Home Insurance

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Home, it is not just a word but an essential part of our lives. Our abode is a valuable possession. After careful research, we select the place where we live and turn it into our home. We make sure that our home is maintained properly and we take all essential steps to protect it from any harm. What if it gets damaged due to any unwanted activity like a riot or an accident?
Are we prepared for anything of this sort? One of the best ways to be prepared for any mishap is by opting for insurance. An insurance policy offers financial support to reinstate the property or the contents within after the mishap. Home Insurance is essential these days because of new building structures and possibility of damage to the structure or the contents of the house because of others’ mistakes.
Home insurance offers to share your burden after the mishap, for a fraction of premium. Though, home insurance is an important addition to your insurance portfolio, before buying you must ensure that you understand the policy coverage and exclusions. This will help you put the rightful claim with conviction at the time of stress and also keep you prepared to tackle expenses that will not be covered by the insurer.
Standard Types of Covers in Home Insurance Policy
Home insurance policies can be purchased by owners, tenants, offices and societies. In India, insurers have not differentiated between the tenant’s policy and the owner’s policy. However, the benefits offered to both in the home insurance policy are different.
Given below are some of the standard benefits offered by most insurers under home Insurance policies, simultaneously we address the covers available to the owners of the building or the tenants:

  1. Building/Structure Damage

The first part of home insurance coverage covers the damages to the primary structure (except the land). This will include electrical fittings, plumbing and other fixed furnishings of the house. This cover is specifically and only available to the owner of the building.

  1. Unattached Structures Damage

There can be structures which are part of the house but are not attached to the main building, such as fences, guard houses,etc. Home insurance cover will also cover these structures along with the original building. Also not available to tenant.

  1. Contents in the House

Contents inside the house are equally at risk if there is any damage to the structure, and thus, the home insurance covers damages to these contents as well. The cover may not include assets for which a particular market value cannot be determined, for example, artworks and antiques. This cover is available to the tenants as well.
You can also opt for some additional perils to be included to cover your possessions in the building, like burglary, theft, earthquake, terrorism,etc.

  1. Alternate Accommodation Expenses

This is an extra cover which can be included in the primary policy to provide the expenses you may have to incur if the house becomes non-livable for some time due to damages. This cover may be conditional and varies widely across insurers, so better clarify the scope before opting for one.

  1. Third Party Liabilities/Medical Expenses

As an optional cover, you can also insure third party liabilities and medical expenses payable to the third party under home insurance. Though, seemingly unlikely, third party liability may arise due to damage to a third party property and/or body.
What is Not Covered?
Some of the standard exclusions are:

  • Consequential loss, Wear & Tear, Depreciation
  • Damaged by War, Nuclear War, Invasion, etc.
  • Negligent usage, willful damage
  • Under construction property
  • Loss or damage to specific items such as jewelry, sensitive documents, and money (unless specified)
  • Loss or damage to antiques, paintings,etc.

The premium you will pay for the insurance depends on the number of covers you opt for, therefore, comparing various policies to find out the one most suited to your needs is important. A thorough study of the property along with the benefits provided by the insurer is required before picking up any insurance.
There are two ways to figure out the best plan for your home, though, it is advisable to study about home insurance online before deciding on one. SecureNow offer all the information from different insurance providers and tools for comparing all of them, including the quotes. Additionally, they can also assist you in the paperwork required at any time during the policy.
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