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Avoid any Dreaded Surprises for your Home. Know Simple Coverages

Home Insurance isn’t a luxury, it is a necessity. To protect your home and its possessions against damage and theft, insurance is a good option for some peace of mind. Not many know that you don’t even have to own a house to get insurance. Whether you own a property or not it’s smart to have this kind of protection for your residence.

In this article, we will walk you through the basics of home protection policies.

Most of the policies have the scope to be customised. Here are certain standard elements that will determine what costs the insurer will cover.

1. Damage to the interior or exterior of the house.

In the event of damage due to fire, hurricanes, lightning, vandalism, or other covered disasters, your insurer will be able to compensate for the damages.

If you have free standing garages or sheds or any other structures on the property - this may need to be covered separately.

Clothing, furniture, appliances, and most of the other contents of your home do get covered if they are destroyed in an insured disaster.

Most insurance companies will provide coverage for 50% to 70% of the amount of insurance you have on the structure of your home.

If you are the owner of high-valued goods/artifacts like paintings, antiques, fine jewelry, etc, it’s best to pay extra to put them on an itemized schedule and to cover them, or even buy a separate policy.

A few things that you can also insure are as follows, this changes depending on the type of package you choose.

Temporary Relocation: Covers the insured, in respect of Expenses incurred for relocating to a Temporary Premises necessitated due to damage of the insured property.

Total Permanent Relocation: In this case, the insurance is towards Cost of Permanent Relocation arising out of Acquisition of the property insured together with the underlying land for Specified Purposes by the operation of a government order

Personal Baggage: In respect of loss of or damage to the Personal Baggage of the Insured and/or such other members of his family, anywhere in India, lost, destroyed, or damaged by accident or misfortune

Pet Animal: This one is specifically for all pet lovers. This section compensates the Insured for the makes loss on account of the death of a pedigreed pet animal belonging to the Insured, whilst in the insured Property or the immediate neighborhood

Cost of conducting death ceremonies.

Here are some tips to keep in mind while looking to protect your homes.

Always compare costs of different companies

Do a company health check

Current policyholders satisfaction and feedback

Get multiple quotes

Look beyond the price

Talk to a real person.

Always ask questions and make sure you are not pressured into anything. Take your time and weigh all the pros and cons and make a decision. After all, when you have worked so hard to make your house a home, it’s best to take that extra care to keep your home safe.

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