Home Insurance: By Online Home Insurance
Home Insurance: By Online Home Insurance

Home Insurance: Buy Online Home Insurance

Homeowners insurance provides financial protection in case of destruction of your home – the structure and its belongings.

Homeowners insurance is a total package policy. This means that it covers both damage to your property and your liability for any injuries and property damage you or members of your family cause to other people.

I’ll explain a little more about the coverage –

The Structure of Your Building or Home

Your homeowner’s policy pays to repair or rebuild your home if it is damaged or destroyed by fire, lightning or other natural disasters. You will need to look into your policy to check if there are any exceptions it does not cover.

In cities, most of us live in buildings. The builders themselves take out a building insurance which covers the structure. However, they do not take a insurance for our personal belongings. For that, you need a home content insurance

Personal Belongings

Your electronics and electrical items like microwave, television sets, refrigerator and other personal items like gold and jewelry are covered if they are stolen or destroyed by fire, explosion, earthquake, and other insured disasters.

Items like expensive art and paintings are covered to some extent. You can take an add-on cover to cover your laptops

So if you live in a building or on rent, taking a home insurance to ensure your belongings makes the most sense. If you own a bungalow go for a complete insurance package.

Features and Benefits of Home Insurance:

Subscribing to a comprehensive home insurance policy allows you to enjoy the features and benefits, following –

  • Complete coverage of financial liabilities arising from the damage/loss of your home and/or its contents due to natural or man-made reasons.
  • Thoughtful additional covers including Burglary and Theft Cover, Earthquake Cover, etc. for specialized protection.
  • 100% mental peace when there is a solid security to fall back on, especially in these times of social strife and environmental upheavals.
  • Applying for a home insurance policy is simple, the turnaround times are quick and almost all banks in India offer this very dynamic product.
  • After the calamity that resulted in the damage/loss of your home, the on-time home insurance payouts will massively assist in helping the family put their lives back together. A big relief in such a trying time.

Home insurance be beneficial?

Home, for any individual, is a big investment, financially as well as emotionally. One can only imagine what would happen if our home was to get severely damaged in a storm, earthquake or any other natural calamity. Protecting this investment is not a challenge if one invests in a home insurance policy which enables one to recover the cost from such financially distressing damage. When you invest in a home insurance policy you are protecting your home and yourself against unwarranted financial disaster. Home insurance not only financially protects your home but also its contents, and other valuable possessions, in the event of any unforeseen event such as fire, burglary, or any other natural disaster.

A home insurance will protect your home and its valuables in all the following scenarios:

  • When you own a home:

As an owner, the home insurance will provide coverage to the structure as well as the contents of your home.

  • When you own a home and the same is for rent:

In case you are the owner and the house is for rent. Even in that case, any damage to the structure of the house would be covered by the policy. However, for the contents, the tenants will have to take a separate policy covering their belongings.

  • When you are an avid traveler or work outside your hometown:

It is always prudent to ensure your house while you are away. The Home Insurance will provide protection to the structure of your house in the event of an unforeseen situation up to a certain number of days.

  • When you are a tenant: 

People living in rented houses also must not discount the importance of home insurance. Though you might not have a house of your own, you do spend a significant amount of money on electronic goods and home furnishings. It is only prudent to ensure these against burglary or any other eventuality.

  • Having a home insurance is like having a support when anything bad will happen to your house at any point in time.
  • Home insurance will not only protect the house but the things which are inside the house. And this has to be cleared up before going to have a home insurance.
  • Home insurance will be letting you away from the stress when it comes to the condition of the house.
  • Home insurance Policy is basically a protection cover taken on one’s home in exchange for a premium. This provides compensation in case ones home is damaged by fire, riots, lightning, flood, burglary, earthquake, tsunami, terrorism and storms.
  • One can take an insurance cover for a building where compensation is provided for the damage to the property and its reconstruction due to riots, natural calamities like flood and cyclone, landslide, damage due to aircraft, fires and lightning and domestic cylinder explosions.
  • Electronic gadgets such as a laptop, computer, microwave, LED TV, Music systems can cost a lot. You need to avail EEI (Electronic Equipment Insurance), to ensure your costly electronic gadgets.
  • You need to ensure your electronic items/gadgets at their current market value (Today’s price) so that the money you get to replace these electronic items in case of a loss is a meaningful amount. This is an all risk cover which covers water damage, electrical and mechanical breakdown, fire and damage due to an accident with the electronic equipment.
  • You need to list the name of the equipment (Company which manufacturers it), Serial number, model number and so on. Insurance is based on trust and it is in your best interest that you make a proper disclosure.

How to File a Home Insurance Claim? 

Almost every insurance company is having its own deadline within which you have to inform about your loss. These can vary from 7-15 days so make sure you do it as soon as possible. Some companies even let you do with an email or SMS. Before you file for a claim, you will have to lodge an FIR and the copy of which you need to submit with an insurance company. Apart from FIR report, the other documents which you need to submit are-

  • Fire brigade report
  • Medical Officer’s Certificate of death or disability
  • An investigation report by police
  • Suppliers original invoice for replacement
  • Invoice of owned articles, if any
  • Repair estimates
  • Court summons

Home Insurance Cover:

Cover for your property, possessions and more.

Damage to your property and possessions:

  • Caused by events such as fire, theft, subsidence, and flooding
  • Includes damage to garages and outbuildings and their contents

Cost of alternative accommodation (including loss of rent):

  • We’ll pay for accommodation if your home can’t be lived in due to damage covered by your policy
  • And if you’re a landlord, we’ll also cover you for any lost rent while the property is uninhabitable

Liability protection for injuries or property damage:

  • If you’re legally liable as the homeowner or occupier or if you’re an employer of domestic services (eg a cleaner)

A ‘House’ is a dream for many. Those who are fortunate enough to have their own house enjoy the homely warmth and the cozy feeling of their home with their near and dear ones. Owning a house is a proud moment for any individual and is perhaps the biggest investment ever done in his/her lifetime as it involves huge expenditure of money, time and emotions. Keeping all these in mind, it becomes imperative that you ensure your house and its belongings against threats like burglary, natural disasters, fire etc. The insurance will come at a fraction of the cost of your house but will ensure peace of mind for you and your family.

Before you get a comprehensive home policy as per your needs and requirements, it’s vital that you compare all the policies being offered by different insurance. This is often very crucial to make sure that you simply get the simplest deal. Once comparing between numerous home insurance policies, you need to shortlist the one you want.

1 Comment

Shntling Swami · at

This is truly helpful, thanks.

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