Home insurance, or property insurance, covers your residence against natural calamities. It’s natural to want the best for your home, because home is where the heart is. However, unforeseen risks can come knocking at any time. In the past few years, natural calamities like Uttarakhand flood, Amphan cyclone, Gujarat earthquake have come unannounced and caused irreparable damage to homes across India.
Just one incident can cause a lot of damage to your house and its contents. Even if you live in a region that’s not prone to any natural disaster, your home may still be exposed to other risks. For example, faulty wiring and kitchen fires are unexpected threats to your abode. That’s why having a home insurance policy is crucial to financial safety in the face of risks.
Types of Home Insurance
It is the most standard policy of an insurance policy and will usually cover the costs you might have to incur to reconstruct or repair the damaged part. Such policies are frequently acquired with add-ons that give coverage to supporting structures like post-boxes, backyards, distant garages, etc.
Home Content Cover
Home Content Cover provides coverage to the contents within your home. This generally includes your furniture, movable & immovable electronic items, and valuables like jewellery. One must be the owner of the asset insured, and it should be a result of a deliberate attempt to damage it at your hands.
Fire Cover gives you coverage against a common source of damage – fire. Incidents like unforeseeable natural calamities and accidents are covered under a fire insurance policy. It can be used to get coverage for your home, its contents, or both. One also get goods stored in distant warehouses with fire insurance policies.
Theft-insurance contracts cover losses from burglary, robbery, and other.This particular variant of covers any damages you might have incurred because of theft. It compensates for any stolen goods and valuables, as far as they are covered under the policy and your insurer can ascertain their value.
This is ideally a cover meant for landlords. It gives cover to your building’s structure and contents, even if you are not living in it. It can take away a major source of headache since you can never be entirely sure how your valuables and building are being handled. One get compensated for damages by being owner.
This covers only the contents since tenants do not own the building's structure. However, as a tenant, you should consider renting an apartment or a house covered by the landlord's insurance. This would save you from potential tussles with your landlord if the property or its contents or both incur some damage.