Home Insurance

Home insurance plans offer coverage of the liabilities that arise out of damages to the house and/or the contents due to man-made reasons like strike, riots etc. as well as natural calamities like fire, floods, lightning etc. Here are some of the key features of home insurance policy:

·         Cover for Structure: Cover for the building/structure is the basic coverage that every home insurance plan offers. This protects the physical structure of the building/house/dwelling against different insured perils and risks.

·         Cover for Content: Home insurance policies also offer cover for personal possessions/property or the house’s contents against different insured perils and risks. Home insurance policy covers electrical appliances & furniture.

·         Cover for Structure & Content: Combination of the above two covers with both the structure of the house and the contents are covered.

However boring it may sound to read policy documents, it is indeed really important. Read the fine print so that you know the inclusions and exclusions. Every policy differs from another in verbiage and hence you must go though it carefully to be sure that all your requirements are being covered in it. If you do not want any last-minute surprises, especially at the time of claims, you need to be very particular about what your insurance policy covers and if that suits all your needs.

Home and property insurance covers losses to the structure and content of your home/ property due to natural and man-made calamities. Below are a few dangers that Home Insure will protect your house against:

·         Fire

·         Lightening

·         Explosion/Implosion

·         Aircraft Damage

·         Impact Damage

·         Riot, Strike, Malicious Damage

·         Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation

·         Subsidence and Landslide including Rockslide

·         Bursting and/or overflowing of water tanks, apparatus and pipes

·         Missile Testing Operations

·         Leakage from Automatic Sprinkler Installation

·         Bush Fire

·         Terrorism

·         Earthquake  

·         War, invasion, act of foreign enemy hostilities or war-like operations

·         Ionising radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste

·         Loss or damage to  unset precious stones, manuscripts, plans, drawings, securities, obligations or documents of any kind, coins or paper money, cheques, vehicles, and explosive substances unless otherwise expressly stated in the policy.

·         Any reduction/addition in market value of any Insured Property after its repair or reinstatement.

·         Any addition, extension, or alteration to any structure of Your Home Building that increases its Carpet Area by more than 10% of the Carpet Area existing at the Commencement Date or on the date of renewal of this Policy, unless additional premium has been paid and such addition, extension or alteration is added by Endorsement.

·         Costs, fees or expenses for preparing any claim.

·         Any pre-existing damage such as wear and tear of any other defect.

Home insurance policy is for people who have a home whether own or rented. There is a myth that only home-owners should buy a home insurance plan.

Although, the house may belong to a landlord it has contents which belong to you which makes it imperative to buy a home insurance. Irrespective of the fact that whether you are a tenant or owner, buying home insurance should be your top priority.