HOME INSURANCE

Home insurance is a type of insurance that protects your home, its furnishings, and valuable items from a wide range of man-made or natural disasters. Typically, it includes coverage for damages to the home’s exterior and interior, as well as for injuries that occur on the insured property. Providing protection for your home, belongings, and potential liabilities, home insurance ensures both peace of mind and financial security.

You worked harder, longer and saved every penny to give yourself and your loved ones the security of a home. A home that they could call their own. It’s only understandable that you should want to secure your most important asset from any possible kind of natural or man-made catastrophe.

Reasons Why You Need Home Insurance in India

A home is a place where you belong, an abode where you feel safe. There are many ways to safeguard your home, such as locks, sprinkler systems, fire extinguishers, CCTV cameras, and much more. However, the ultimate blanket of protection is home insurance. In case of any damage or loss to your property, you would feel more at ease knowing that your house is insured, and it would also spare your wallet from a significant financial shock.  Here are few primary reasons why you need a home insurance in India –

• Protection from Natural Calamities :There have been increased instances of flooding, earthquake, storm in our cities that have caused damages to many homes. The best way to protect your home from financial impact of these natural calamities is a home insurance policy.
• Protection from Man-Made Calamities :Protect your home from all kind of man-made calamities including robbery, riots, malicious activities, theft & burglary.
• Protecting the contents of your home:The gadget you carefully pick out, any art that adorns the walls, the television your family gathers around – protect them all with a home insurance plan.
• Protect you against Personal Accidents: Home Insurance also provide personal accident coverage in case injuries occurred while on the insured home.

Getting your house covered with insurance will mean that you don’t have to worry in case of a burglary and theft, fire break out, and expenses incurred due to the act of burglary and theft like breakage of glass, locks, doors, hinges, and much more.

What happens to your house when you’re away?

Planning a vacation? Your tickets are booked weeks in advance, elaborate plans on what you would wear and pack might have been underway for more than a fortnight and the itinerary has been decided after much research. But, aren’t you forgetting something very important? What about the safety of your home? A robbed house would be the last thing you would want to witness upon your return. Though you will not be able to evade the pain completely, a home insurance can help you a lot.

##Home Insurance : your key to protecting your home
Getting your house covered with insurance will mean that you don’t have to worry in case of a burglary and theft, fire break out, and expenses incurred due to the act of burglary and theft like breakage of glass, locks, doors, hinges, and much more. It is always advisable to be proactive rather than repenting over the losses later on. Well, the insurance company may not cover the emotional value and associated sentiments with your dream home and their fixtures and furniture’s, but they can always share the load and lessen your financial burden.

In an act of Burglary

The policy will cover the following:

• Furniture and other properties: The home insurance covers all the risk against your expensive furniture. The furnishings and the interiors costs a lot, sometimes almost a quarter portion of our total value of the house. Hence, it is important to keep them protected.
• Damage to the property due to the act of burglary: The home insurance company not only covers losses on the furniture, but also pays for the additional expenses that may occur in fixing the damages caused by the intruders. In case of such an unfortunate incidence another dent to your pocket comes from repairing the locks, glasses, doors, windows, and other breakage by the burglars. However, with a home insurance, this will again be taken care of.
• The insurance company covers the stolen cash, valuables, jewelleries and securities and other things declared by the insured.

Related Benefits of Home insurance

Other than the burglary insurance, the home insurance also covers the following:

• Damage due to fire, riot, terrorism, aircraft, storm, typhoon, flood, landslide, missile testing, earthquake.
• Domestic appliance and electronics failure
• Public liability
• Workman compensation
• Personal accident cover
• Public liability

Why every home needs a home insurance

‘Home is where the heart is’. Indeed any place that we call home has a lot of our emotions invested in it. If you are a home owner, not only have you made memories in this special place but it is also one of the priciest and worthiest assets you have. Considering the associated emotions and the fact that it has cost you a mammoth amount of money, it is imperative to keep your home safe and secure. And this is why, it makes sense to spend a little more to get a home insurance and secure your home against most eventualities.

##Benefits of Home insurance
A home insurance policy will protect you in following scenarios:

• Fire: In case of a fire breakout, the insurer covers not only the property, but also the furniture.
• Burglary or Theft: In case of a burglary or a theft, the policy covers the contents and the objects which are stolen along with covering for damages like breaking of locks etc.
• Domestic Appliance Failure: If the dent in your pocket due to damaged domestic appliances is a constant fear, home insurance can help you out. It protects against Mechanical &/or Electrical Breakdown to domestic appliances in your home.

Right from covering additional rent in case your house is severely damaged and rendered uninhabitable due to fire/ other perils or an injury to a third party or a guest in your premises, a good home insurance will help you tide over a tough circumstance without a huge drain on your financial resources.

What Does Home Insurance Covers And What It Does Not?

Are you confused about buying a house insurance? To make things easier for you, we have compiled a list of things that are covered and not covered by an average home insurance policy.

Home Insurance Covers

Do you have your own house? Does it have multiple heavy duty locks, CCTV surveillance, a guard? Well, all of this would definitely go a long way in protecting your house, but mishaps still happen. Houses still robbed. And a guard or CCTV can’t protect your house from rain, fire or other natural perils. This is why you need to protect it with a home insurance too.

But before you buy a policy, review the inclusions and exclusions.

To make things easier for you, we’ve compiled a list of things that are covered and not covered by an average home insurance:

A home insurance will cover damage to or due to

The structure: Any damage or loss to your house, the fixtures & fittings inside, and the renovations will be covered if caused by fire, earthquake, flood etc. This also includes extended parts such as garage, drainage, and sewer too.

Contents of the house: The coverage also extends to the contents of your home such as valuables, appliances and jewelleries. You are also covered for the loss or damage to them during transportation.

Burglary: Should anyone burgle your your house your home insurance would cover you for the loss of your possessions.

Alternate accommodation: In the case of a loss to property, you may have to stay in other accommodation for a while. Your policy may reimburse you for such expenses.

Liabilities: Certain policies may also cover you for any legal or medical liability that arises out of injury to domestic employees or third party

Home insurance does not cover damage due to…

Negligence: Did you forget to lock your house when going out? Or failed to turn off the water heater? If you did not take reasonable measures to care for your house, the home insurance will not apply.

Intent: Do not expect insurance protection if you caused loss or damage to your home intentionally.

Wear and tear: With regular use, your house and its contents are bound to deteriorate. For example, corrosion or rusting may occur. The policy does not provide for such wear and tear.

Unexplained loss: Sometimes, a loss or damage may occur due to mysterious or unknown circumstances. Your policy may not cover those.

War: Any consequential loss or losses, destruction, damage or bodily injury due to war, invasion etc. would not be covered.

Nuclear and radiation loss: Damage due to ionizing radiation contamination or nuclear weapon will not be covered.