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Home Insurance

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 Advertise Your Real Estate If you have deiced to avail a Home Insurance, you must know about it in great detail. This article is aimed at presenting to you, the details, pros and cons of a home insurance. Home insurance otherwise known as the “Hazard Insurance” is a property insurance coverage that protects/recovers your home from various hazards.

Generally, a home insurance covers up for losses that occur to your home-the loss maybe natural or accidental. In other words, it is an insurance that chiefly provides protection from various risks and dangers like natural calamities that include earthquakes, floods, tsunami or fire accidents or even thefts and burglaries.

In India, home insurance has developed into the most progressive sector in the insurance market. Usually, the degree of risk coverage depends on the policy type you choose. But on a general basis, a home insurance policy usually covers up for the following calamities: Natural Calamities – The natural calamities that include cyclone, earthquake, fire accident, flood, lightning attacks, storm destruction, landslide and tsunami caused destructions etc.

Home Insurance

 Man-Made Calamities – The man made destructions to your house which might be due to terrorist attack, burglary, political strikes and riots, malicious damage, aircraft laws and accidents created by rail/road vehicles are categorized in this content. Besides these, there are two other types of home insurance policies and they are: Building insurance Content insurance Building Insurance is that which generally covers up for the damage caused to the structure of the building.

This may be owing to any man-made or natural calamity and will cover up to the degree of providing the entire cost for the reconstruction of the whole building. Such types of calamities include fire and explosion of domestic appliances like cylinder gas, political strikes, cyclones, floods, earthquakes etc. Content Insurance usually covers up for the contents that are lost in the house.

 This includes one’s jewelry and other valuables like furniture, clothing and electronic appliances too. It is very important to present the total value of your possessions before opting for the right content insurance coverage. The reason being, it is the deciding factor for claiming the right amount of money from your insured policy.

As a snapshot, you can browse through the following advantages and limitations of possessing a home insurance policy: Your invested property is well protected. A good insurance policy will completely repay for the loss that you have incurred. Emergency repairing costs are covered under the insurance policies, which is definitely an added advantage.

 Another benefit is the low monthly premium for these policies. Low premiums are surely easy and light on the pocket too. It does not demand for unnecessary documentations or any other lengthy procedures in case of any emergency. Now coming to the limitations of opting for a home insurance policy, you can browse through the points below.

 These are termed “policy exclusions” and will not be funded in case of damage: Willful destruction of the residential property Damage caused by regular wear and tear Contamination and pollution Loss of cash Property damage caused due to the ignorance of the homeowner Damage caused by power outages Therefore, opting for a home insurance coverage is like keeping yourself shielded even before any mishap occurs. Remember, prevention is better than cure. And, it is always better to be safe than to be sorry, especially when you have invested in a residential property.

 Author Bio: Gayathri Deepak/ Monika Krishnan writes in support of property.sulekha.com, an Online Property Portal catering to all the consumer needs in the Indian real estate domain. It’s a platform for both buyers and sellers to exchange valid information in a quick and effective way.  Log on to property.sulekha.com to advertise and also find more information on various properties.

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