Everyone wants their home to be a place to feel relax without worrying about anything. Home insurance can play a significant role in this as this will cover the home against any uncertainties. The most important part is that the policy will not cover your home but also the materials inside it like furniture, appliances.etc.
In recent times the incident of natural calamities has increased like heavy rain, cyclones which will not only damage trees, vehicles, and external properties but also several houses. your house is one of the most beloved assets Therefore you need to protect it from any kind of such unforeseen things. Having insurance can of course help you to get rid of all these things.
Stay insure by choosing among different types of home insurance available for a longer period and in a cost-effective way. It is a sort of property insurance that covers a private residence.
Importance of Home Insurance
Buying and owning a home is a big dream for all youngsters nowadays. this is a big investment and most part of our savings will go into purchasing. Therefore it’s our responsibility to make our home fully secure from any kind of future threat. Secure your house and its contents from fire, earthquake, storms, So even in case something happens you will feel relax and will have peace of mind.
Home Insurance is important as it protects from different types of damages.it even includes minor damage leakage. For example, if there is a leakage of water from the roof due to heavy rain or hailstorm and need urgent repair you can claim against it.
The gadget you bought, art that decorates the walls, jewelry boxes – protect them all with a home insurance plan.
Features of Home Insurance
Companies are offering attractive plans with a great feature to secure your home from various kind of damages.you can check out features mentioned below –
- The coverage will be given to the house and household things damaged due to natural calamities and man-made activities.
- you can enjoy peace of mind if you have home insurance.
- All companies are providing the Insurance facilities online so you don’t waste your time visiting their branches. also, you can purchase insurance anytime.its quick and simple.
- It might cover some other things which are not attached to the building like a pool, a fence around the house, a garage which is not connected to the home, etc.
Types of Home Insurance
Different types of home insurance are offered by insurance companies in order to suits the various requirements of the customers. these various types of insurance policies help customers to understand the importance of Home insurance and help them to choose the perfect policy.
you can find below the types of home insurance offered in India.
Standard Fire and Specials Perils Policy
This type of insurance is offered by generally every insurance company. As the name suggests this provides coverage against certain special perils and fire outbreak. This coverage can be purchased by homeowners (for their home) and also by tenants living in rented houses.
This Policy covers the loss or damages caused due to below mentioned reasons-
- Natural calamities like volcanic eruptions, lightning, thunder, cyclones, floods, forest fire, storms.
- Explosions/implants, man-made anti-social activities such as strikes, riots.
- Due to your own vehicle is not included in this cover.
- Missile testing operations.
- Damage caused due to overflowing and bursting of the water tank, pipes.
This home insurance covers you and your family. Coverage is provided in any unfortunate event such as a permanent disability or the death of the insured person happened anywhere in the world in the form of compensation.
Home Insurance/Building Structure
This type of home insurance covers the structure of your home from any hazards and risks. the policy also protects any permanent fixtures at intervals of the house. It includes the fitting of your kitchen and washroom and also the roof of the insured house.
Some homes have garages, an outside room/house, or shed. this sort of insurance sometimes extends to those structures still.
Being a landlord is a big responsibility as the building/apartment and its structure you are renting out need maintenance from time to time.
A standard building insurance policy is not designed for the need of the landlord as there are other residents who live in the building. Therefore landlord policy is specially designed for the landlord which covers things like loss of rent and public liability.
Not Covered in this Policy
- Intentionally destructing own property
- Property loss due to war
- Loss of property unoccupied for more than specified duration/period
- Cash money is not covered
As a tenant, you’d have clearly rented a house or flat. therefore, it’s the wisest choice not to have the coverage of a building, instead, you wish to focus entirely on protecting your contents. this kind of insurance should have for each tenant. although you reside in an exceedingly rented house, it’s a great deal yours, at least, until the time you reside in it.
It is not simply the house, that you simply have insured, however additionally the contents within the house on that you’d have spent plenty of your time and cash deserve equal protection. this kind of home policy protects the products within your house from damages and loss from, fire, flood, and alternative such mishaps.
Your documents, fridge, cooler, jewelry, TV, etc. are covered. It does help you when you have to replace the interiors of the house if your house is flooded, or has been burnt to ashes by break out of the fire.
Public Liability Coverage
A Home is a place where of course your relatives, your friends and their children’s or will visit.
If any guests or third party experience harm caused to them or their property within the insured’s home, then this kind of home insurance policy provides coverage against it.
Burglary and Theft
This insurance will cover your home in case of any robbery or theft that happens in an insured house.it will cover damage to the contents present in the house.
