No matter how well equipped your home gets, with the best safety alarms and fire extinguishers, there is no way you can eliminate damage from theft, housebreak, or fire. To add to this, there are possibilities of disruption caused by natural disaster. With the steady rise in property prices and in the valuables we store in our houses, home insurance has become all the more important.
This does not mean, however, that you should cover your home for all possible threats. You can choose cover according to your particular circumstances. For instance, if your home is in an earthquake prone area, you need cover against this disaster. You can seek cover for threats as wide-ranging as missile testing! Moreover, having safety and security in place would not only protect your home, but will also reduce the premium you will need to pay for the home insurance policy.
Home Insurance Covers You Can Choose From
There are a lot of home insurance covers that insurers offer:
Covers for structure
If your housing society does not have sufficient cover for the structure of the building where you stay, you can always top it up. Homeowners who live on freehold property should be urgently insured against a variety of threats like malicious acts (riots or terrorism), natural disasters (floods, earthquakes, etc) and so on.
Covers for contents of your home
The contents of your house can be secured by opting for home insurance that covers against damage from fire, lightning, explosions, riots, missile testing or terrorism. Should you lose expensive equipment, furniture or jewelry, the claim paid will be according to the current value of the item(s). The cost is usually calculated by settling the depreciation value, determined by the age of the item(s). However, stocks and bonds, cash and antique collectibles are not insured.
These covers offer comprehensive protection against threats to the structure of your home and property, its contents and people inside. For contents of the house, the admissible causes can be fire, burglary, terrorist strikes, electrical or mechanical breakdown of household appliances, threats to jewellery and other valuables. The cover for people inside acts as a family floater for hospitalization from accidents, and provides additional expenses for alternate accommodation. Personal accident and public liability, among others, are the features of these covers.
You can also get home insurance covers for electronic appliances, jewellery and other valuables that get stolen or misplaced, new purchases, and plate glass. Losses while traveling in India are also compensated for, according to the market value of the items.
Besides getting a home insurance policy, it is necessary to assess whether your policy is updated every year. Events like construction of a new room or even renovation call for an overhauling of your coverage.