Protect your Home with an Insurance 

Home Insurance might sound like a new concept but it has been around for many years providing security to a lot of homes. Insuring against uncertain situations like Natural Calamities, Burglary, or theft will cause a huge lose and result in the destruction of Property. Owning a home is made possible with a huge investment, it is time to insure your home from uncertain setbacks. 

A home is not just a roof over the head. It’s the place where you can find peace among the daily chaos. It is where you make all your memories rejoice, rewind and relish. The comfort of being at home cannot be given any place in the world, and that is why people put their whole savings to own dream homes. This is where Home Insurance plays its part in securing your assets. 

Be it a Natural or a man-made disaster, Home Insurance protects your home and possessions against damages. While you may have given a thought to insuring your home, there might be some questions lingering around. In our article today, we answer the basics of Home Insurance 

Benefits of Home Insurance

In simple words, it is Financial Security. When there is significant damage to your home due to various reasons, it will be easy to rebuild with the help of an insurer and is less burden on your pockets as well. Home Insurance not just covers the structure but also the contents o your home. If irreplaceable, monetary compensation will be provided by the Insuring company. 

Home Insurance Coverage

Claims of your Home Insurance can be made in case the damages are caused in the following situations. 

  1. Natural Disasters – Floods, Earthquakes, Landslides, Cyclones, Storms, Wildfires, etc.
  2. Burglary and Theft
  3. Acts of Terrorism and Defense Activities
  4. Explosion or Implosion
  5. Riots and Anti-Social Activities

Types of Home Insurance

Structure Insurance – This policy covers the House structure that includes the roof, walls, and floor from damages due to natural or man-made disasters. This is a standard Home Insurance package. 

Content Insurance – This policy covers contents in the house against the damages. The insured content includes furniture, jewelry, appliances, and other material as well. 

Comprehensive Insurance – This policy covers your entire home. It provides a combination of both Structure and Content Insurance. 

Public Liability Insurance – This insurance kicks in when an individual gets injured on your property or if your property causes damages to neighboring properties. The third-party can here raise their claim and the insurer will cover the liability. 

Tenant’s Insurance – Residents of rented accommodation can opt for this insurance. The policy covers the content of the tenant only. It is not as necessary as other insurance types. 

How to Choose a Home Insurance?

Picking the right Home Insurance is very important. Here we give you a guide on how to select the insurance that fits your Home. 

Know your needs – It is always advised to opt for insurance that meets your needs. You have to be aware of the coverage you need. If you are a Homeowner, Comprehensive Home insurance is best for you. If you are a tenant, Content Insurance is the best fit. 

Compare before Buying – Conduct a comparison with multiple insurers before buying one. The comparison factors are not just the cost but also different factors ranging from the Coverage to the value of Insurance. 

Get the right Add-ons – The coverage can be further increased with additional add-ons. If you are a landlord, you can also opt for loss of rent that will arise because of the damages. Additionally, Home Insurance covers alternate accommodation as well till the insured home becomes habitable again. 

It is also important to know the Claim Settlement Ratio of your Insurer. This parameter says a lot about the company insuring your property. The higher the settlement ratio, the higher will be the chances of claim settlement. 

Whether you are a homeowner or a tenant, it is necessary to buy home insurance. Home insurance is curated for different stakeholders i.e Tenants and Homeowners. One can opt for the coverage they need. 

It’s a big deal to construct a house with all the life savings and transform it into a home. It is an advisory to have Insurance on your Home to safeguard your home financially. We suggest you not overthink the plan to invest in Home Insurance and get financial security. 

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