Home Insurance

Home insurance is a contract or policy that covers expenses and damage to your house or any other insured property. It is one of the many kinds of general insurance products and is also referred to as property insurance.

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What is home insurance?

The following reasons may result in a claim for damage under home insurance:
● Natural calamities such as hails, windstorms, fire and lightning
● Man-made issues like vandalism, riots, theft, or property destruction due to any commotion in the area.
● Collision of aeroplanes or any vehicle.
● Smoke or Explosion.
● Damage Caused due to road or rail construction

Mistakes avoid

Protection provided by a home insurance policy

The house insurance policy covers different types of damage. For example, it covers issues like broken water pipelines, damaged electrical lines or cables, and structural damage to the property. It also includes protection for walls, floors, doors, and windows that may be affected. Beyond the structure of the house, the insurance extends to cover loss or damage to personal belongings.

Costs of interior damage

Destruction or loss of personal property or possessions from a home

Costs associated with external damage

Potential physical harm sustained on the damaged property

Depending on several factors, home insurance policies may offer varying levels of coverage. It differs depending on the size of the home and whether it is owned or rented. Along with the cost of possessions, other factors, including age, location, replacement value, and place of living, are also important. It may also be essential to consider your claim history or the local crime rate. Lastly, the type of coverage you select is up to you. The amount of the premium and deductible that you are willing to pay is up to you.

Why should you have a Home Insurance Policy?

Financial Protection

Due to unfortunate circumstances, you can receive financial assistance for repairs and damage management.

Comprehensive Coverage

You can make an insurance claim if a third party causes harm without getting into any legal rift.

Mortgage

Having property insurance simplifies obtaining a mortgage (home loan) for expansion, repair, or reconstruction.

Coverage of Costs

It is also possible to cover the costs of losing the contents and possessions of the home. Items for the home, such as jewellery, electronics, furniture, appliances, and gadgets

Coverage of Losses

Coverage is available for losses brought on by theft, robbery, or burglary in addition to accidents or natural disasters.

Our Benefits

How Can I File a Home Insurance Claim?

You might need documentation and proof of damage to claim house insurance money. Statements from fire departments, authorized organizations, and residential societies, as well as police FIRs and investigative reports. Additionally, if necessary, the medical officer's certificate of disability or death. In addition, you could require a court order, repair estimates, an invoice or evidence of ownership, etc.

Our Conclusion

Conclusion

Having a house insurance policy is essential in these extraordinary times. Protecting your property from unfortunate loss and related expenses is always beneficial. Before choosing the policy, reviewing all the inclusions and exclusions and the covered charges is crucial. To receive discounts, you can enroll in many insurance plans. To reduce the premiums, you can also agree to split the cost of repairs. If you have insurance from many companies, they can pay you a proportionate amount when you make a claim. The home insurance coverage is automatically cancelled if you sell the property.

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Frequently Asked Questions

Whether you’re new to insurance or looking to deepen your understanding, this resource covers everything from the basics of policy types and coverage options to claims processes and premium details.

What is covered in home insurance?

Home insurance covers damage to the structure
of your home due to fire, theft, natural disasters, and specific man-made incidents.

Does home insurance cover personal belongings?

Yes, personal belongings like furniture, electronics, and jewellery can be covered if specified in the policy.

Can I get insurance for a rented house?

As a tenant, you can insure the contents of the rented house, but structural coverage is the landlord's responsibility.

How do I calculate the sum insured for home insurance?

The sum insured is based
on the reconstruction cost of your home, excluding the land value.

Are damages caused by earthquakes covered?

Earthquake coverage is typically an add-on, so you need to include it explicitly in your policy.