Home Insurance

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A home is a valuable possession. We carefully choose a place to live and turn it into our home. We maintain our home well and take essential steps to protect it from any harm. In this article, we’ll get to learn about the important aspects and the need for a home insurance policy.

However, are we prepared for damages to our home in case of incidents like a riot or an accident?

Home insurance is one of the best ways to be ready for such mishaps. The home insurance policy offers financial support to restore the property or its contents. This cover also provides cover from structural damages caused due to others’ mistakes.

Therefore, home insurance is an important addition to your insurance portfolio. However, you must understand the policy coverage and exclusions to be able to make the rightful claim at a stressful time. This will also keep you prepared to tackle expenses not covered in the policy.

Standard types of covers

Home insurance policies can be purchased by owners, tenants, offices, and societies. In India, insurers do not differentiate between a policy bought by a tenant or the owner. However, the home insurance benefits offered will differ.

Below are some standard benefits of home insurance policies. We also look at covers available to owners and tenants.

Building/structure damage

The first part of home insurance coverage covers 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 available to a building or house owner.

Unattached structural damage

A building can have structures not attached to the main building like fences and guardhouses. Home insurance covers these structures along with the building. This policy is also not available to a tenant.

Contents of the house

The contents of a house are equally at risk in case of damage to the structure.  Home insurance policies usually cover the contents but may not include assets like artworks and antiques. It is difficult to determine the market value of these items. This cover is available to tenants as well.

You can also opt for content cover in case of incidents like burglary, theft, earthquake, and acts of terrorism.

Alternate accommodation expenses

This cover can be included in the primary policy to cover expenses incurred if the house becomes unfit for living due to damages. This is a conditional feature and varies across insurers.

Third-party liabilities or medical expenses

One can also ensure third-party liabilities and medical expenses payable to a third party under home insurance as an optional cover. However, it is unlikely that a third-party liability will arise due to damages to third-party property and/or bodies.

What are the exclusions?

Some of the standard exclusions are consequential losses, wear and tear, and depreciation of value. Home insurance policies also do not cover damages due to war or invasion, negligent use, or wilful damage.

The policy does not pay for damages to an under-construction property, or loss of items like jewelry, sensitive documents, and money (unless specified). Loss or damage to antiques and paintings is excluded too unless clearly specified at the time of placement.

Premium Amount

The premium for the insurance depends on the number of covers. Therefore, one must compare policies to find out the one most suited to your needs. The insurer must do a thorough study of the property along with the benefits of the policy.

SecureNow offers detailed information about different insurance providers, tools for comparing policies, and quotes. Additionally, they can also provide assistance in completing the paperwork required for the policy.

Write to SecureNow at support@securenow.in or reach us at +91 9696683999.