Insurance policies that offer homeowners financial protection in the case of damage or loss to their property are referred to as house insurance, homeowners insurance, or property insurance. Usually, a range of risks are covered by this insurance, such as harm to the house's physical structure and personal property kept within.
Here are some common coverages included in a standard house insurance policy:
Dwelling Coverage: This covers the cost of repairing or rebuilding the structure of your home if it is damaged or destroyed by covered perils. Covered perils often include events like fire, lightning, windstorms, hail, and other specified hazards.
Personal Property Coverage: This component of the policy helps replace or repair personal belongings inside the home, such as furniture, electronics, clothing, and other personal items, if they are damaged or stolen.
Liability Coverage: This provides protection in case someone is injured on your property, and you are found responsible. Medical expenses and legal fees is also covered.
Additional Living Expenses (ALE) or Loss of Use: If your home becomes uninhabitable due to a covered peril, this coverage can help with the costs of temporary living arrangements, such as hotel stays or rental accommodations.
Other Structures Coverage: This covers structures on your property that are not attached to your main dwelling, such as a detached garage or shed.
It's important to note that not all perils are covered, and insurance policies may have exclusions or limitations. Typical exclusions might include losses resulting from earthquakes, floods, or specific kinds of carelessness. In such cases, additional insurance policies (like flood insurance or earthquake insurance) may be necessary to provide comprehensive coverage.
In addition to paying an insurance premium, homeowners may also have to pay a deductible prior to the insurance coverage taking effect in the case of a covered loss. Homeowners should thoroughly read and comprehend the terms and conditions of their policy because they might differ from one policy to the next.
1. Offers more than just home protection: An extensive home insurance policy does not only protect your building. It covers all the components in your compound like your garage, shed, deck and even your fence. Additionally, you can also opt for add-ons in your policy and protect the contents of your house like your furniture, electronics and valuable home appliances.
2. Provides a replacement for your loss: Based on the home insurance policy you have opted for, you can now get your damaged goods replaced instead of merely claiming an equivalent amount of money for your loss.
3. Protection from natural disasters Natural disasters are every homeowner’s nightmare. Taking up the expense of repairing a damaged house is not the kind of burden you want to put yourself. A detailed home insurance plan covers you during natural calamities like floods, landslides and earthquakes, for a minimal monthly or yearly expense.
4. Not expensive: Though a home insurance policy might seem like an unwanted expense, the benefits provided by the scheme are much more than money can buy. Additionally, the most comprehensive policy, which covers even the contents of the house, can be bought at an approximate value of just Rs 5,000 per year. At such nominal rates, getting your house insured is not even an expensive affair.
5. Protects you from lawsuits: Your home insurance will cover you during the unfortunate incident of you accidentally damaging another property, like in the case of a fire or mechanical damage. Additionally, it will also cover the medical expenses of a guest injured in your property.
6. Peace of mind: Getting your home insured provides you with the ultimate luxury of peace of mind. Whether you own an apartment or a villa, once you have selected your policy and paid your premium, protecting your property is no longer your responsibility.
WHAT IS COVERED?
Section I: Fire and Special Perils (A) Building (B) Contents Covers Against
Fire/ Lighting/ Explosion/ Implosion/ Aircraft Damage/ Riots, Strikes and Malicious Damage/ Storm, Cyclone/ Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation/ Impact Damage/ Subsidence and Landslide Including Rockslide/ Bursting And/ Or Overflowing of Water Tanks, Apparatus & Pipes/ Missile Testing Operations/ Leakage from Automatic Sprinkler Installations/ BushFire/ Earthquake, Volcanic Eruption & Other Convulsions of Nature, Terrorism (Optional).
Section II: Burglary and Housebreaking
Burglary Cover for Contents Cannot Be Opted for On a Stand-Alone Basis.
WHAT IS NOT COVERED?
