Your home is your biggest asset and it is vulnerable to natural calamities and disasters. Cyclones, fires, floods, riots, man-made problems, etc. can wreck and destroy your home. The costs of repairs and replacements can burn a big hole in your pocket. However, you can tackle such financial setbacks through insurance.
While buying a house, we don’t leave any stone unturned, so why skimp on keeping it safe? A carefully chosen Home Insurance can provide coverage for all that you need. Let’s explore what Home Insurance is about, and what it protects you from.
Additional Reading: A Quick Guide To Home Insurance
What Does A Good Home Cover Offer?
A comprehensive Home Insurance provides coverage to the structure of the house and everything inside. While some policies are comprehensive, some might ask you to pay an extra premium for cover against disasters such as earthquakes and landslides. You can also protect your house from terrorism by taking additional cover. An ideal insurance will offer you all of this with a reasonable premium.
Who Is It For?
Home Insurance is available to both the homeowners and tenants. While homeowners can insure the structure of the house, tenants can buy cover for the goods inside.
What Is Covered?
Essentially, an ideal Home Insurance takes care of any harm caused to the structure of a house and the content inside by natural calamities and man-made disasters such as damage caused by an aircraft, lightning strike, fire, riot or strike, storms, cyclones, flood, earthquake and missile testing operations. Cover against theft and burglary is also provided. Valuables such as jewellery are covered as well, provided they are stolen or lost from your safe. However, when it comes to insuring the valuables inside your house, you must remember that the valuation of all insured items must be disclosed to the insurer through invoices and bills.
What Is Excluded?
The exclusions include any loss or damage resulting from regular wear and tear or depreciation over the time, loss of cash due to negligence, damage caused by war or invasion, and damage to any electronic items because of over-usage.
Additional Reading: How Much Home Insurance Do I Need?
Add-ons
You can boost your basic cover through additional covers. An additional cover can increase your sum assured. You can buy add-on covers to protect domestic appliances and precious items.
Different Home Insurance policies offer different benefits. Before you zero in on a product, read through the terms and conditions of various policies and pick the one that best suits your needs.