Eligibility Criteria to Buy Home Insurance
When it comes to protecting your home from any kind of unforeseen event, home insurance is the best. Any individual fulfilling the below criteria are eligible for a home insurance policy.
- The person wanting to buy home insurance should be the owner of that home and also reside in the property.
- Anyone willing to buy property insurance must be a resident of India.
- If you are living in a society then in order to get the insurance you should be a member of the society committee.
- Society committee will buy the insurance that will cover societies as well as utilities that are in common.
3 Ways To Have a More Appealing Choosing Home Insurance In India
There are many insurance companies that provide home insurance, choosing the perfect home insurance is not an easy task.below mentioned are some points which you can consider while opting for any home insurance.
Always Check Premium and Coverage
First, you need to check the problems your home is facing or might face in the future. For Example-if you are living in an earthquake area make sure you select the insurance which provides coverage to these risk also.
While checking coverage you must focus on premium as well so that it will not disturb your budget.you can gather premium quotes from different home insurance companies and compare it online or offline.
Look For Claim Settlement Ratio
Based on the past history of setting claims we can decide how the insurance company is. Therefore it’s worth checking the claim settlement ratio of the property insurance companies before finalizing.
Choosing a company that is capable of providing fast service to its customer.make sure you choose a property insurance service provider who can assist at any point in time and ready to take your queries.
What Everyone Must Know About Who Should Buy Home Insurance
Home insurance policy is for people who have a home either own or rent. It should not be a matter of concern whether you have own or rented, the main concern about how you are taking care of things that you have.
There is an ongoing myth that only homeowners should have a home insurance plan. Lets us understand this point more clear through an example.
Mr. A moved to a fully furnished rented apartment a few months back in a posh area of Delhi. In a very unfortunate event fire caught in Mr. A’s apartment and it turned furniture and other things into ashes of 5 lakhs. Thanks to his smartness that he was having the right type of property insurance policy and he could able to claim it very easily.this way Mr. A started his normal life very soon.
generally, we discuss that only homeowners should have a home insurance policy, not the rented ones, but what we forget always that the things/contents like furniture/books/arts, etc which belong to us.therfore home insurance is a must for both either owner or renter.
Landlord or owner can have multiple houses for rent in this case you take home insurance only for the house, not its contents. leave it to the tenant. you can ensure your houses for longer-term and relax completely.
The Secret to How to Get Discount on Home Insurance
you can not manage the unpredictable part of your life, you can take positive steps to place yourself in an exceedingly smart position to manage the uncertainty. a very important part of creating yourself financially able to manage by taking home insurance. After all, your house is your most useful and expensive.
However, several people hesitate to buy a home insurance policy due to the premium prices. However, you’ll cut back the premium prices by being wise regarding the discounts that keep company with home insurance. Mentioned below are a few points you can optimize to get a few more percent discounts.
Safe Home Discounts
Insurers will offer you a heavy discount if your home is well equipped with the latest technology like a fire alarm, fire extinguisher, CC TV. This is so because there will be very less chances of theft, fire and any man made activities.
Home Insurance With No Claim Bonus
In case if there is no claim in the previous year, Insurance companies may give discounts. Make sure you double-check with them if this is applicable.
Location Of Your House
If your home is not prone to natural calamities like Earthquake, Cyclones, you are eligible to pay less premium for your Policy.
Age of the house
Generally, home insurance companies will offer you more discount if your home is newly built as there will be new wiring, roof, and other fittings.
Age of Insured
Discounts are based on age as well. People above 60 will stay more at their home so they can avoid minor damage like a gas leak, pipe leak, etc.
Mentioned above are the most common discounts that Insurance companies offer. Make sure you check with your insurance provider to avail more discounts. Also, be aware of Policy inclusion and exclusion in detail.
|Building only||1 to 30 years|
|Home Contents/materials||1 to 5 years|
|Building and Home contents/materials||1 to 5 years|
Benefit of Home Insurance
There should be no doubt that home insurance is necessary but there are other benefits also of having this insurance. let’s discuss this
- You will get coverage to both the content/materials and structure of your home.
- Generally, a home insurance policy comes with a low premium compared to other policies.
- In Addition, many home insurance companies offer riders like temporary resettlement cover, loss of rent cover, etc.
- Claim settlement is also very fast and tension free in many cases.
Above-mentioned points are enough to have a home insurance policy as soon as possible to protect your home and its contents from any kind of damage. after all, everyone wants their home to be always in order without any tension and worry. It should give you a sense of pride in owning a home.