your rescue.

Building Structure/Home Insurance

This house insurance policy offers protection to the structure of your home from any hazard or perils. Besides, it also provides a cover against any damage caused to the permanent fixings of the home such as fitting in the kitchen, washrooms, ceilings and so forth.

Of course, there are houses, which have garages or rooms/shed on the outdoor premises. This type of property insurance also provides extended cover to such structures as well.

Burglary and Theft

In case of any robbery or theft that happens in the insured house causing damage to the contents present in the house, this house insurance policy provides cover for the equivalent.

Personal Accident

This house insurance protects you and your family. In an unfortunate event such as an accident or any physical injury incurred anywhere across the globe, which led to a permanent disablement or demise of the insured person then the compensation for the same shall be provided.

Contents Insurance

Remember, buying this house insurance assures that not just the house beside every content present in the home is valuable and it protects the goods from any damage or loss under perilous situations like fire, theft, and so on.

Right from the refrigerator, television sets to any important document are covered within this house insurance policy. When the interior of your house is destroyed due to mishap such as flood or has been burnt to ashes under a fire outbreak this house insurance will provide you with a cover.

Landlord Insurance

If you are a landlord, you need to maintain the building/flat and its structure. It is a big responsibility.

Besides, a standard building insurance policy is generally not designed catering the interest of a landlord. So, having this house insurance policy is necessary, as it will protect you from any loss of rent or public liability.

Tenant Insurance

If you are, tenant it means that you might be residing in a rented flat or house. Therefore, if you are a tenant, opt for choosing a cover for the content that belongs to you.

This house insurance is a necessary buy for every tenant.

Inclusions in Home and Property Insurance

Home and property insurance covers losses to the structure and content of your home/ property due to natural and man-made calamities.

Fire and Perils Cover

  • Aircraft damage
  • Fire
  • Lightning
  • Riot, strike
  • Storm, cyclone, flood
  • Missile testing operations

Earthquake Cover

The policy offers coverage against loss or damage to any of the insured property. However, many policies do not cover flood or overflow of the sea, rivers and lakes due to earthquake.

Burglary and Theft Cover

The contents of the home are also covered against burglary or theft. This type of property insurance coverage will also be extended to silver articles, jewellery, precious stones and other valuable items, provided these are kept in a locked safe within your home premises.

Exclusions in Home Insurance

  • Loss or damage caused by wear & tear and depreciation
  • Loss of cash
  • Loss or damage caused by war, invasion, the act of a foreign country
  • Loss or damage caused by nuclear war
  • Loss, destruction or damage caused to any electronic equipment due to over-running or excessive pressure
  • Earth’s Movement: Damages occurred due to volcanic actions of erosion is in many cases not included.
  • Any pre-existing damage such as wear and tear of any other defect.